Petrobras. Chasing oil prices.
Updated
Petrobras (Petroleo Brasileiro) is the largest Brazilian oil and gas company. The company is in the top 20 largest oil and gas companies in the world by capitalization with a value of 69.9B. Petrobras also ranks 7th in terms of oil production, producing almost 2 million barrels per day (Saudi Aramco produces 10.9 million and ranks 1st).
➡️ On the daily chart, the rise after March 2020 forms zigzags, suggesting that this move represents the start of an initial diagonal. In the second half of the past year, the price consolidated above the broken level of $9.3 - $9.6, forming a triangle presumably in the {b}of3 wave of the diagonal.
➡️ On the hourly chart, stock is growing along with oil prices, moving within the wave (iii)of{c}of3. This suggests a slight correction after a sharp growth of almost 20% over the past 10 days.
📈 The estimated goal of the movement is the level at which the shares were traded before the start of the COVID - $14.5 - $15 per share. As well as the local maximum of 2019, which the price tested as many as 5 times – $17.
➖ Local levels, where my wave interpretation should be revised are $10.7, $9.2 and $7.
➡️ On the daily chart, the rise after March 2020 forms zigzags, suggesting that this move represents the start of an initial diagonal. In the second half of the past year, the price consolidated above the broken level of $9.3 - $9.6, forming a triangle presumably in the {b}of3 wave of the diagonal.
➡️ On the hourly chart, stock is growing along with oil prices, moving within the wave (iii)of{c}of3. This suggests a slight correction after a sharp growth of almost 20% over the past 10 days.
📈 The estimated goal of the movement is the level at which the shares were traded before the start of the COVID - $14.5 - $15 per share. As well as the local maximum of 2019, which the price tested as many as 5 times – $17.
➖ Local levels, where my wave interpretation should be revised are $10.7, $9.2 and $7.
Trade active
Correction came and gone pretty fast reaching bottom line of a Schiff's pitchfork very accurate. Now stock is rocketing to the top of wave v of (iii), that i think might end up in a purple are on a screen.
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