MercadoLibre Pulls BackMercadoLibre rallied to new highs last month, and some traders may see an opportunity in its latest pullback.
The first pattern on today’s chart is the $2,374.54 level. MELI first touched that price on February 21 after reporting strong earnings. The stock gapped above the level in May on another strong quarterly report and has now retested it. Will the old resistance emerge as new support?
Second, price gains after the last two quarterly reports may reflect positive fundamental sentiment in the Latin American e-commerce company.
Third, stochastics have dipped to an oversold condition.
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