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After Yesterday's Rally of 2.06% Shares Could Potentially Pullback

By Nick Russo

MercadoLibre (NASDAQ:MELI) traded in a range yesterday that spanned from a low of $212.28 to a high of $215.98. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $213.19 on volume of 144,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of MercadoLibre on January 5th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $169.42. Since that recommendation, shares of MercadoLibre have risen 24.8%. We continue to monitor MELI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, MercadoLibre has traded in a range of $48.30 to $218.75 and is now at $215.23, 346% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.2%.

Keywords: rebounders MercadoLibre

Ticker(s): MELI