Weekly chart of MELI
(i) MELI has overcome an important resistance level around 1350.
(ii) Up Channel and MELI is trading near the upper level of the channel.
(iii) Resistance at 1450.
(iv) Above 20/50/100/200 EMAs.
(v) A bullish flag/pennant pattern may form.
MELI is in a good condition to break both the channel from below and resistance of 1450, and continue its upswing.
If overall market doesn't ruin its bullish run, MELI likely to reach its earlier highs of 2000 by year end.
(i) MELI has overcome an important resistance level around 1350.
(ii) Up Channel and MELI is trading near the upper level of the channel.
(iii) Resistance at 1450.
(iv) Above 20/50/100/200 EMAs.
(v) A bullish flag/pennant pattern may form.
MELI is in a good condition to break both the channel from below and resistance of 1450, and continue its upswing.
If overall market doesn't ruin its bullish run, MELI likely to reach its earlier highs of 2000 by year end.