Hi Traders,
I am watching this market very carefully as $USOIL just entered in a bearish market. Knowing that, $PBR will find very very hard to continue moving higher with oil prices crushing lower. Also divergence is very clear here (price action made a new high but RSI did not).
What I would love to see soon: I will wait to see how we close this week, if we...
NYSE:PBR As we can see the price exceeded the last peak ($ 8.01) and reached the top of the trend, now we have a bearish wave where the price seeks position C.
Trade Wisely!
PBR is in an ascending wedge while USOIL prices are falling. PBR is testing resistance at $7.50 for the third time. USOIL tested support at $46 for the third time and broke down through that support. It now appears to be in a downward channel. Being new to this, I opened a short position on PBR two days ago and added to it yesterday. Ideally, I should have...
Gap closed and new impulse started, should stop at 7.45 or 8 and then fall in 5 waves to 5.45 to finish this flat correction. Then a new upwards cycle should start
Island reversal spotted at the end of B wave, will expect at least a fall until 5.50 forming a flat correction. If 5.50 support is broken next target is 4.60/4.50.
My analysis will become void if PBR reaches 6.90 closing the gap in the Island reversal.
