SmarTrend's Candlestick Scanner Detects Bearish Harami Pattern for Patterson-UTI Energy (PTEN)
Friday, March 12, 2010 - 09:33
Written on Fri, 03/12/2010 - 9:33am
By Chip Brian

SmarTrend's candlestick pattern scanner has detected a bearish harami candle pattern for shares of Patterson-UTI Energy (NASDAQ:PTEN).
Yesterday's real body is within the previous day's body and may imply that traders and investors believe that the recent uptrend may be nearing an end.
A move down today would confirm this trend reversal. Also, the narrower the red body yesterday, the more reliable the harami.
Yesterday, this company traded 3,810,722 shares, versus the previous day's total volume of 8,419,430. Decreased volume also is an indicator that the buying momentum may have subsided.
SmarTrend issued a Downtrend alert on shares of Patterson-UTI Energy on January 29, 2010 at $15.93 per share (1.7% return since that call). This bearish candle pattern may point to a continuation of the previously called Downtrend.

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