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May 02, 2023
A quick look at yesterday: MercadoLibre ended Friday at $1,277.49. yesterday it went up to $1,298 only to drop back, yet still managed to close at $1,291.65.
At the same time, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. Fresh ISM Manufacturing Employment (Apr) data from United States came out at 50.2.
Trend-following investors would be interested to note that MercadoLibre made an initial breakout above its 21 day Simple Moving Average at $1,279.41, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that MercadoLibre's upper Bollinger Band® is at $1,331.68, this is a slight indication of a slowdown. Technical analysis shows that although MercadoLibre is appreciating today after rising as high as $1,298, price action is now slowing and consolidating around $15.27 below the $1,307 resistance level.
Overall, while MercadoLibre has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as McDonald's gained 0.62%, as it traded at $297.58. Nike added 0.95% to its value, and traded at $127.92.
While MercadoLibre was bullish yesterday, the following consumer discretionary stocks underperformed: Amazon closed at $102.05 (down 3.22%).
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 -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) scheduled to come out tomorrow at 12:15 UTC.
The stock has been trending positively for about 2 months. The e-commerce marketplaces and online auctions operator has gained 57.34% since its lowest print of $612.7 earlier this year.
