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Possible Bullish Inside Day Candle Pattern Detected for Patterson-UTI Energy (NASDAQ:PTEN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Patterson-UTI Energy (NASDAQ:PTEN) based on the price action in the company's shares. Today's price range of $19.57 and $19.84 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. Traders and investors interested in shares of Patterson-UTI Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $19.73, Patterson-UTI Energy is currently 13.8% above its average consensus analyst price target of $17.00. The stock should discover initial support at its 50-day moving average (MA) of $17.59 and subsequent support at its 200-day MA of $15.58.

Over the past year, Patterson-UTI Energy has traded in a range of $10.94 to $22.81 and is now at $19.73, 80% above that low. The 200-day and 50-day moving averages have moved 0.18% higher and 1.46% higher 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 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 3.1%. We continue to monitor PTEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle patterson-uti energy

Ticker(s): PTEN