Did I mention a Doji or an inverted hammer on today's candle. Generally, indicates a potential change in trend if has follow though on the downside in the next day or 2. Also, CS still maintains it's %4 target calling for 37.5% downside.
I did not say PBR will go bankrupt or is going to zero. My point is the stock will take a breather at this important level and give back some gains. If it breaks today's lows tomorrow then 7.5 (23% retracement) is def. in the cards. But, my downside target is about 7 (38% retracement) or 6.65 (50% retracement)
Short sellers have been right from $55 to $5 and 3$ from the lows you think the long term trend has changed? Go and check my Long and Short calls on PBR in the past. As far as momentum goes... it is great as long as it lasts....
of less than 7 means global growth is in peril and all commodities including crude will be hit. PBR had a massive run of almost 70% from the lows... It will have to retrace 38% to 50% a the minimum. Also, EIA report tomorrow, could be bearish for oil.
A run to 7.60-8 is possible tomorrow. After that it will move down by at least 10%. Going long 7.50 puts to make some quick $$$$$