Petrochina (PTR) is another big name that's hitting our radar this week thanks to a technical setup in shares. In the very short-term right now, PTR is forming a double bottom pattern -- one that points to a climb in shares if this oil stock can hold above $144 resistance in today's market session.
A double bottom is a pattern that occurs when a stock hits support with two well-defined swing lows right around the same price level. For PTR, those came in late March and early April right at the $137.50 level. The strength of that support level gives us an important clue about what's going on behind the scenes at PTR -- we know shares can catch a bid at $137.50, so a break above resistance at $144 tells us that buyers are definitively in control of shares again.
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