MELI, Breakout or bounce?
Today we will take a look at the Latin American e-commerce platform "Mercado Libre."
Currently, the price is on a relevant level to pay attention to; it's a zone where we have a support level and the cloned trendline of the current correction. As this is a major zone, we can start thinking about the bullish or bearish resolution from here.
IF the price breaks the current zone, the next support level is likely to be the bearish target of the movement, around 970. However, if the price can bounce from here, we can expect a bullish movement towards the descending trendline at 1550.
I want to see the price breaking the descending trendline (yellow) to consider bullish opportunities. EXAMPLE
Thanks for reading! Feel free to add your view and charts in the comments.
Today we will take a look at the Latin American e-commerce platform "Mercado Libre."
Currently, the price is on a relevant level to pay attention to; it's a zone where we have a support level and the cloned trendline of the current correction. As this is a major zone, we can start thinking about the bullish or bearish resolution from here.
IF the price breaks the current zone, the next support level is likely to be the bearish target of the movement, around 970. However, if the price can bounce from here, we can expect a bullish movement towards the descending trendline at 1550.
I want to see the price breaking the descending trendline (yellow) to consider bullish opportunities. EXAMPLE
Thanks for reading! Feel free to add your view and charts in the comments.