MercadoLibre, Inc. is involved in the development of online platforms that indulge in e-commerce and other related services. The company operates in Brazil, Argentina, Mexico, and other countries. The company was founded on October 15, 1999, by Marcos Eduardo Galperin and is headquartered in Montevideo, Uruguay.
MercadoLibre Earnings Results
The company reported a profit of $359.0 Million for the latest quarter with a revenue of $3.76 Billion and a profit margin of 9.55%. It beats the analysts’ expectations as the estimated earnings were $5.883 per share and the revenue of $3.571 Billion.
What’s Going on on the Technical Charts?
Meli stock price gave an emotional roller coaster ride to its investors as the stock price rose by 4.78% on November 1st, 2023 and on the next day, the share price opened gap up at the price of $1349.79 with a high of $1392.38 and a low of $1310.31. However, the stock price closed at $1319.50 with a total change of 1.50% as the stock price rose by $19.49.
MercadoLibre price action indicates bullishness, as MELI stock keeps the gains on the upper side in the bullish zone and ignores the rejections. The bears are still making short positions and are trying to pull back in the stock.
MercadoLibre stock displayed bullishness and held the gains above the top. Bulls are accumulating the stock and getting ready to cross $1451.92 mark.
The charts show bulls’ momentum and signals a positive outlook. MELI stock could break out soon, as investors watch it closely.
The price action shows a strong chart structure with buyers’ dominance, and long buildup activity was noted. Furthermore, sellers were now becoming cautious due to the vertical rally that trapped sellers in the past weeks.
MercadoLibre’s price was at $1319.50 and gained 1.50% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 958.786K and the last 10 days’ average trading volume is 503.216K. This demonstrates that buyers are trying to accumulate in order to surge toward the upper price range.
Technical Analysis of MercadoLibre Stock Price For 2023
MercadoLibre ( NYSE: MELI) has steadily seen its stock price rise by 5.83% last month. Currently, MELI stock is trading at $1319.50 and has been trying to hold on to this level after an unexpected surge in price.
Currently, MercadoLibre stock (NYSE: MELI) is trading above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.
The current value of RSI is 62.99 points. The 14 SMA is above the median line at 43.53 points which indicates that the MercadoLibre stock is bullish.
The MACD line at 4.43 and the signal line at -2.54 are heading towards the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the MELI stock price.
MercadoLibre stock reflects buyers’ strength on the weekly chart. Moreover, the price is above the key EMAs, which shows further strength in the stock. The RSI curve is near the overbought region at 55.49, and a positive outlook was noted, indicating bullishness in the stock. The MACD shows green bars post a bullish crossover.
Conclusion
MercadoLibre (NYSE: MELI) technical oscillators support the bullish trend. The MACD, RSI, and EMAs emphasize positive signs and imply that the uptrend may continue in the MELI stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels For Short-Term
Support Levels: $1139.74 and $1209.88.
Resistance Levels: $1451.92 and $1392.10.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/04/mercadolibre-stock-roars-after-beating-q3-earning-expectations/