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June 25, 2023
A quick look at Friday: after closing the previous trading day at $1,241.51 and dropping to $1,190.64, the e-commerce marketplaces operator closed Friday at $1,226.49. By the end of the session, MercadoLibre gave up a total of 1.21%.
MercadoLibre made an initial break below its 10 day Simple Moving Average at $1,214.65, a possible indication of a forthcoming negative trend. MercadoLibre formed a session range of $1,190.64 to $1,237.77 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $1,194.74. MercadoLibre's upper Bollinger Band® is at $1,286.69 which indicates a further downward move may follow. Despite this, MercadoLibre could begin to recover as it approaches significant support, now $28.07 away from $1,198.42. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts MercadoLibre to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the e-commerce marketplaces and online auctions operator is expected to attract significant bearish sentiment in the coming days.
MercadoLibre was not the only decliner in the consumer discretionary sector; Toyota closed at $153.38 (down 2.37%). Starbucks closed at $98.34 (down 2.49%). McDonald's went down 1.16%, closed at $293.3.
Trending downwards for around a month. Having soared to a high of $1,339.62 approximately a month ago, the e-commerce marketplaces operator is now trading 7.32% lower.
