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MercadoLibre Set to Possibly Pullback After Yesterday's Rally of 2.67%

By Amy Schwartz

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.

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.

Over the past year, MercadoLibre has traded in a range of $48.30 to $218.75 and is now at $216.95, 349% above that low. 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%.

Keywords: rebounders MercadoLibre

Ticker(s): MELI