Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section an ascending triangle continuation chart pattern opportunity, listed on the New York Stock Exchange.
PETROLEO BRASILEIRO SA PETROBRAS (PBRa [1])
Petroleo Brasileiro S.A.-Petrobras specializes in the oil, natural gas and energy industry. The Company is engaged in prospecting, drilling, refining, processing, trading and transporting crude oil from producing onshore and offshore oil fields and from shale or other rocks. The stock is listed on the New York Stock Exchange. Price chart formed a year-long ascending triangle with the horizontal boundary acting as strong resistance at 15.20 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 15.70 levels will confirm the breakout from the year-long ascending triangle with the possible chart pattern price target of 22.50 levels. Data as of 16/07/2019, EST 5:00 pm
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