From an earlier low of $936, the e-commerce marketplaces operator is on track to end the session around $953.46 after gaining $26.33 compared to last trading session's $927.13 (2.84%).
MercadoLibre is currently trading at $953.46 following the release of Existing Home Sales (Oct) data from the United States.
MercadoLibre's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 222,000, better than analyst estimates of 225,000 and improving upon the previous reading of 226,000.
Meanwhile, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.
MercadoLibre made an initial breakout above its 10 day Simple Moving Average at $950.47, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $954.24 currently serving as resistance Despite this, MercadoLibre could be slowing down soon as it approaches resistance at $967.82. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems MercadoLibre might continue pointing upwards in the short term.
While MercadoLibre is higher so far today, these consumer discretionary stocks are struggling: Alibaba is trading around $80.11 (down 4.92%). After closing the previous session (yesterday) at $94.85, Amazon lost $1.69 and is trading around $93.16. After closing the previous session (yesterday) at $183.17, Tesla lost $5 and is trading around $178.17.
The stock has been trending positively for about a month. Having set a significant high of $1,487.33 5 months ago, the e-commerce marketplaces and online auctions operator is trading 51.32% lower.