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Petróleo Brasileiro S.A. - Petrobras Message Board

  • archieroo3 archieroo3 Apr 3, 2013 5:07 PM Flag

    PBR TA

    #$%$-kicking in 2008 took this one from 75 to 15 in six months time. Those that held, saw a 62% bounce over the next 12 months. Since then, it has been all downhill, recently returning to 15 in nominal terms. Recent low marked the 4th time since 2008 that the weekly RSI has bottomed out sub-30. Also 4th time that price hit the lower bollinger on the monthly chart. It would seem this stock is petty well washed out by now.

    Switching to a daily timeframe, a new era seems to have dawned beginning with MAR 5 low. Back-to-back gap-up days resulted in a 3.5 point rally (20%). 18 days since has resulted in a 50% price retracement. In fact, price reached the lower bollinger today on the daily chart. I noticed the chart about mid-day. It had already rallied 30 cents and was beginning to retrace. I was expecting a wave 2 but the retracement was nearly 100% so it may be only a wave B. Either way, a 5 wave rally should follow so I put my money down and was rewarded with exactly that - a 5 wave rally. If we take out today's low, we will know the rally at the end of the day was just a C wave. But, I suspect the double bottom a tad bit greater than 16 may be the end of the correction to the back-to-back gap-up wave 1 at one level higher. If so, PBR is ready to make another move up, bigger than the 3.50 move off the bottom. According to my TA, PBR could be looking at a $4-6 rally coming soon.

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    • 60 min chart - found support at rsi = 50/price = 20ma.
      3 min chart found support at rsi = ~40 double bottom

      PBR has higher H today than yesterday and higher L.

      These are all positive signs to support a bullish pattern. The price advance needs to continue in a constructive manner before we can be sure this is beginning of a wave 3 in a bullish 5 wave trend pattern but so far so good!

      Sentiment: Buy

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