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

Published on Tue, 04/09/2013 - 11:21
By Mallory Stone

Today, shares of Petroleo Brasileiro (NYSE:PBR) have advanced above their 10-day MA of $16.41 on a volume of 7.5 million shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

Petroleo Brasileiro (NYSE:PBR) has potential upside of 38.5% based on a current price of $16.65 and analysts' consensus price target of $23.05. The stock should find resistance at its 200-day moving average (MA) of $19.64, as well as support at its 50-day MA of $16.65.

Over the past year, Petroleo Brasileiro has traded in a range of $14.40 to $25.22 and is now at $16.65, 16% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.2%.

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 Mallory Stone
mstone@fnno.com