NYSE:PBR   PETROLEO BRASILEIRO SA PETROBR
182 1 2
from a long term perspective, im staying away from this stock. declining 30 week ema , i need to see consolidation for probably at least a few months to a year like what we see in the blue boxes. it's probably closer to the bottom than the top but that doesn't mean it will go up and stay up.

dips are still making V bottoms and not W bottoms yet. also even if we break the declining orange trendline , we may just revert to a less steep decline.

i want to see higher highs and lower lows. There is just too much nearby overhead resistance to consider a long without a lot of positive confirmation. i think stock might turn out to be a good buy if we wait a while for it to develop a nice stage 1 base. maybe another 6 months to 2 years.
looks good to buy to me now!
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