Patterson-UTI Energy: The Trend Continues Lower (PTEN)
Tuesday, March 9, 2010 - 13:13
Written on Tue, 03/09/2010 - 1:13pm
By Chip Brian

SmarTrend identified a Downtrend for Patterson-UTI Energy (NASDAQ:PTEN) on January 29, 2010 at $15.93. In approximately 1 month, Patterson-UTI Energy has returned 4.4% as of today's recent price of $15.23.
Patterson-UTI Energy is currently below its 50-day moving average of $16.33 and should find support at its 200-day moving average of $15.04. Look for these moving averages to decline to confirm the company's downward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any changes in momentum for shares of Patterson-UTI Energy.

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