MELI closes higher for the 2nd day in a row

MercadoLibre Inc. (MELI) Technical Analysis Report for Sep 14, 2018

Highlights

MELI fails to close above 100-day moving average
MELI closes higher for the 2nd day in a row
MELI finds buyers again around 318.25
MELI rises to highest close since September 7th
MELI closes within previous day's range

TQ Sentiment

Report Sentiment: 22% Bullish
Technical Forecast:

Overview

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.

Daily chart for MELI

Volatility

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.

Support/Resistance

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.

Trend

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

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.

Conclusion

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 Win Rate 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
More market conditions identified for TQ Pro members...
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