Friday at a glance: an influx of sellers pushed the e-commerce marketplaces and online auctions operator to end the session lower around $951.57, while establishing a $946.48 to $957.49 session range Friday.
MercadoLibre could begin to recover as it approaches significant support, now $5.53 away from $946.04. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, MercadoLibre peaked above its 5 day Simple Moving Average around $954.37 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems MercadoLibre might start pointing upward in the short term.
MercadoLibre was not the only decliner in the consumer discretionary sector; Alibaba lost 3.82% Friday and closed at $75.5.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Home Depot was up 1.51%. Toyota gained 1.06%, as it traded at $148.27.
Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence expected to decline to 100 while its preceding data was 102.5, data will be available tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. The e-commerce marketplaces operator is now trading 57.08% above the significant low ($612.7) it slumped to 5 months ago.