Resistance

Million

MELI

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>MELI stock showed correction from the top in the past sessions.</a> </li> 
 <li> <span>2</span> <a>Buyers are losing their gains.</a> </li> 
</ul> 
<p>MercadoLibre stock (MELI) shows selling pressure from the top of $1200 and a loss in strength from the past sessions. Moreover, the price is trading near the 200-day EMA and looking for a bounce. However, the price is still trading above neutrality, and a rebound can be seen in the following sessions. The price action shows that from the supply range of $1350, the price retraced toward the key MA. Afterward, selling pressure exceeded, and the price fell toward the demand zone of $1150.</p> 
<p>Last session, MELI stock released its Q2 earnings results which were above the estimates, but, instead of a positive reaction, the market took it negatively, and the price shows bearishness on the charts. However, the net income increased by 209.23% to $201 Million (YoY) and the total revenue increased by 35.10% to $3.04 Billion. Moreover, the EBITDA margins increased by 108.97% to $466 Million.</p> 
<p>MELI stock showed a range-bound and pessimistic outlook on the charts, showing sellers’ dominance and short buildup activity that led buyers into trouble.</p> 
<p>MercadoLibre runs the largest e-commerce marketplace in Latin America, connecting a network of more than 140 million active users and 1 million active sellers across its 18-country footprint. The company also operates a host of complementary businesses, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal.&nbsp;</p> 
<p>MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.</p> 
<p>At press time, MELI stock price is trading at $1164.81 with an intraday drop of 3.81% showing bearish cues on the charts. Moreover, the trading volume increased by 3.76% to 753.839 Million, and the market cap is $58.482 Billion.</p> 
<p>Analysts maintained a strong buy and outperform rating with a yearly target price of $1565.34.</p> 
<h2 class="wp-block-heading" id="strong-meli-stock-shows-price-action-on-daily-charts-strong"><strong>MELI Stock Shows Price Action On Daily Charts</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/2GJwZFBxF5mQQBWcu1OWdHOKABF8Vtm5ZdIcqyWPWeOjp6C6mE3BDmB5-hnAGpZLPKUi7KsDumgbf4OViWVZn0ckAgrxLK0nVR1blhMi7Gr5NunbsPcVjWdZQBtsDjaO6GsfO22gakQvTi1iJbDcUw" alt=""> 
  <figcaption class="wp-element-caption">
    Source: MELI Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, MELI <a href="https://www.thecoinrepublic.com/2023/08/03/zi-stock-price-prediction-whats-secret-behind-zoominfo-fall/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> is near the 200-day EMA, which was the strong support where buyers tried to bounce from. Moreover, the symmetrical triangle pattern formed, indicating that the stock has to surpass the upper trajectory of $1200 for further bullishness. On the other hand, a lower trajectory of $1100, which, if it breaks, will lead to fresh bearishness.</p> 
<p>As per the Fib levels, MELI stock is trading on the verge of neutrality, if it slips below $1150, heads toward 38.2% near $1120. Moreover, it trades near the lower bollinger band and indicates negative investor sentiments.</p> 
<p>The RSI curve stayed near neutrality and showed a negative crossover indicating a volatile chart structure.</p> 
<p>The MACD indicator shows a bullish crossover and persists in forming green bars on the histogram, indicating buyers are still trying to regain their strength.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>MeracadoLibre (MELI stock) is trading near the crucial support of the 200-day EMA at $1164.80, suggesting a negative outlook. The price began correcting from $1350. The sellers attained strength and forced bulls back to the support region.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels:</strong></h5> 
<p>Support Levels: $1120 and $1080</p> 
<p>Resistance Levels:$1200 and $1280</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Will MercadoLibre Stock (NASDAQ: MELI) Rebound From 200-Day EMA?

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