Don't Ignore This Chart

Petrobras (PBR) Takes Out The 40 Week Moving Average


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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Good trading,
Greg Schnell, CMT, MFTA

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at 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). Learn More
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