Petrobras: decline holds, daily double bottom as a counterweight

Petrobras is now at week 4 of a sell signal, with the trade up 13.21% from entry. The week closed down 2.7%, with sellers accounting for 89% of volume. On the daily chart, a double bottom is forming in the 16 area — a short-term complication to watch: the weekly decline holds, but on the daily timeframe the market is building a base.