dcm2020

Petrobras ($PBR) above trend-line but can we see follow through?

NYSE:PBR   PETROLEO BRASILEIRO SA PETROBR
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3
Hi Traders,

I am watching this market very carefully as $USOIL just entered in a bearish market. Knowing that, $PBR will find very very hard to continue moving higher with oil prices crushing lower. Also divergence is very clear here (price action made a new high but RSI did not).
What I would love to see soon: I will wait to see how we close this week, if we close bellow 8.00, this will a great confirmation AND we will have a hanging-man candlestick pattern in the chart too ( one of my favourite candlesticks ).
So lets be patient and wait to see the weekly close and like I said, if it closes bellow 8.00, I will short with SL above the high with initial target at 5.00.

Thank you

Comments

Talk about hanging man, you've surely left us hanging ;-(
Reply
Hello. What do you think now?
Reply
So are you seeing under $6 3-9 months down the road?
Reply
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