Signs of weakness (sale / reduction)
After a long lateral channel (alerted in January with a NEUTRAL recommendation), Eletrobras (SA:ELET6) begins to show signs of exhaustion with the loss of a significant support in the $ 24.00 and a beginning of corrective movement of long term.
We are not positioned, but we judge relevant this alert and a more defensive position for those who have the stock in the portfolio.
We recommend a stop loss review or a exposure reducion after the $ 24.00 and a defensive stance until we detect new signs of strength and a new bullish reversal.
The downside is considerable with more relevant support only at $ 14.00 reais.
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