The outline in red shows the trading range pattern for MELI stock on the daily time frame. The highs of this range are remarkably level for a trading range. The extreme low rebound is lower than prior range lows. The compression of price before the gap up is a particularly important pattern to watch for in a trading range market condition, to anticipate a breakout. Use volume oscillators along with candlestick patterns to identify the underlying hidden large lot activity.
Martha Stokes, CMT
Chartered Market Technician
Co-founder, CEO & Head Instructor at TechniTrader
Learn more at the TechniTrader Learning Center: ttrader.im/learning-center
Chartered Market Technician
Co-founder, CEO & Head Instructor at TechniTrader
Learn more at the TechniTrader Learning Center: ttrader.im/learning-center
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Martha Stokes, CMT
Chartered Market Technician
Co-founder, CEO & Head Instructor at TechniTrader
Learn more at the TechniTrader Learning Center: ttrader.im/learning-center
Chartered Market Technician
Co-founder, CEO & Head Instructor at TechniTrader
Learn more at the TechniTrader Learning Center: ttrader.im/learning-center
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.