Technical Analysis of Financial Markets

Tuesday, January 27, 2009

Sunday, January 25, 2009

Monday, January 12, 2009

Saturday, January 03, 2009

Petroleo Brasileiro (PBR)


Founded in 1953 and based in Rio de Janeiro, Brazil; Petroleo Brasileiro engages in the exploration, drilling and production of oil & gas. Between May and December 2008, price action declined over 400% in value tracing a seemingly five-wave Elliott formation with a fifth wave extension. Current price action may be consolidating into a corrective a-b-c formation as part of a broader bullish inverse Head & Shoulders pattern.

Thursday, January 01, 2009

Exxon Mobil Corp. (XOM) - Bearish Rising Wedge


Since mid-Oct 2008, Exxon Mobil has formed a seemingly bearish Rising Wedge pattern which saw a 30% rise in price action. Price action is currently finding resistance beneath the underside of the broken uptrend support of the Rising Wedge formation. An entrance into a short position with a stop on close above $81 may serve as low-risk trade towards a price objective at $70. Rising Wedge (Reversal)