In PBR we had 2 long periods looking at the Monthly chart: The first was "to the moon" and the second "to the Abyss".
On the chart is like a huge inverted V pattern.
Since then, PBR started to regain some ground with a nice constructive move.
I believe that we are at the start of a long term uptrend which could lead PBR towards $30 and even higher.
Looking at shorter term periods (charts), it seems that we are in a 5 Waves up pattern.
We had Wave 1 and 2 and we have entered Wave 3 up which could be impressive. Wave 4 (down) and 5 (up) will follow.
Note: Upcoming elections are influencing investors' behavior at the stock market.
"Brazilian stocks present profits across sectors ahead of the country's Oct. 7 presidential elections
as polls show Jair Bolsonaro increasingly likely to block the leftist Workers Party from returning to power..."
On the chart is like a huge inverted V pattern.
Since then, PBR started to regain some ground with a nice constructive move.
I believe that we are at the start of a long term uptrend which could lead PBR towards $30 and even higher.
Looking at shorter term periods (charts), it seems that we are in a 5 Waves up pattern.
We had Wave 1 and 2 and we have entered Wave 3 up which could be impressive. Wave 4 (down) and 5 (up) will follow.
Note: Upcoming elections are influencing investors' behavior at the stock market.
"Brazilian stocks present profits across sectors ahead of the country's Oct. 7 presidential elections
as polls show Jair Bolsonaro increasingly likely to block the leftist Workers Party from returning to power..."