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Patterson-UTI (PTEN) Just Overtook the 50-Day Moving Average
Patterson-UTI (PTEN - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PTEN broke through the 50-day moving average, which 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.
PTEN has rallied 6.5% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests PTEN could be on the verge of another move 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 may want to watch PTEN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.