Mercadolibre, Inc., together with its subsidiaries, hosts online
commerce and payments platforms in Latin America. Its services are
designed to provide its users with mechanisms to buy, sell, pay for, and
collect on e-commerce transactions. The company principally offers
MercadoLibre marketplace, an automated online commerce service. Its
MercadoLibre marketplace enables registered users to list and purchase
motor vehicles, vessels, aircraft, real estate, and other services
through online classified listings. The company also provides
MercadoPago, an integrated online payments solution to facilitate
transactions on and off the MercadoLibre marketplace by providing a
mechanism that allows its users to send and receive payments online. In
addition, it offers MercadoClics advertising program that allows
businesses to promote their products and services on the Internet. This
program enables users and advertisers to place, display, and/or text
advertisements on its Web pages to promote their brands and offerings.
Further, the company provides MercadoShops on-line stores solution, a
software-as-a-service, which allows users to set-up, manage, and promote
their own on-line Webstores.
To review Mercadolibre’s stock for potential trading opportunities,
please take a look at the 1-year chart of MELI (Mercadolibre, Inc.)
below with my added notations:
Over the last (3) months, MELI has been consolidating within a common
chart pattern known as a rectangle. A rectangle pattern forms when a
stock gets stuck bouncing between a horizontal support and resistance.
For MELI, the rectangle pattern has formed a clear $90 resistance (red)
and an $80 support (teal). You will also notice that MELI’s $80 support
has been a previous resistance and support.
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