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Petrobras – Has the Well Run Dry?

By Emerging Money,  February 12, 2013, 10:14:32 AM EDT

Today is bottom fishing day in Petrobras ( PBR , quote ).  Time to tip a toe in despite company fundamentals that are deteriorating with no sign the government cares (see Russia's Gazprom ( OGZPY , quote ) for a similar tale).

[caption id="attachment_74861" align="alignright" width="300" caption="Fill 'er up"] Image courtesy Petrobras News Agency: http://www.agenciapetrobras.com.br [/caption]

Petrobras is $108 billion company on the outs with investors but the government realizes they are part of the problem and the solution.

Thirteen 9 day RSI currently but now down 48% since March 2012, and testing lows of 2008

Massive volume washout last Tuesday as poor earnings and questions on dividend payments on the common shares ("ON" shares )

Merrill Lynch "sentiment is as negative as we can remember".   You name it they are negative: production, refined product prices, earnings, cash-flow, debt levels, etc. - we think investors are likely to remain cautious.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, International, Stocks

Referenced Stocks:



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