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MercadoLibre

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MELI trade ideas

Short overbought Mercadolibre It has had a vert nice run up off its lows, and it's RSI has now reached 70, where every time before on the daily time frame this signaled a big trend change in direction to the downside. 70 being the oversold area supports the idea of shorting or put options. Along with the formation of the bearish continuation triangle being right at its double top form where it should be forming a top while at a high 70 rsi. If this is correct then starting a put position right about here can turn out to be very beneficial, with a far out as expiration as possible to counter short term volatility. You can always sell at any point in time when profitable opposed to waiting until expiration where time decay negatively effects your premium. I like this stock alot and if this it true I'd be very comfortable going long right after when it gets back on its Growth path. Nothing goes straight up or down, so trying to spot these trend changes can help with trading.
NASDAQ:MELIShort
by Sawyer170
MELI - could be ripe for breakup soonThere are several factors that are aligning in MELI's favour for sustainable recovery in the near future (minor pullbacks not withstanding): 1. Since hitting the low in June2022, it began to whip saw sideways within an ascending triangle pattern. This is a possible reversal pattern when formed after a downtrend. 2. A golden cross on 22 Dec2022: another signal that the trend is possibly reversing up although the stock could still continue to whipsaw for several weeks (sometimes up to a couple of months) until the 200day moving average could flatten or start turning up. 3. Very strong volume in the last 2 days that propelled the stock to move 15.6% in just 2 days to retest the neckline of the ascending triangle. Watching to see if a (valid) breakup will materialise in the near future (perhaps after the next minor pullback). Disclaimer: Just my 2 cents and not a trade advice. I may or may not enter into this trade. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:MELILong
by Juliac
MELI Engulfing Green Bar Three Line Bearish886.75)MELI is like a hydrid between Shopify and Amazon on the South American markets Fundarmentally its revenue compared to market cap is more favorable than either of those. On the weekly chart, MELI double topped to its historical high in February 2021 and September 2021. It then descended to a pivot bottom in July 22 The chart now shows a large green engulfing candle taking out most or all of the previous 5-15 candles or a so called " Big Ass Candle". This could represent the end of a consolidation period and the beginning of the resumption of down-trending price action. Last August a similar engulfing green weekly candle preceded a downtrend. I have plotted the long-term anchored VWAP and also the 6-month volume profile. I will take a short swin trade if price drops below the POC line of the volume profile. ( 886.75) If however, price approaches or crosses the VWAP ( 1060) I will take a long trade. Given the stock price a 6 month expiration call or put option may be the best trade method allowing for the taking of multiple contracts and then scaling out type trade management stratery.
NASDAQ:MELIShort
by AwesomeAvani
Descending TrianglePrice is close to the support line. Price is below the .618 of the trend up and above the .786 since the COVID low/ATH 2020/ATL 7.91 It appears a bad day or 2 could break support levels as there are a few more not far below the 1st support level. Price is sitting on top of an aging rectangle. Prior gap up and support at bottom of this gap did not hold. EPS (FWD) 8.97 PE (FWD) 96.53 Yield (TTM) - Short Interest 2.18% Market Cap $43.57B No recommendation/ATH 2020/ATL 7.91/OBV remains high. It is difficult for me to project targets to the upside as I use the point of break and the width of the wide end of the triangle to calculate targets. I can make a relatively close guess on where this may break down at. Spinning top at support right now/indecision.
NASDAQ:MELI
by lauralea
Earnings Beat/Price is Over the RectangleEarnings beat and I am not sure if the numbers were soft. I just see there was a positive reaction. I have noticed that analysts are setting targets lower, sometimes much lower than last quarter. (NVDA was set to beat 1.52 last quarter. This quarter the number is .52) So it appears they are lowering targets for some, but not all, to allow for a beat. But in reality, is the stock showing positive growth when they do this? Just something to think about I guess. I was sitting back just knowing this was going back inside that rectangle. It did not. The top trendline was resistance but now it is a strong source of support and price bounced off the top trendline.. There is a gap overhead and quite a few red candles. Selling may have exhausted for now. A spinning top and a Doji/indecision candles/ can be a sign of further upside when it is close to support and opposite if close to resistance. There were 2 in a row close to support. A Doji and a Spinning top often mean nothing at all. But they do get my attention when they appear in a sensitive place in a chart. No recommendation. I just read a great post about doing nothing is sometimes best. I am glad I "sat on my hands". Sometimes I post charts when I am doing nothing in the market so sorry if I am on overload. lol EPS (FWD) 7.59 PE (FWD) 115.73 Short Interest 2.22% Market Cap $44.65B
NASDAQ:MELI
by lauralea