Petroleo Brasileiro(PBR) is in an uptrend but could lose its momentum

(23-May-2008) (23-May-2008) Petroleo Brasileiro(PBR) closed at 65.4, down -2.67 or -3.92 % today. Based on our analysis, Petroleo Brasileiro(PBR) is in an uptrend but could lose its momentum.

The closing price of Petroleo Brasileiro(PBR) is above its 50 day moving average of 62.94 (Designated by blue line). This indicates that the trend is up. The MACD histogram(Gray bars on the bottom) below the signal line(Dark Red Line) tells us that Petroleo Brasileiro(PBR) is losing momentum. Sustained loss of momentum could put the uptrend at risk. The MACD histogram crossed below the signal line on 29-May-2008, about 6 trading days ago.