MercadoLibre, Inc. (NASDAQ:MELI)

Q:Hi Brian

Ref.MELI  the best price was 81 and before  51 , Ithink with a bullish market  minimum MELI goes to the first. Bullish step 51 if the market accompany What is your opinion?


A: We issued an Uptrend for MELI on June 11th at $25.  Stock has moved up nicely since and has busted through the old resistance level of $30.  Our indicators are near overbought range but not quit there.  So there may be a little more upside room before we get some pullback as the indicators unwind.  I would like to see it trade sideways above $30 for a while and then it can try and retake the next resistance level of $38.  But all trend lines remain bullish.