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Bearish Moving Average Cross by Patterson-Uti (PTEN)

By David Diaz

Today, shares of Patterson-Uti (NASDAQ:PTEN) have crossed bearishly below their 10-day moving average of $16.78 on a volume of 937K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Patterson-Uti have traded between a low of $14.60 and a high of $25.03 and are now at $16.42, which is 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Patterson-Uti on May 29th, 2018 by issuing a Downtrend alert when the shares were trading at $20.82. Since that call, shares of Patterson-Uti have fallen 17.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses patterson-uti

Ticker(s): PTEN