$Instacart, Inc. (Maplebear Inc.)(CART)$
I missed a good selling opportunity on September 20, 2024, when Instacart's Relative Strength Index (RSI) soared to 80.89, driven by greed as trading volume skyrocketed. The stock had been on an impressive eight-day winning streak, accumulating gains of $6.91.
However, this relentless upward momentum signaled overbought conditions. Fortunately, the RSI has since retreated to 72.84 as of September 23, 2024, indicating some cooling off.
Now, the $42.58 price point has become a critical resistance level. I'll patiently wait for the RSI to dip below 70, anticipating a potential reversal in the coming days. This means the share price might fall further before any reversal.
Key Takeaways:
- Missed selling opportunity on Sept 20, 2024 (RSI: 80.89)
- 8-day winning streak with $6.91 cumulative gains
- Overbought conditions signaled
- RSI cooled to 72.84 (Sept 23, 2024)
- $42.58 now a resistance level
- Waiting for RSI to drop below 70 for potential reversal
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