Posted 2/2/2024, 9:58:00 PM
MELI Swing Trade Nets 10% Gain After Breakout Past $1700
- MELI stock bounced off its 50-day moving average with strong volume, presenting a good swing trade entry
- After an early profit take, MELI continued running so we held off on additional sells to let the trend continue
- The stock broke out above $1700 with heavy volume, giving extra cushion to hold through any pullbacks
- We eventually exited with nearly a 10% gain as MELI approached $1800 and saw a downside reversal
- Letting extended trends like MELI play out longer can capture bigger swing trade gains, though sell signals must be respected