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Petroleo Brasileiro Petrobras Shows Possible Bottom

Jul. 08, 2013 12:31 PM ETPBR
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Seeking Alpha Analyst Since 2009

InTheMoneyStocks.com was established in 2007 with the goal of helping average investors compete and beat the Wall Street elite. Founders, Gareth Soloway and Nicholas Santiago spent years (prior to launch) developing the PPT Methodology, a simple way to analyze charts (stocks, commodities, forex, crypto… ect), finding the next directional move with a proven 82% success rate (94% for day trading). With tens-of-thousands of members since their launch in 2007, and many hedge fund clients, InTheMoneyStocks.com is now a household name with investors and traders all over the world. InTheMoneyStocks is one of the oldest proprietary trade alert firms on the internet, which shows the long lasting positive and profitable impact on the lives of our members. We pride ourselves on being transparent, open and honest, not only giving our live trades to our members, but teaching them how to analyze charts and learn how to find the next market cycle via the PPT Methodology.

Petroleo Brasileiro Petrobras (NYSE:PBR) is acting like it has put in a near term bottom. There appears to be a buyer under the stock who is accumulating shares on any push down below $12.25. A good example can be seen on the 11:10AM ET ten minute candle. The PBR flushed down to $12.15. Within minutes, the stock shot back up to $12.32 in the 11:20AM ET candle. Last Friday, the stock flushed to a low of $12.03. Just two months ago the stock was trading near $20.00 per share. Today the stock has not fallen through the $12.03 low from Friday. I picked up a few shares as a day trade and will possibly hold them as a swing trade.

Gareth Soloway

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