On 2/14/2024, Patterson-UTI Energy (PTEN) reported earnings of $0.19 per share on revenue of $1.584 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.184 per share on revenue of $1.507 billion.
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,...
Based on its uptrend, rebound from support and a familiar chart pattern confirmed by my technical indicators, I expect at least half a percent in profits IF PTEN exceeds today's high of $16.31 during tomorrow's session.
$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 $6.50 support level.
Ascending triangle, confirmed
Pros:
Descending volume during formation
Volume increase at break out
Golden cross in blue
PPS above 50MA and 200MA
RS above 0, but barely ascending
ATR Ascending
R/R ratio above 6
250RSI above 50
200MA ascending
Target:
PT = 9.96$
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What I see...
+ Inside NR7 bar on very high vol.
+ RSI at 63
+ MACD is bullish
+ 10MA has just crossed above the 50MA about 10 sessions ago
+ Lower price stock
+ Bollinger is still relatively narrow
- 10MA is still far away
- Upper shadow today failed to form a true inside hammer
What I...
Amateur Trader, first idea.
STOCK: PTEN (a drilling company in North America)
Strong resistance at around ~1.90 at lowest, ~2.70 at highest and 2.3 at the middle.
Can go up until it reaches 75% of top. Good profit before the 5th crash in a few days.
The company is very established with a long history of ~$8-10. The last time prices were this low (~$2) was a...
The Patterson-UTI stock has been in an intact downward trend since April of this year, a trend which really picked up the pace in particular towards the end of July. Since the last strong downward movement, the stock of the company has now recovered well and corrected almost one hundred percent. Currently, we can already see the first signs that it could go in the...
The Patterson-UTI stock has been in an intact downward trend since April of this year, a trend which really picked up the pace in particular towards the end of July. Since the last strong downward movement, the stock of the company has now recovered well and corrected almost one hundred percent. Currently, we can already see the first signs that it could go in the...
