Stock Of The Day: Where Will The MercadoLibre Sell-Off End?

Core Viewpoint - MercadoLibre, Inc. (MELI) is experiencing a downtrend, having broken support at the $1,945 level, indicating a potential for further decline [1][4][5]. Group 1: Stock Performance - The stock has been in a downtrend and is likely to continue moving lower after breaking the$1,945 support level [1]. - The $1,945 level was previously a significant support point, indicating strong buy interest [2]. - The recent break of this support suggests that the demand from buyers has diminished, setting the stage for a potential decline [5]. Group 2: Future Support Levels - If the stock continues to trend lower, the next support level is anticipated to be around$1,800, which was a support level in January [6]. - Traders who previously sold at the $1,945 support may look to buy back at the$1,800 level, potentially creating new support if enough buy orders are placed [7].