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

By David Diaz

Patterson-UTI Energy (NASDAQ:PTEN) shares have crossed bullishly above their 10-day moving average of $19.61 on a volume of 506K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

Patterson-UTI Energy share prices have moved between a 52-week high of $22.81 and a 52-week low of $10.94 and are now trading 83% above that low price at $19.98 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

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 3.7%. 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