Market Blog Technical Analysis

Petroleo Brasileiro SA Petrobras – Chart with a potential flag breakout

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) has been in a consolidation over the last two weeks in the 9.73-10.15 range (developing a bullish flag formation) after a big surge in price and volume in the first week of the current month. On Friday, the stock opened lower, but quickly rebounded and tried once again to break the resistance level but without success. If this level ($10.15) is broken with volume