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Patterson-UTI Energy Bearish Moving Average Crossover Alert (PTEN)

By James Quinn

Patterson-UTI Energy (NASDAQ:PTEN) crossed under its 10-day moving average of $20.71 on a volume of 917K shares. Swing traders may find 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 Energy have traded between a low of $10.94 and a high of $22.81 and are now at $20.09, which is 84% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Patterson-UTI Energy on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.76. Since that recommendation, shares of Patterson-UTI Energy have risen 12.1%. We continue to monitor PTEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses patterson-uti energy

Ticker(s): PTEN