How the (MELI) price action is used to our Advantage
July 13, 2024, 00:48 am ET, BY Chris- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for MELI
- Buy MELI slightly over 1711.24 target 1884.92 stop loss @ 1706.3 Details
The technical summary data tells us to buy MELI near 1711.24 with an upside target of 1884.92. This data also tells us to set a stop loss @ 1706.3 to protect against excessive loss in case the stock begins to move against the trade. 1711.24 is the first level of support below 1761.22 , and by rule, any test of support is a buy signal. In this case, support 1711.24 is being tested, a buy signal would exist.
- Short MELI slightly under 1884.92, target 1711.24, stop loss @ 1890.36 Details
The technical summary data is suggesting a short of MELI as it gets near 1884.92 with a downside target of 1711.24. We should have a stop loss in place at 1890.36though. 1884.92 is the first level of resistance above 1761.22, and by rule, any test of resistance is a short signal. In this case, if resistance 1884.92 is being tested, a short signal would exist.
Swing Trading Plans for MELI
- Buy MELI slightly over 1884.92, target n/a, Stop Loss @ 1879.48 Details
If 1884.92 begins to break higher, the technical summary data tells us to buy MELI just slightly over 1884.92, with an upside target of n/a. The data also tells us to set a stop loss @ 1879.48 in case the stock turns against the trade. 1884.92 is the first level of resistance above 1761.22, and by rule, any break above resistance is a buy signal. In this case, 1884.92, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short MELI slightly near 1884.92, target 1738.79, Stop Loss @ 1890.36. Details
The technical summary data is suggesting a short of MELI if it tests 1884.92 with a downside target of 1738.79. We should have a stop loss in place at 1890.36 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 1884.92, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Day Trading Plans for MELI
- Buy MELI slightly over 1884.92, target n/a, Stop Loss @ 1880.52 Details
If 1884.92 begins to break higher, the technical summary data tells us to buy MELI just slightly over 1884.92, with an upside target of n/a. The data also tells us to set a stop loss @ 1880.52 in case the stock turns against the trade. 1884.92 is the first level of resistance above 1761.22, and by rule, any break above resistance is a buy signal. In this case, 1884.92, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short MELI slightly near 1884.92, target 1746.59, Stop Loss @ 1889.32. Details
The technical summary data is suggesting a short of MELI if it tests 1884.92 with a downside target of 1746.59. We should have a stop loss in place at 1889.32 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 1884.92, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Check the time stamp on this data. Updated AI-Generated Signals for Mercadolibre Inc. (MELI) available here: MELI.
MELI Ratings for July 13:
Term → | Near |
Mid |
Long |
Rating |
Strong |
Strong |
Strong |
P1 |
0 |
0 |
1537.36 |
P2 |
1710.64 |
1653.1 |
1711.24 |
P3 |
1746.59 |
1738.79 |
1884.92 |
AI Generated Signals for MELI
Blue = Current Price
Red= Resistance
Green = Support
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Mercadolibre Inc. (NASDAQ: MELI) data table below can help you with price action, and we have more details too. Trading plans for MELI are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for MELI: