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Petroleo Brasileiro Petrobras Shows Possible Bottom



July 08, 2013 – Comments (0) | RELATED TICKERS: PBR

Petroleo Brasileiro Petrobras (NYSE:PBR) is acting like it has put in a near term bottom. There appears to be a buyer under the stock who is accumulating shares on any push down below $12.25. A good example can be seen on the 11:10AM ET ten minute candle. The PBR flushed down to $12.15. Within minutes, the stock shot back up to $12.32 in the 11:20AM ET candle. Last Friday, the stock flushed to a low of $12.03. Just two months ago the stock was trading near $20.00 per share. Today the stock has not fallen through the $12.03 low from Friday. I picked up a few shares as a day trade and will possibly hold them as a swing trade.

Gareth Soloway

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