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Patterson-UTI Energy Falls 1.44% on Heavy Volume: Watch For Potential Rebound

By Amy Schwartz

Patterson-UTI Energy (NASDAQ:PTEN) traded in a range yesterday that spanned from a low of $25.02 to a high of $25.59. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $25.44 on volume of 996,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Patterson-UTI Energy have traded between a low of $10.94 and a high of $29.76 and are now at $25.27, which is 131% above that low price. 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%.

SmarTrend is monitoring the recent change of momentum in Patterson-UTI Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Patterson-UTI Energy in search of a potential trend change.

Keywords: rebounders patterson-uti energy

Ticker(s): PTEN