Friday at a glance: MercadoLibre ended Thursday at $941. Friday it went up to $957 only to drop back, yet still managed to close at $945.07.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
MercadoLibre made an initial breakout above its 21 day Simple Moving Average at $938.37, a potential indicator of a newly emerging bullish phase. MercadoLibre is currently trading around the $948.25 Fibonacci resistance level. On the other hand, note that MercadoLibre could be slowing down soon as it approaches resistance at $963.9. 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.
This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as Alibaba gained 4.79%, as it traded at $90.06. Starbucks traded at $105.05 after closing Friday's trading day at $103.37 (up 1.63%). Nike traded at $112.2 after closing Friday's trading day at $110.77 (up 1.29%).
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Nov) scheduled to come out today at 15:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
After hitting an important low of $612.7 approximately 5 months ago, the e-commerce marketplaces operator has bounced back 53.58% since.