Here is a look at the PBR trade... the first area of support is at low 39
It obviously looks like it is breaking down, and the CCI suggests it will test the mid 37 level before fully oversold.
However, you look at Oil, and it is oversold and sitting on support.
IMO, the two set up to merit an initial position. BUT, if the the current level for Oil is broken there is nothing but air until the low 60s. (62.5 being the top end support, but 60 being firm support)
If Oil breaks down, expect the energy stocks to follow. (Its only natural.) With this, PBR has the potential to see 35 area.
But, I will not waiver. (Sell into the whore's hype, and buy into their fear) I will enter a second position at 37.50, and if when oil is in the low 60s I will enter a third position in PBR. (Where ever its price maybe, but I'm expecting around 35.)