MELI drops to lowest close since January 2nd


MercadoLibre Inc. (MELI) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
MELI dominated by bears dragging the market lower throughout the day
MELI ends the day on a bearish note closing near the low of the day
MELI breaks below previous session low
MELI falls to lowest close since January 2nd
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

MELI finished Monday at 322.78 losing $6.89 (-2.09%). Today's closing price of 322.78 marks the lowest close since January 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 326.51, the market confirms its breakout through the prior session's low having traded $4.52 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MELI
Volatility

Monday's trading range was $10.02 (3.02%), that's below last trading month's daily average range of $14.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 320.20.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

With prices trading close to this year's low at 316.27, downside momentum might speed up should the share break out to new lows for the year. Trading close to February's low at 320.20 we could see further downside momentum if potential sell stops at the level get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for MercadoLibre Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Northern Doji TQ Pro Members Only
Doji TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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