From a technical perspective, Patterson-UTI (PTEN Quick QuotePTEN - Free Report) is looking like an interesting pick, as it just reached a key level of support. PTEN recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

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.

Looking at PTEN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors should think about putting PTEN on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.