Petrobras (PBR) 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.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
PBR could be on the verge of another rally after moving 10.9% 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 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.
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Petroleo Brasileiro S.A.- Petrobras (PBR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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