Share this page:
Stay connected:
Welcome to the Citywire Money Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error

Can Petrobras Hold This Major Double Bottom?
Bryan Leighton
Posted: 27 February 2013 18:01:12(UTC)
#1

Joined: 14/02/2013(UTC)
Posts: 5

Thanks: 1 times
Was thanked: 1 time(s) in 1 post(s)
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) has been in a sharp downward trend over the last year. This oil company traded as high as $32.60 in 2012 before hitting a new 52 week low just yesterday at $14.59. This fall has been due to a couple reasons. Tough regulation in Brazil has hurt while the mountain of debt they hold continues to hamper expansion. Current debt holds around $100 million.

While the stock price has suffered and prospects look bleak, technically the chart is into significant support. In 2008, the stock hit a low of $14.73. This is the current level of the stock, also known as a multi-year double bottom. If this stock is to have a solid bounce, this is the level to find it. Look for upside back to $17.35.

Gareth Soloway
InTheMoneyStocks
+ Reply to discussion

Markets

Other markets