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Look for Shares of Patterson-Uti to Potentially Rebound after Yesterday's 2.61% Sell Off

By Amy Schwartz

Patterson-Uti (NASDAQ:PTEN) traded in a range yesterday that spanned from a low of $15.61 to a high of $16.44. Yesterday, the shares fell 2.6%, which took the trading range below the 3-day low of $16.40 on volume of 1.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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.

Patterson-Uti share prices have moved between a 52-week high of $25.03 and a 52-week low of $13.89 and are now trading 15% above that low price at $16.00 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.3%.

Keywords: rebounders patterson-uti

Ticker(s): PTEN