Tweezer Bottom in Petrobras

pbr New York, January 1st (TradersHuddle.com) - Shares of Petroleo Brasileiro S.A. (NYSE:PBR) ended the trading session higher by $0.31 or 1.63% from its previous close. Petrobras' price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.

Petroleo Brasileiro S.A. (NYSE:PBR) also known as Petrobras, explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. The Company is based in Brazil and operates in South America and elsewhere around the world.

Traders looking for an entry in Petrobras can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.

Traders look for tweezer bottoms, as they provide an entry with a small defined risk. They are a leading indicator that provide an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce. Below an example of a Tweezer Bottom reversal pattern:

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,265.99 ▲109.14 (0.64%)
o S&P 500 2,011.36 ▲9.79 (0.49%)
o NASDAQ 4,593.42 ▲31.24 (0.68%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,265.99 Trade time:4:31PM EDT Value change:▲109.14 (0.64%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,011.36 Trade time:4:31PM EDT Value change:▲9.79 (0.49%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,593.42 Trade time:5:15PM EDT Value change:▲31.24 (0.68%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.