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Petroleo Brasileiro Shares Climbing Higher, Up 1.7%

Published on Fri, 02/01/2013 - 11:30
By Mallory Stone

Up 1.7% to $18.59, Petroleo Brasileiro (NYSE:PBR), is one of today's notable movers. The S&P is currently trading 0.7% higher to 1,509 and the Dow Jones Industrial Average is trading 0.9% higher to 13,992.

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 Brasileiro has traded in a range of $17.27 to $32.60 and is now at $18.59, 8% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.2%.

Petroleo Brasileiro (NYSE:PBR) has potential upside of 28.0% based on a current price of $18.59 and analysts' consensus price target of $23.80. The stock should find initial resistance at its 50-day moving average (MA) of $19.27 and further resistance at its 200-day MA of $20.70.

By Mallory Stone
mstone@fnno.com

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