MercadoLibre, Inc.

Short

Short MELI CMP $1085.36

By QuickTradePro

Updated

Short MELI CMP $1085.36. This one is clear downtrend. Appears to be double bottom pattern but price will continue to fall to $900 area as per analysis. Trading below all major moving averages. No signs of buyer stepping in. MACD turned negative recently. Short target of $900 area coming soon which is also 200 SMA level on weekly chart.

Trade active

Taking support at drawn level

Trade active

Trading below the support level. $905 in can be achieved in coming days with market sell off.

Trade closed: target reached

target reached

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