Mercadolibre Inc (MELI): Price Now Near $1422.99; Daily Chart Shows Downtrend on 100 Day Basis

The Hourly View for MELI

At the moment, MELI (Get Ratings)’s price is up $0.6 (0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as MELI has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

MELI ranks 2nd in terms of today’s price percentage change out of Business Services stocks.

MELI’s Technical Outlook on the Daily Chart

At the moment, MELI’s price is up $18.21 (1.3%) from the day prior. MELI has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 day timeframe. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. Mercadolibre Inc’s price action over the past 90 days can be seen via the chart below.

MELI

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