PBR is uptrending

PBR – Petroleo Brasileiro – started an uptrend on December 26, which continued till the first ten days of January. During this period it moved above the blue resistance line, and then it lost its momentum and entered a consolidation stage that we show in the yellow rectangle.

It’s important to note that during this consolidation phase the price fell below its 10- day exponential moving average only once. Moreover, all three moving averages are trending up and below price.

Then, in the last two sessions, PBR broke above the upper limit of the consolidation box and reached the upper Bollinger Band.

This momentum buildup is also evident in MACD, which just touched its signal line and then diverged from it again.

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