A quick look at yesterday: the e-commerce marketplaces operator has recovered almost all of its session losses after dipping down to $1,253.26 yesterday.
United States Building Permits is next today at 13:30 UTC.
Concerning technical analysis and more specifically, trend indicators, MercadoLibre made an initial break below its 21 day Simple Moving Average at $1,266.6, a possible indication of a forthcoming negative trend. MercadoLibre bounced $8.71 away from Fibonacci support at $1,265. Analysis based on the asset volatility indicates that MercadoLibre's lower Bollinger Band® is at $1,213.28, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. MercadoLibre's notable support and resistance levels: although MercadoLibre is pointing down today (was as low as $1,253.26), it's climbing away from the $1,255.17 support line and is now $18.45 above it.
Overall, the technical outlook suggests MercadoLibre is likely to remain muted for the immediate future, with no clear-cut direction.
MercadoLibre was not the only decliner in the consumer discretionary sector; Alibaba went down to $86.89, losing 2.51% after it closed at $89.13 yesterday.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike was up 1.24%. Starbucks gained 1.02%, as it traded at $109.29.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits scheduled to come out today at 13:30 UTC.
The stock has been trending positively for about 2 months. The e-commerce marketplaces operator has fallen back around 3% over the past 7 days, from a notable high of $1,321.47.