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After four sombre days of declines, MercadoLibre was up 0.53% today

11 April 2023

MELI

Today at a glance: MercadoLibre recovered from the previous trading session's losses and went up to $1,251.62 today after it traded lower at $1,210.29.

MercadoLibre could be slowing down soon as it approaches resistance at $1,263.41. Of course, crossing it might suggest further gains are ahead. Despite posting gains on today, MercadoLibre slid below its 21 day Simple Moving Average at $1,220.45 during the last session — an early indicator that a negative trend could be emerging.

Examining the technical analysis landscape, MercadoLibre is likely to reverse course and start pointing downward in the short term.

This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as Nike traded at $121.91 after closing today's trading day at $120.22 (up 1.41%). Walt Disney was up 0.84%. Home Depot added 0.89% to its value, and traded at $291.17.

Also worthy of note, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.

The stock has been trending positively for about a month. The e-commerce marketplaces operator has fallen back around 5.54% over the past 10 days, from a notable high of $1,318.

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