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After Yesterday's Rally of 2.67% Shares Could Potentially Pullback

By Nick Russo

MercadoLibre (NASDAQ:MELI) traded in a range yesterday that spanned from a low of $211.68 to a high of $218.75. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $215.96 on volume of 230,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of MercadoLibre have traded between a low of $48.30 and a high of $218.75 and are now at $216.95, which is 349% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.7%.

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 24.7%. We continue to monitor MELI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders MercadoLibre

Ticker(s): MELI