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Petrobras (PBR) Just Reclaimed the 200-Day Moving Average
Petrobras (PBR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PBR broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of PBR have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that PBR could be poised for a continued surge.
The bullish case only gets stronger once investors take into account PBR's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch PBR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.