I see a lot of bullish signs in 
MELI. The MACD is showing a bullish divergence making higher lows, the volatility has decrease with lower and lower volumen and the price is making a "cup & handle" patter; a classic reversal pattern. The only thing that doesn't meet my criteria is that the MAs aren't align the way I like. But, other han that everything looks very good.
With a buy above its resistance in $1,600 you could have a price target near $2,000 for a +24% profit with a 8% risk. That's a fair deal to me.
MELI. The MACD is showing a bullish divergence making higher lows, the volatility has decrease with lower and lower volumen and the price is making a "cup & handle" patter; a classic reversal pattern. The only thing that doesn't meet my criteria is that the MAs aren't align the way I like. But, other han that everything looks very good.With a buy above its resistance in $1,600 you could have a price target near $2,000 for a +24% profit with a 8% risk. That's a fair deal to me.
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Today MELI closed far from the high, depending on tha price action of tomorrow I'd advise to sell the position or at least part of the position.
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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.