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Petroleobrasileiro

Petrobras. Chasing oil prices.Petrobras (Petroleo Brasileiro) is the largest Brazilian oil and gas company. The company is in the top 20 largest oil and gas companies in the world by capitalization with a value of $69.9B. Petrobras also ranks 7th in terms of oil production, producing almost 2 million barrels per day (Saudi Aramco produces 10.9 million and ranks 1st). ➡️ On the daily chart, the rise after March 2020 forms zigzags, suggesting that this move represents the start of an initial diagonal. In the second half of the past year, the price consolidated above the broken level of $9.3 - $9.6 , forming a triangle presumably in the {b}of3 wave of the diagonal. ➡️ On the hourly chart, stock is growing along with oil prices, moving within the wave (iii)of{c}of3. This suggests a slight correction after a sharp growth of almost 20% over the past 10 days. 📈 The estimated goal of the movement is the level at which the shares were traded before the start of the COVID - $14.5 - $15 per share. As well as the local maximum of 2019, which the price tested as many as 5 times – $17 . ➖ Local levels, where my wave interpretation should be revised are $10.7 , $9.2 and $7 .
NYSE:PBRLong
by Dmitrii_Kachalov
4
Petroleo Brasiliero up for a move up. PBRLast time when I analyzed this stock, we seen a move to the downside, confirming a zigzag as one of the potential patterns in this particular case. A bit of time has passed since then and it seems that we have clearly begun on the first instances of that coveted Wave C. We are bullish in a generally, currently bearish stock. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
NYSE:PBRLong
by Rykin_Capital