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Petroleo Brasileiro Crosses Above its 10-day MA (PBR)

Published on Thu, 01/03/2013 - 12:07
By Robert Cotter

Petroleo Brasileiro (NYSE:PBR) shares have crossed bullishly above their 10-day moving average of $19.71 on a volume of 6.1 million shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Petroleo Brasileiro has overhead space with shares priced $19.99, or 23.5% below the average consensus analyst price target of $26.14. The stock should hit resistance at its 200-day moving average (MA) of $21.36, as well as support at its 50-day MA of $19.95.

Over the past year, Petroleo Brasileiro has traded in a range of $17.27 to $32.60 and is now at $19.99, 16% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.1%.

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.

By Robert Cotter
rcotter@fnno.com