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May 07, 2023
Friday at a glance: an influx of buyers helped the e-commerce marketplaces operator to end the session higher around $1,243.59, while establishing a $1,223.77 to $1,262 session range Friday.
MercadoLibre made an initial breakout above its 50 day Simple Moving Average at $1,239.32, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Price action remains constrained around the key Fibonacci level of $1,252.35 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1,268. MercadoLibre's lower Bollinger Band® is at $1,213, indicating that the market is oversold and fertile for new buyers. Despite this, MercadoLibre could be slowing down soon as it approaches resistance at $1,264.36. Of course, crossing it might suggest further gains are ahead.
MercadoLibre continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as Walt Disney was up 3.15%. Tesla traded at $170.06 after closing Friday's trading day at $161.2 (up 5.5%). Toyota was up 1.95%.
Trading mostly sideways for 2 months. Having set a significant high of $1,321.47 19 days ago, the e-commerce marketplaces and online auctions operator is trading 8.18% lower.
