There is nice setup by bullish wedge for mid/long term breakout position trade on
PTEN.
After more than 1year consolidation formed bullish wedge. Now price starting to pump up out of the wedge. at 15.87 level there is 1st potential to take some money of the table because there is long multi years supply zone that toping somewhere at 20.69...
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that,...
$PTEN is a onshore drilling contractor for o&g operators in US and CA.
RS as it traded to one month high, higher lows since dec'21 with rising in all MAs of various timeframe. cup and 2 years cup and handle pattern.
we have a good 2 weeks to Q4 earnings for some risk cushion.
PTEN listed on US markets, formed an inverse head and shoulders pattern, poised for a faster recovery to $15 and then $25 in the coming months.
look to buy with stop loss kept below the $6.50 support level.
