Can $MELI do what $AMZN did? – December 18, 2023
This is Scott with your Chart of the Day. I don’t want to look at Amazon ( NASDAQ: AMZN ), but I did talk about this chart on Friday.
I just want to follow up because we did end up getting a nice breakout here on Amazon ( NASDAQ: AMZN ), with just average daily volume. But still, it looks like this stock wants to run into Christmas.
A big shout out and congrats to everyone at STOCKMARKETMENTOR.COM, who took advantage of this trade. We pointed it out again this morning. We have active members in our forum riding this thing. We don’t know where it’s going to go but I would definitely look for a little bit of a speed bump right up around that 160.00 range.
I think that that makes sense, a little move, that is about 3-4 percent higher than it is now. And you probably want to look for a little consolidation around that zone. That’s what we are looking for here on Amazon ( NASDAQ: AMZN ).
But tonight I want to talk about MercadoLibre ( NASDAQ: MELI ). Now, MELI ( NASDAQ: MELI ) is in a nice basing pattern. It’s not too extended, it is above the 50-day but it’s not really above some short-term moving averages. It is just riding that orange line, which is the daily 8-exponential period moving average.
This is an online retailer, much like Amazon ( NASDAQ: AMZN ) but it’s for Latin America. What I would look for on this stock is a breakthrough from this lag. You can see this downward-sloping trendline that I have drawn here.
A little bit of a volume pickup there on Friday, that was probably due to Quad Witching, and just some calm sideways action here today. And so I would definitely have an alert on MELI ( NASDAQ: MELI ) right around that 1,632.00 level. And look for a strong move through that zone, coming on volume.
So that is another stock to add to your watch list in a market that is offering a lot of great opportunities.
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