Dec. 4 at 6:35 PM
$MELI $QQQ $ILF Some longer /shorter term thoughts here. Longer term, MELI price bouncing off a lower upward channel line and now trading back above the former Jan and Sept 2021 highs. However, price currently trading right at/below the former Sept 2024 highs (2161). On the longer term weekly charts, you have strength starting to show up in the Latin America 40 ETF (ILF) , while MELI vs ILF is at an inflection point when comparing relative strength. On the shorter term daily time frame chart, MELI price is now trading above both the 8 and 21 dma's, but (1) right at /below the 50 dma (around 2163), the 9/26/24 highs (2161), and below the 200 dma (2275). Shorter term too, momentum/relative strength (RSI) has been increasing and MELI has just started to move into "accumulation" mode. All depends upon your "trading" vs "investing" time horizons: