Nearest Support: $16
Catalyst: Brazilian Fuel Price Increases Brazilian oil giant Petrobras ( PBR) is rallying around 5% today after hiking wholesale diesel prices in Brazil by the same amount. All in, shares of the supermajor have climbed more than 20% since Tuesday on concerns over Brazilian inflation -- a potentially big factor in boosting PBR's earnings in 2013. But the move is significant from a technical level as well. That's because PBR has been selling off hard in the last year, down more than 38% in the trailing 12 months even with this week's bounce. But the bounce could have longer-lasting consequences, especially if it can propel shares through the trendline resistance level that's been acting as a sort of price ceiling for shares. A move through $19 resistance would be the signal that Petrobras is making a change in trend.