Petro Rio S.A. ADR fka HRPTY

[123tom]

...just a few more technical chart points to follow up.....

Now, in this downwave, IF we get a rally /bounce here that continues , it could hit big resistance starting around 2.50, and the 20 ma is around 2.75, the 50 ma is around there, to act as a wall of resistance. This down wave pattern could play out in a longer time cycle, an Elliott wave ABC pattern, this downwave so far could be only the wave A portion, the bounce back to resistance at 2.60 area,as a wave B,at the 'cloud zone' , that could decide (or not) to roll over around there, followed by another downwave Wave C that retests the 2 dollar zone. (1.85-2.20) area


The plunge down to 2.10 the other day was a good falling knife to catch at a buy target zone, but beyond that...its time to watch the resistance cloud zone now....

a wave pattern to watch out for....

http://stockcharts.com/c-sc/sc?s=HRP.V&p=D&yr=0&mn=3&dy=0&i=t20213387164&r=1411581829114