MELI closes within previous day's range after lackluster session


MercadoLibre Inc. (MELI) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
MELI stuck within tight trading range
MELI closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

MELI finished Thursday at 298.85 losing $6.28 (-2.06%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for MELI
Volatility

Thursday's trading range was $7.01 (2.31%), that's below last trading month's daily average range of $12.85. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 284.37 and 305.73 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 305.73.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 305.73 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for MercadoLibre Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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