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March 05, 2023
A quick look at Friday: after dipping down to $1,203.36, MercadoLibre regained earlier losses and reaches $1,226.74.
MercadoLibre made an initial breakout above its 3 day Simple Moving Average at $1,215.75, a potential indicator of a newly emerging bullish phase. In contrast, MercadoLibre could be slowing down soon; it is getting close to the resistance line and is now at $1,235.4, only $8.66 away. Crossing the resistance line could, however, suggest that further gains are ahead. MercadoLibre's upper Bollinger Band® is at $1,245, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems MercadoLibre likely to continue pointing upward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Amazon traded at $94.9 after closing Friday's trading day at $92.13 (up 3%). Walt Disney gained 2.24%, as it traded at $101.14. Toyota traded at $139.83 after closing Friday's trading day at $137.27 (up 1.86%).
The e-commerce marketplaces and online auctions operator has managed to gain 48.98% so far this year despite trading at lows around $612.7 previously.
