MELI Technical Analysis - MERCADOLIBRE INC

Technical Rating and Analysis

We assign a technical rating of 0 out of 10 to MELI. MELI scores bad on all fronts: it is a bad performer in the overall market and both the medium and short term pictures are negative.

The short term trend is negative, as is the long term trend. There should be more interesting stocks out there.

74% of all other stocks performed better in the past year than MELI.

MELI is one of the lesser performing stocks in the Broadline Retail industry. 72% of 30 stocks in the same industry do better.

In the last month MELI has a been trading in the 2020.00 - 2548.50 range, which is quite wide. It is currently trading near the lows of this range.

MELI is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MELI is lagging the market.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

MERCADOLIBRE INC / MELI Weekly stock chart

MERCADOLIBRE INC / MELI Daily stock chart

Setup Rating and Analysis

MELI has a poor technical rating and the quality of the setup is also not perfect at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

1,926.15

2,501.52

When analyzing the support we can see 2 important areas.

A support zone ranging from 2024.98 to 2030.13. This zone is formed by a combination of multiple trend lines in multiple time frames.
Support @1945.61 from a trend line in the weekly time frame.

2 important resistance areas can be observed.

A resistance zone ranging from 2268.59 to 2275.00. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
A resistance zone ranging from 2472.91 to 2476.75. This zone is formed by a combination of multiple trend lines in the daily time frame.

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Technical Indicator Signal Analysis

The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.

Indicator	Value	Signal	Comment
ChartMill Long Term Trend Indicator	DOWN	NEGATIVE	The long term trend for MELI is down.
ChartMill Short Term Trend Indicator	DOWN	NEGATIVE	The short term trend for MELI is down.
ChartMill Relative Strength	26.03	NEGATIVE	MELI has a low relative strength, it was outperformed by 73.97% off all stocks on the market.
Simple Moving Average/SMA (20)	DOWN	NEGATIVE	The current price of MELI is below a declining SMA(20).
Simple Moving Average/SMA (50)	DOWN	NEGATIVE	The current price of MELI is below a declining SMA(50).
Simple Moving Average/SMA (200)	UP	MIXED	The current price of MELI is below the rising SMA(200).
Relative Strength Index/RSI (14)	40.44	NEUTRAL	The RSI value for MELI is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	-5.65	NEGATIVE	The MACD value suggests MELI has a negative trend, although the MACD value is rising.
Stochastics (14,3)	33.71	NEUTRAL	The Stochastics value for MELI is a neutral value.
Average True Range in percent/ATR (20)	4.25	MEDIUM VOLATILITY	The ATR as a percentage value for MELI suggests some volalility.
Average Directional Index/ADX (14)	24.08	NEUTRAL	The ADX value for MELI suggests a possible start of a new trend.