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March 11, 2023
Yesterday at a glance: the e-commerce marketplaces and online auctions operator found support around the $1,168 level, after closing Thursday at $1,201.79 and dropping by 2.81% yesterday.
United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
MercadoLibre made an initial break below its 21 day Simple Moving Average at $1,170.64, a possible indication of a forthcoming negative trend. Despite this, MercadoLibre could begin to recover as it approaches significant support, now $27.26 away from $1,140.78. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting MercadoLibre to extend its recent losses.
MercadoLibre was not the only decliner in the consumer discretionary sector; Walt Disney lost 2.67% yesterday and closed at $93.57. Amazon went down to $90.73, losing 1.65% after it closed at $92.25 yesterday. Lowe's went down 1.2%, closed at $199.05.
This year has been a bright one for the e-commerce marketplaces operator after trading as low as $612.7 and going on to appreciate by 39.77% year to date.
