Peter Kotoff
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Peter Kotoff in Alpha Consulting,

Great catalyst for technical breakout for PETROLEO BRASILEIRO - $PBR

Let's take a look at PETROLEO BRASILEIRO - $PBR

This Brazilian energy company has announced a vast layoff program accepted by 11,704 workers or 21% of their total staff. This move is expected to save the company around $10 billion through 2020.

$PBR is currently trading at $9.69 near its long term resistance of $9.71. Last trading session the company opened and closed above its 9 EMA which is a strong sign of upward momentum.

If it manages to cross $9.71 with a help of good news it has got a clean chart up to $10 and then up to $10.40/share.

ATR of 35 cents will help along to make that move within 2 days which equals to 7%.

$9.50 would be a conservative exit considering unstable oil market.