Yesterday at a glance: an influx of buyers helped the e-commerce marketplaces and online auctions operator to end the session higher around $1,218.52, while establishing a $1,188 to $1,223 session range yesterday.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
MercadoLibre's uptick comes amid good United States macroeconomic data released during the day — data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000.
Meanwhile, United States Nonfarm Productivity (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 2.6. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 3.2, while the previous figure was two.
MercadoLibre made an initial breakout above its 3 day Simple Moving Average at $1,204, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $1,188 to $1,223, Fibonacci-inclined MercadoLibre traders were highly concentrated around active Fibonacci resistance at $1,221.27. Despite this, although MercadoLibre is appreciating today after rising as high as $1,223, price action is now slowing and consolidating around $13.19 below the $1,231.71 resistance level. MercadoLibre's upper Bollinger Band® is at $1,236.59, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems MercadoLibre likely to continue pointing upward in the short term.
This rally in MercadoLibre's share price coincided with other consumer discretionary stocks as McDonald's added 1.85% to its value, and traded at $267.57. Pinduoduo traded at $95.76 after closing yesterday's trading day at $91.04 (up 5.18%).
While MercadoLibre was bullish yesterday, the following consumer discretionary stocks underperformed: Tesla went down 5.85%, closed at $202.77.
Elsewhere, United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
This year has been a bright one for the e-commerce marketplaces and online auctions operator after trading as low as $612.7 and going on to appreciate by 48.07% year to date.