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Watch for Continued Losses in Shares of Petroleo Brasileiro (PBR)

Published on Tue, 02/05/2013 - 15:20
By Mallory Stone

Shares of Petroleo Brasileiro (NYSE:PBR) traded at a new 52-week low today of $16.56. So far today approximately 58.3 million shares have been exchanged, as compared to an average 30-day volume of 13.8 million shares.

Petroleo Brasileiro (NYSE:PBR) has potential upside of 49.3% based on a current price of $16.86 and analysts' consensus price target of $25.16. The stock should find initial resistance at its 50-day moving average (MA) of $19.24 and further resistance at its 200-day MA of $20.64.

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 $16.56 to $32.60 and are now at $16.86. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.2%.

By Mallory Stone
mstone@fnno.com

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