From a technical perspective, Petrobras (PBR Quick QuotePBR - Free Report) is looking like an interesting pick, as it just reached a key level of support. PBR recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

PBR could be on the verge of another rally after moving 6.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

Looking at PBR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up 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.