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Options Trading News

May 9, 2012  Wed 12:13 PM CT

MELI: SEE CHART GET CHAIN FIND STRATEGIES
Latin American e-commerce company MercadoLibre is sharply lower today after reporting slightly disappointing revenues for its first quarter.

A key level downside level to watch now is the Nov. 3 reactionary high of $76.92. A close below that price could cue up fresh sellers, further pressuring the name and possibly filling a previous gap down to Nov. 2 levels as shown on the 10-month chart below, with small support around $70.

MELI is down 11.5 percent to $77.87 in afternoon trading.

MELI

(Chart courtesy of tradeMONSTER)


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