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June 13, 2023
Today at a glance: the e-commerce marketplaces and online auctions operator plunged into the red after losing 2.31%, declining to $1,209.52.
While price action maintains a negative bias, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
MercadoLibre made an initial break below its 5 day Simple Moving Average at $1,223.84, a possible indication of a forthcoming negative trend. MercadoLibre is currently flirting with an active Fibonacci support level around $1,229.55. On the other hand, note that MercadoLibre could begin to recover as it approaches significant support, now $2.74 away from $1,206.78. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $1,186, a low enough level to, generally, suggest that MercadoLibre is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for MercadoLibre.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota was up 5.68%. Tesla traded at $258.71 after closing today's trading day at $249.83 (up 3.55%). Lowe's was up 1.87%.
Looking ahead, ongoing depreciation may be prolonged as United States Producer Price Index projected to come out at -0.1% — worse than previous data of 0.2%; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at 5.25; data will be released tomorrow at 18:00 UTC.
The e-commerce marketplaces operator reached a significant high of $1,339.62 around 22 days ago but has lost 7.57% since then.
