MercadoLibre Stock Forecast
MercadoLibre stock upgraded to Sell Candidate.
(Updated on Jul 02, 2024)
The MercadoLibre stock price fell by -0.0701% on the last day (Tuesday, 2nd Jul 2024) from $1,597.60 to $1,596.48. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 2.13% from a day low at $1,583.35 to a day high of $1,617.00. The price has been going up and down for this period, and there has been a 2.39% gain for the last 2 weeks. 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 -96 thousand shares and in total, 240 thousand shares were bought and sold for approximately $382.46 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1,536.03 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 13.95% during the next 3 months and, with a 90% probability hold a price between $1,750.24 and $2,160.75 at the end of this 3-month period.
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MELI Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $1,628.92 and $1,654.94. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -10.70%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for MercadoLibre stock
On the downside, the stock finds support just below today's level from accumulated volume at $1,505.99 and $1,458.70. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, MercadoLibre finds support just below today's level at $1,505.99. If this is broken, then the next support from accumulated volume will be at $1,458.70 and $1,415.88.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $33.65 (2.13%) between high and low. For the last week, the stock has had daily average volatility of 2.87%.
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 Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect MercadoLibre Inc. to open at $1,598.94, and during the day (based on 14 day Average True Range), to move between $1,554.64 and $1,638.32, which gives a possible trading interval of +/-$41.84 (+/-2.62%) up or down from last closing price. If MercadoLibre Inc. takes out the full calculated possible swing range there will be an estimated 5.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,630.56 (2.13%) than the support at $1,505.99 (5.67%), 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?
The MercadoLibre stock holds several negative signals and despite the positive trend, we believe MercadoLibre will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.771 Sell Candidate Upgraded
Predicted Opening Price for MercadoLibre Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $1,598.94 ( 0.154%) | $1,596.48 |
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 | |
|---|---|---|
| R3 | 1,632.59 | 2.26% |
| R2 | 1,619.74 | 1.46% |
| R1 | 1,611.80 | 0.96% |
| Price | 1,596.48 | |
| S1 | 1,586.09 | -0.651% |
| S2 | 1,578.15 | -1.15% |
| S3 | 1,565.29 | -1.95% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,688.69 | 5.78% |
| R2 | 1,653.85 | 3.59% |
| R1 | 1,630.56 | 2.13% |
| Price | 1,596.48 | |
| S1 | 1,505.99 | -5.67% |
| S2 | 1,458.70 | -8.63% |
| S3 | 1,415.88 | -11.31% |
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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