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 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

PTEN could be on the verge of another rally after moving 6.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

The bullish case solidifies once investors consider PTEN's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on PTEN for more gains in the near future.