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April 16, 2023
A quick look at Friday: after closing at $1,296 on Thursday, MercadoLibre maintained a strong bullish bias that helped the stock close higher at $1,302 Friday. However, market bears ensured the the e-commerce marketplaces operator topped out at $1,320 and that by the end of the session, the market had marked out a distinct $1,289.45 to $1,320 range.
After reaching the known resistance zone beginning at $1,318, MercadoLibre price action retreated approximately $16.21. MercadoLibre's upper Bollinger Band® is at $1,342.35, this is a slight indication of a slowdown.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest MercadoLibre is set for a reversal in the coming days.
While MercadoLibre was bullish Friday, the following consumer discretionary stocks underperformed: Toyota closed at $135.96 (down 0.93%). Alibaba went down 1.68%, closed at $96.17. Walt Disney closed at $99.9 (down 0.93%).
The stock has been trending positively for about a month. The e-commerce marketplaces operator has gained 58% since its lowest print of $612.7 earlier this year.
