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Chart of the Day: South American Energy Giant May Be Attempting a Breakout

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Emerging markets have mostly struggled lately as the U.S. dollar climbed. That may have created an opportunity in Brazilian energy driller Petrobras.

Unlike other oil giants like Exxon Mobil and Chevron, PBR has barely moved in the last month as crude oil jumped. However, it closed above its 50-day moving average on Friday and is …

For more, please click here to view the related idea and chart analysis on TradingView.

Petrobras (PBR), daily chart with selected patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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