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After Yesterday's Rally of 6.05% Shares Could Potentially Pullback

By Shiri Gupta

MercadoLibre (NASDAQ:MELI) traded in a range yesterday that spanned from a low of $176.92 to a high of $188.13. Yesterday, the shares gained 6.0%, which took the trading range above the 3-day high of $173.56 on volume of 981,000 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 July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $142.06. Since that recommendation, shares of MercadoLibre have risen 22.3%. We continue to monitor MELI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, MercadoLibre share prices have been bracketed by a low of $48.30 and a high of $188.13 and are now at $185.02, 283% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.7%.

Keywords: rebounders MercadoLibre

Ticker(s): MELI