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Petroleo Brasileiro Trading Higher on 1.3x Above-Average Volume (PBR.A)

Published on Tue, 04/09/2013 - 13:13
By Adrienne Chilton

Shares of Petroleo Brasileiro are trading up 3.4% to $18.04 today on above average volume. Today's volume of 10.8 million shares tops the average 30-day volume of 8.6 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Over the past year, Petroleo Brasileiro has traded in a range of $16.54 to $24.12 and is now at $18.04, 9% above that low. The 200-day and 50-day moving averages have moved 0.03% lower and 0.52% lower over the past week, respectively.

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.

Petroleo Brasileiro (NYSE:PBR.A) has potential upside of 35.4% based on a current price of $18.04 and analysts' consensus price target of $24.43. The stock should find initial resistance at its 50-day moving average (MA) of $18.17 and further resistance at its 200-day MA of $19.59.

By Adrienne Chilton
achilton@fnno.com