MercadoLibre Stock Forecast
MercadoLibre stock downgraded to Sell Candidate
(Updated on Mar 27, 2024)
The MercadoLibre stock price fell by -0.96% on the last day (Wednesday, 27th Mar 2024) from $1,537.46 to $1,522.65. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.28% from a day low at $1,503.46 to a day high of $1,552.80. The price has risen in 6 of the last 10 days but is still down by -1.8% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -41 thousand shares and in total, 285 thousand shares were bought and sold for approximately $434.54 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1,485.18 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.80% during the next 3 months and, with a 90% probability hold a price between $1,399.06 and $1,672.07 at the end of this 3-month period.
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MELI Signals & Forecast
There are mixed signals in the stock today. The MercadoLibre stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1,540.88 and $1,614.30. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 1.54%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for MercadoLibre stock
MercadoLibre finds support from accumulated volume at $1,519.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $49.34 between high and low, or 3.28%. For the last week the stock has had daily average volatility of 2.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MELI) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect MercadoLibre Inc. to open at $1,526.30, and during the day (based on 14 day Average True Range), to move between $1,477.01 and $1,568.29, which gives a possible trading interval of +/-$45.64 (+/-3.00%) up or down from last closing price. If MercadoLibre Inc. takes out the full calculated possible swing range there will be an estimated 5.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,525.59 (0.19%) than the support at $1,519.38 (0.21%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is MercadoLibre Inc. stock A Buy?
MercadoLibre holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.544 Sell Candidate Downgraded
Predicted Opening Price for MercadoLibre Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$1,526.30 ( 0.240%) | $1,522.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MELI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1,575.64 | 3.48 % | |
R2 | 1,556.80 | 2.24 % | ||
R1 | 1,545.15 | 1.48 % | ||
Current price: | 1,522.65 | |||
Support | S1 | 1,507.46 | -1.00 % | |
S2 | 1,495.81 | -1.76 % | ||
S3 | 1,476.96 | -3.00 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1,710.39 | 12.33 % | |
R2 | 1,629.32 | 7.01 % | ||
R1 | 1,525.59 | 0.193 % | ||
Current price | 1,522.65 | |||
Support | S1 | 1,519.38 | -0.215% | |
S2 | 1,512.50 | -0.667% | ||
S3 | 1,499.51 | -1.52% |
MELI Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Nov 02, 2017 | Dec 28, 2017 | Jan 16, 2018 | $0.150 | 0.0441% |
2 | Aug 05, 2017 | Sep 28, 2017 | Oct 16, 2017 | $0.150 | 0.0644% |
3 | Mar 17, 2017 | Jun 28, 2017 | Jul 17, 2017 | $0.150 | 0.0543% |
4 | Mar 17, 2017 | Mar 29, 2017 | Apr 17, 2017 | $0.150 | 0.0680% |
5 | Nov 03, 2016 | Dec 28, 2016 | Jan 16, 2017 | $0.150 | 0.0850% |
FAQ
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