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