Shares of Petroleo Brasileiro (NYSE:PBR) traded at a new 52-week low today of $4.58. This new low was reached on approximately average trading volume as 35.1 million shares traded hands, while the average 30-day volume is approximately 32.9 million shares.
Petroleo Brasileiro has overhead space with shares priced $4.60, or 54.8% below the average consensus analyst price target of $10.17. Petroleo Brasileiro shares should first meet resistance at the 50-day moving average (MA) of $6.60 and find additional resistance at the 200-day MA of $7.46.
Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units. The Company operates in South America and elsewhere around the world.
Over the past year, Petroleo Brasileirohas traded in a range of $4.58 to $19.85 and are now at $4.60. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 3.6%.