LONG 500 Shares of PBR at $32.41 (PETROLEO BRASILEIIRO)

PBR may have support at ~$31.00!!

• On May 25 2010 PBR hit a low of $31.21. After the stock hit that low it rallied to a high of $39.63.

• It then sold off again and hit a low of $31.50 on Oct 21st and rallied (again) to a high of $36.51.

Recently (Nov 23, 2010) PBR just hit a low of $31.87 and bounced. I am LONG 500 shares at $32.41 with my STOP at $31.15 (Just below the low on May 25, 2010). The target is $35.50 but we may look to take some profit if the stock goes to $33.50 or move our STOP to lock in Profits.

For all you VALUE investors this stock also has a P/E of 7.4. For the people searching for YIELD, this stock has a yield of 2.6%. (See the link) http://tmx.quotemedia.com/quote.php?qm_symbol=PBR:US

In the chart below you will clearly see PBR hitting support 3 times at ~$31.


(Click charts to enlarge)

The profitability ratio is better then 2:1

Trade to trade well, not to make money!

-Steve-