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MELI Nears Key Breakout

MELI Nears Key Breakout

by | Jul 20, 2021 | Chart SetUps

MercadoLibre (MELI) shares setting up with a cup and handle pattern just under trend resistance in a large falling wedge pattern and above $1585 would break out of a large base with upside measured to above $1900. MELI’s weekly MACD is working higher after a bullish crossover as well. VWAP from record highs is near $1563, another key level to clear. The $77B leader in ecommerce and fintech in Latin America is expected to grow revenues 58% this year and EBITDA growth of 50%.