Petroleo Brasileiro S.A. - Petrobras (PBR)

[Buell]

What do you think 34.39 or 35.03


NEW YORK (Market Intellisearch) -- The stock price of Petroleo Brasileiro crossed above the 50-day moving average on lighter than usual volume. The crossing of the stock price above the 50-day moving average may signal the beginning of a bullish trend.

It is also important to note that shares of PBR rose $0.54(+1.58%) to $34.81 in today's trading session. PBR traded between the range of $34.20 - $34.84. Today's trading activities for Petroleo Brasileiro stock may be a sign that the shares will continue to head higher in the foreseeable future assuming the moving average has upward slope.

Other relevant figures to examine are the support and resistance levels. Based on the pivot points, the current support and resistance levels for Petroleo Brasileiro are 34.39 and 35.03 respectively. If the resistance point price is broken in an upward movement, then the bullish trend is likely to continue and vice versa.