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July 01, 2023
Yesterday at a glance: pronounced bullish sentiment in the market helped the e-commerce marketplaces and online auctions operator to make a notable 1.12% gain yesterday, rising $13.15 and ultimately closing at $1,184.6.
At the same time, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions came out at -208,300.
MercadoLibre made an initial breakout above its 10 day Simple Moving Average at $1,199.19, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,194.74 currently serving as resistance MercadoLibre's lower Bollinger Band® is at $1,148, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although MercadoLibre is appreciating today after rising as high as $1,212, price action is now slowing and consolidating around $22.45 below the $1,207 resistance level.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts MercadoLibre to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the e-commerce marketplaces operator is expected to pick up significant bullish sentiment in the coming days.
This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as McDonald's was up 1.34%. Amazon added 1.92% to its value, and traded at $130.36.
While MercadoLibre was bullish yesterday, the following consumer discretionary stocks underperformed: Nike went down to $110.37, losing 2.65% after it closed at $113.37 yesterday.
Trending downwards for around a month. A month ago the e-commerce marketplaces and online auctions operator reached a significant high of $1,339.62 but has consequently lost 12.55% since then.
