MELI is essentially eBay for the Latin America. In fact, eBay has an 18% stake in MELI.
Through acquisitions, it is said that MELI has cornered the Latin market.
Source :
http://en.wikipedia.org/wiki/MercadoLibre.com
Let's take a look at the chart.
1. MELI has a price surge yesterday that sees the price level break through the resistant level at 17.2
2. The price surge comes from a higher volume transacted, and sees the price tipped over the next resistant level at 18.78
3. We may see a pullback if the volume is not sustained.
4. In the event that it continues to rise, a possible resistant level can be found at 21.50
5. The key risk is its low trading volume. With less than 2million, it does not take a lot to push and dump.