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Patterson-UTI (PTEN) Recently Broke Out Above the 20-Day Moving Average

·1 min read

From a technical perspective, Patterson-UTI (PTEN) is looking like an interesting pick, as it just reached a key level of support. PTEN recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Moving Average Chart for PTEN
Moving Average Chart for PTEN

Over the past four weeks, PTEN has gained 14.4%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

Once investors consider PTEN's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 3 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

Investors may want to watch PTEN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.


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