MELI closes higher for the 2nd day in a row
MercadoLibre Inc. (MELI) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, MELI finished the week -0.45% lower at 325.04 after gaining $4.37 (1.36%) today. Today's closing price of 325.04 marks the highest close since September 7th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $11.27 (3.5%), that's slightly below last trading month's daily average range of $13.79. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 317.77. After having been unable to move lower than 319.60 in the prior session, the market found buyers again around the same price level today at 318.25. After spiking up to 329.52 during the day, the share found resistance at the 100-day moving average at 325.29.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might accelerate should prices move above the close-by swing high at 332.83 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 310.79 where further sell stops could get activated. As prices are trading close to September's high at 345.60, upside momentum might accelerate should MercadoLibre Inc. mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for MercadoLibre Inc.
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Bearish Bounce off SMA 100||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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