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

By Shiri Gupta

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. Yesterday's price range of $8.99 and $9.15 is within the prior day'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.

Potential upside of 177.0% exists for Patterson-Uti, based on a current level of $9.12 and analysts' average consensus price target of $25.27. The stock should hit resistance at its 200-day moving average (MA) of $11.24, as well as support at its 50-day MA of $8.78.

Over the past year, Patterson-Uti has traded in a range of $7.68 to $16.27 and closed yesterday at $9.12, 19% above that low. The 200-day and 50-day moving averages have moved 0.49% lower and 0.21% lower over the past week, respectively.

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.

SmarTrend is tracking the current trend status for Patterson-Uti and will alert subscribers who have PTEN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle patterson-uti

Ticker(s): PTEN