PBR Petrobras Weekly Chart

PBR Petrobras weekly chart shows the negtive divergence weakness in late 2009, and then the postivie divergence joy out of the falling wedge once Chairman Bernanke juiced the markets with QE2 in H2 2010. Over the last two months, the profile with the pink lines is long and strong so another higher high in price will be needed in the future.

For the near term, however, the daily chart is negatively diverged so a pull back is in order. First, watch to see if the 200 MA can maintain support. If not, look for a test at the confluence of the 20 and 50 MA's around 36 and lastly, watch the cross of the 20 and 50 MA's. The 20 MA above the 50 MA and the PBR bulls are celebrating as they march to the 50 level. If the 20 MA cannot get above the 50 MA, then price will move sideways to sideways down instead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.