I am watching this market very carefully as $USOIL just entered in a 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 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 pattern in the chart too (one of my favourite ).
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.