MercadoLibre had its Relative Strength (RS) Rating upgraded from 88 to 91 Thursday, before the market opened. It might fall back considering today's action.
UPDATE from Stock Market Today: "IBD 50 stock MercadoLibre (MELI) sold off 7.6% in heavy volume and erased yesterday's 4.5% gain when it found resistance at the 50-day line. Shares of the Latin American e-commerce platform fell below its 21-day line in today's move."
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating measures technical performance by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research reveals that the market's biggest winners tend to have an RS Rating of above 80 at the beginning of a new run.
Looking For The Best Stocks To Buy And Watch? Start Here
The IBD 50 stock is working on a consolidation with a 1,365.64 entry. See if the stock can hold up and break above in volume at least 40% higher than normal.
Earnings growth picked up last quarter from 0% to 205%. But sales fell from 41% to 35%.
MercadoLibre holds the No. 1 rank among its peers in the Retail-Internet industry group. Vipshop Holdings ADR and Liquidity Services are also among the group's highest-rated stocks.
Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks
