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SmarTrend Watching for Potential Rebound in Shares of Patterson-Uti After 2.61% Loss

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.

In the past 52 weeks, shares of Patterson-Uti have traded between a low of $13.89 and a high of $25.03 and are now at $16.00, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.8%.

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: rebounders patterson-uti

Ticker(s): PTEN