Will PBR Unleash Powerful Bull Run?
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Heading into the FOMC announcement, we continue to hold Petrobras (PBR) as an active trade set-up because the multi-month pattern resembles a substantial base, or accumulation period, in the aftermath of a 2 1/2-year bear phase from 53.50 to 17.27.
Let's notice the series of higher-lows that have been carved out since the June 28, 2012 low at 17.27.
Unless and until the series of higher-lows is violated, I intend to remain long PBR in our model portfolio, looking for strength that climbs above a formidable resistance plateau at 20.50-20.85 to unleash a powerful bull run towards 24.00-26.00, subsequently.
