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April 11, 2023
Yesterday at a glance: after dipping down to $1,210.29, MercadoLibre regained earlier losses, closing higher at $1,251.62.
MercadoLibre could be slowing down soon; it is getting close to the resistance line and is now at $1,266, only $14.29 away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on yesterday, MercadoLibre slid below its 21 day Simple Moving Average at $1,220.45 during the last session — an early indicator that a negative trend could be emerging.
MercadoLibre is likely to reverse course and start pointing downward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Nike gained 1.41%, as it traded at $121.91. Walt Disney added 0.84% to its value, and traded at $100.81. Home Depot traded at $291.17 after closing yesterday's trading day at $288.61 (up 0.89%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. Over the past 11 days, the e-commerce marketplaces and online auctions operator has retreated 5.54% from a noteworthy peak of $1,318.
