• Return to Headlines

Watch for Patterson-Uti to Potentially Pullback After Gaining 6.34% Yesterday

By Nick Russo

Patterson-Uti (NASDAQ:PTEN) traded in a range yesterday that spanned from a low of $16.45 to a high of $17.17. Yesterday, the shares gained 6.3%, which took the trading range above the 3-day high of $16.23 on volume of 3.1 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 its subscribers protect gains by selling shares of Patterson-Uti on March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $26.03. Since that call, shares of Patterson-Uti have fallen 38.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

In the past 52 weeks, Patterson-Uti share prices have been bracketed by a low of $14.83 and a high of $29.76 and are now at $16.86, 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.2%.

Keywords: rebounders patterson-uti

Ticker(s): PTEN