Petrobras, week 7: the decline loses its edge
Petrobras jumps 7.5% on record buy volume as the decline loses steam
Petrobras, week 7: the decline loses its edge
Our view last week
Petrobras is in week 6 of a sell signal, and the week closed down 1.1% with sell volume at 58%. The technical picture has softened, though: the stock carved out a double bottom in the 16 area with an intermediate 4% rebound, and the downside momentum is no longer accelerating the way it was two weeks ago.
This week's summary
Petrobras stock closed the week up 7.5% on near-total buy volume, 98%, after three straight losing weeks, the last one down 8.9%. The bounce lands right where last week's technical analysis had already flagged a softening picture, with the double bottom in the 16 area. Price is now pressing into a tight resistance band just above the 17.4 area, while RSI and ADX both say the decline is losing its edge.
IQS Phase
61
ordinary
Signal Strength
2
decline fading out
Sizing
MINIMUM
Ranking
#122 / 137
US stocks
Trade P&L %
+7.73%
from signal to today
restricted Platinum content