Overbought Conditions in SNAP

$SNAP

Came across this and wanted to share. We often associate overbought conditions (RSI > 70) as timeframes not to enter the trade (the stove is hot). That can certainly be the case over a short timeframe. But it’s an indication of demand outpacing supply.

We can see in this weekly chart that for the first time since 2020, SNAP 0.00%↑ is currently showing overbought RSI readings. We can also see that the last time this happened, it was a precursor to continued momentum higher. Might the same be playing out again here?

SNAP 0.00%↑ market cap has gone nowhere since its IPO nearly 7 years ago.

This is another one for my watchlist. The company reports earnings on 2/6, and the stock has basically doubled since the last earnings report.