Market cap of MercadoLibre Inc.: $71.43 Billion
Current Market Price of the MELI Stock: $1425.97
Mercadolibre stock gained 8.85% last week which is a sign of a strong bullish trend. If we look into the yearly performance, the stock gained 65% which indicates that it is strongly bullish on every time frame.
The MELI Stock reached its high in January 2021 when it reached the level of $2000. Now again as per the trend, the stock is ready to move toward that level. The stock is trading above the major EMA levels of 50, 100, and 200 EMA on a daily time frame which is a bullish sign.
In the second chart we have discussed the levels which are as follows:
If we talk about the resistance point, then it is present near the level of $1950 – $2000. Those levels will restrict the price from going up because it is at an all-time high. So, it will be a crucial level for the stock and it should spend some time there so that the next move will be good.
If we talk about the demand zone or support, as of now the resistance the stock has crossed recently will act as support. It is present at the level of $1370 – $1270. The upward move is also supported by an upward-sloping trendline, which is present near the level of $1230. It can collide with the support level after some time.
https://www.tradingview.com/chart/ruBma0Io/?symbol=NYSE%3AXPEV
In the 1-hour time frame, the MELI stock is in a very strong uptrend. The stock price is trading above the supertrend, which means the price is bullish at this level and the support of the supertrend stands at the $1403 level. If we talk about the RSI indicator, it is also telling the same story. The RSI currently stands above 60, which indicates the momentum is super strong for the price. RSI went to the overbought region and is now trading below this but the price is consolidating. It means the price is getting ready to go up.
Both price action and indicator tell the same story that the price is bullish at present levels. So, we can conclude that the price can further rise upon these levels. Support is looking super strong, so it will not be easy for the sellers to bring the price down.
1 WEEK- 8. 85 %
1 MONTH- 8. 41 %
1 YEAR- 66.72 %
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