MercadoLibre is on a 3 day downtrend A slight improvement can be seen from yesterday's session: MercadoLibre was steady yesterday maintaining a $856 – $888 range before closing at $867.3.
United States Retail Sales is next.
Uncertainty around MercadoLibre is reflected by published market data as United States Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. Data for United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 10.23 million, beating projections of -3.60 million and showing improvement over the preceding figure of -5.19 million. United States Interest Rate Projection – 1st Yr (Q4) released yesterday at 19:00 UTC with a figure of 5.1, while the previous figure was 4.6.
MercadoLibre made an initial breakout above its 5 day Simple Moving Average at $879.09, a potential indicator of a newly emerging bullish phase. MercadoLibre's upper Bollinger Band® is at $992.76 and the lower is $840.4. MercadoLibre is climbing away and is now $22.2 from the $845.1 support line.
With market volatility ebbing, the current technical outlook indicates MercadoLibre will break higher above its recent ranges in the immediate future.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Tesla lost 2.58% yesterday and closed at $156.8. Nike went down 1.24%, closed at $112.85.
Data to be released today might clear up some of the market fog as United States Retail Sales projected to decline to -0.1% while previous data was 1.3%; data will be released today at 13:30 UTC. Today at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.2% from the preceding figure of 1.3%. United States Philadelphia Fed Manufacturing Index (Dec) is expected today at 13:30 UTC.
Trending downwards for around 29 days. Having set a significant high of $1,356.46 5 months ago, the e-commerce marketplaces and online auctions operator is trading 42.1% lower.