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Patterson-Uti Rises 2.20% on Heavy Volume: Watch For Potential Pullback

By David Diaz

Patterson-Uti (NASDAQ:PTEN) traded in a range yesterday that spanned from a low of $22.79 to a high of $23.56. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $23.01 on volume of 1.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Patterson-Uti on April 13th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.91. Since that recommendation, shares of Patterson-Uti have risen 15.4%. We continue to monitor PTEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

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 58% above that low price at $23.36 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

Keywords: rebounders patterson-uti

Ticker(s): PTEN