Thursday, April 16, 2009

PBR - Petro Brasileiro

Keep your eyes on PBR - Petro Brasileiro also known to many investors as Petrobras. Petroleo Brasileiro was founded in 1953 and is headquartered in Rio de Janeiro, Brazil. Petrobras is the largest oil and gas exploration company in the country of Brazil. The company operates in four segments: exploration and production, supply, gas and energy, and distribution. The company also engages in the exploration, production, supply, and distribution of oil and gas in the Americas, Africa, Europe, and Asia. Petrobras will begin selling bio fuels in Japan very soon. Based on chart analysis the stock has been moving higher moving above its 5 and 10 week moving averages as it approaches its 50 week moving average. The 50 week moving average is currently at $39.01. Petrobras has been on a big move coming from a low of $14.18. The stock ended the day trading at $34.66 +0.26 or 0.76% on 18.6 million trading volume. Downside support is at $30.94, if the stock moves below that area it will be time to sell.

Please click on the PBR - Petro Brasileiro chart below in order to enlarge the image:

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