Boston, MA 09\/30\/2013 (wallstreetpr) \u2013 Banco Santander Brasil SA (ADR) (NYSE:BSBR) <\/b>(Closed: $7.01, Up: 7.02%) opened very strong with gap up above making a new 3 month high and closed near the day high on last Friday. The price action formed a small bullish candle with a small shadow on the upper side, showing a bit of profit booking on the higher side. The volume shot up at 12 million against an average of 5.5 million.<\/p>\n
The indicators are giving some bullish signs and with a bit of support from the price action in this week, can take the stock a long way up. There is a lot of positive divergence visible in all the time frames as the indicators failed to make a lower low when the price did so. These divergences got the confirmation when the price broke above a couple of resistances on Friday. Moreover, the weekly RSI is once again above the 50 level, implying the initial possibility of a major trend change from the bear to the bull. The weekly MACD is turning up too and if it can enter the positive territory, the bulls will get a much needed momentum.<\/p>\n
The price has broken out a major down trendline connecting the 2012 top of $11.30 and the 2013 top of $8.19. The zone of $6.55 – $6.75 acted as a very strong demand zone in the period of 2011 \u2013 2013 and after the break in June 2013, a very strong supply zone. The price was rejected on the week earlier but it just gapped up above it on Friday. That\u2019s a good sign of strength.<\/p>\n
To continue the rally and mark a real reversal, the price has to break and sustain above a few more resistances. The most important resistance now would come from the confluence zone of $7.20 – $7.40. Investors could accumulate the stock if it manages to sustain above that zone.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 09\/30\/2013 (wallstreetpr) \u2013 Banco Santander Brasil SA (ADR) (NYSE:BSBR) (Closed: $7.01, Up: 7.02%) opened very strong with gap up above making a new […]<\/p>\n","protected":false},"author":15,"featured_media":9188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[3086,3087],"stock_ticker":[],"class_list":["post-9187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banco-santander-brasil-sa-adr-nysebsbr","tag-nysebsbr","entry"],"acf":[],"yoast_head":"\n