Petrobras (PBR) Takes Out The 40 Week Moving Average
Greg Schnell |
With everyone jumping on the emerging market trade, Brazil has recently shot up to new 9-year highs on the local market chart. Petrobras (PBR), one of the biggest energy companies operating in Brazil is making a moving now too. It is taking out the 40 Week Moving Average.
With a surging SCTR and the support of the 40 week MA under the stock, this looks like a nice way to participate in the emerging markets.
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About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis.
Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter.
He is also the author of Stock Charts for Dummies (Wiley, 2018).