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Possible Bearish Inside Day Candle Pattern Detected for Patterson-Uti (NASDAQ:PTEN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Patterson-Uti (NASDAQ:PTEN) based on the price action in the company's shares. Today's price range of $19.35 and $19.75 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Patterson-Uti may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Patterson-UTI Energy, Inc. provides land-based drilling services to major and independent oil and natural gas companies. The Company conducts drilling operations in Texas, New Mexico, Utah, Oklahoma, Louisiana, and western Canada. Patterson-UTI is also involved in pressure pumping, oil and gas exploration and production, and drilling and completion fluids services.

Patterson-Uti share prices have moved between a 52-week high of $29.76 and a 52-week low of $14.83 and are now trading 33% above that low price at $19.67 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

Patterson-Uti has overhead space with shares priced $19.67, or 20.7% below the average consensus analyst price target of $24.82. Patterson-Uti shares have support at the 50-day moving average (MA) of $17.59 and additional support at the 200-day MA of $15.58.

SmarTrend recommended that its subscribers protect gains by selling shares of Patterson-Uti on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $22.70. Since that call, shares of Patterson-Uti have fallen 12.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle patterson-uti

Ticker(s): PTEN