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Petrobras (PBR) Just Reclaimed the 200-Day Moving Average
Petrobras (PBR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBR crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
PBR could be on the verge of another rally after moving 12.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Once investors consider PBR's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, and the consensus estimate has increased as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on PBR for more gains in the near future.