After dropping down to $1,043, the e-commerce marketplaces operator recovers some losses and is currently trading at $1,072.74.
- United States Existing Home Sales (Dec) is next today at 15:00 UTC.
- While flat yesterday, MercadoLibre is on a 12 day bullish trend, gaining a total of $242.81 throughout.
Earlier data releases related to MercadoLibre – highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million. United States Philadelphia Fed Manufacturing Index (Jan) came out at -8.9, while a consensus of analysts was expecting -11.
Here is the technical analysis of MercadoLibre before macro data is released:
MercadoLibre made an initial breakout above its 3 day Simple Moving Average at $1,074, a potential indicator of a newly emerging bullish phase. MercadoLibre is approaching key support, around $47.66 away from $1,025. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. In contrast, MercadoLibre's upper Bollinger Band® is at $1,115.66, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests MercadoLibre could be primed for a break to the upside.
Coming up for MercadoLibre — United States Existing Home Sales (Dec) is expected today at 15:00 UTC.
As the markets get ready for more data to be released — Home Depot went down 3.96%, closed at $323.69. Lowe's dips 3.06% yesterday to close at $208.5. Alibaba gained 2.97%, as it traded at $116.58.
The e-commerce marketplaces and online auctions operator has gained 30% since its lowest print of $612.7 earlier this year.