Petrobras Argentina to Fall on Bearish Sign: Technical Analysis
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Petrobras Argentina SA, the country’s third-largest crude producer, is set to fall as much as 14 percent in a month after the shares entered a trading pattern that usually precedes a downturn, Recognia Inc said.
The stock has formed a so-called head-and-shoulders top, three consecutive peaks in which the middle one is highest, a bearish signal, Recognia said in a note to clients. With the shares already trading below their 21- and 50-day moving averages, the firm expects the stock to fall to a range between