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June 02, 2023
Today at a glance: MercadoLibre ended yesterday at $1,258. today it went up to $1,283.79 only to drop back, yet still managed to close at $1,270.67.
MercadoLibre's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
On the flip side, data from United States concerning Average Hourly Earnings was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month. Data from United States concerning Unemployment Rate was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
Chart analysis indicates MercadoLibre could be slowing down soon as it approaches resistance at $1,302.64. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that despite posting gains on today, MercadoLibre slid below its 50 day Simple Moving Average at $1,269.33 during the last session — an early indicator that a negative trend could be emerging. Asset volatility analysis shows that MercadoLibre's lower Bollinger Band® is at $1,225.48, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests MercadoLibre has no clear-cut direction.
A look at other consumer discretionary stocks also showed bullish price action as Toyota was up 3.8%. Nike was up 4.35%. Walt Disney traded at $90.77 after closing today's trading day at $88.59 (up 2.46%).
Trading mostly sideways for 3 months. The e-commerce marketplaces operator has fallen back around 6.09% over the past 11 days, from a notable high of $1,339.62.
