Today is bottom fishing day in Petrobras (PBR, quote). Time to tip a toe in despite company fundamentals that are deteriorating with no sign the government cares (see Russia’s Gazprom (OGZPY, quote) for a similar tale).
Fill ‘er up
Petrobras is $108 billion company on the outs with investors but the government realizes they are part of the problem and the solution.
Thirteen 9 day RSI currently but now down 48% since March 2012, and testing lows of 2008
Massive volume washout last Tuesday as poor earnings and questions on dividend payments on the common shares (“ON” shares )
Merrill Lynch “sentiment is as negative as we can remember”. You name it they are negative: production, refined product prices, earnings, cash-flow, debt levels, etc. – we think investors are likely to remain cautious.