MELI: Downtrend to Continue? We look to Sell at 1290.00 (stop at 1392.00)
MELI - Short Term - We look to Sell at 1290.00 (stop at 1392.00)
Posted a Double Top formation. Closed below the 20-day EMA . Trading volume is increasing. Our overall sentiment remains bearish looking for lower levels. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 959.00 and 763.00
Resistance: 1300.00 / 1709.00 / 1970.00
Support: 972.00 / 755.00 / 630.00
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