Taking everything into account, PTEN scores 4 out of 10 in our technical rating. PTEN has been a bad performer in the overall market. Some doubts are observed in the medium term time frame, but recent action was again very positive.
Although the technical rating is only medium, PTEN does present a nice setup opportunity. We see reduced volatility while prices have been consolidating in the most recent period. There is a support zone below the current price at 6.10, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PTEN in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
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5.24
We found 4 important support areas.
- A support zone ranging from 6.06 to 6.10. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 5.92 to 5.95. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 5.54 to 5.58. This zone is formed by a combination of multiple trend lines in the daily time frame.
- A support zone ranging from 5.29 to 5.40. This zone is formed by a combination of multiple trend lines in multiple time frames.
We can see 2 important resistance areas.
- Resistance @6.27 from a trend line in the daily time frame.
- A resistance zone ranging from 6.55 to 6.64. This zone is formed by a combination of multiple trend lines in multiple time frames.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | NEUTRAL | NEUTRAL | The long term trend for PTEN is neutral. |
| ChartMill Short Term Trend Indicator | NEUTRAL | NEUTRAL | The short term trend for PTEN is neutral. |
| ChartMill Relative Strength | 25.14 | NEGATIVE | PTEN has a low relative strength, it was outperformed by 74.86% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of PTEN is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of PTEN is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | DOWN | MIXED | The current price of PTEN is above a declining SMA(200). |
| Relative Strength Index/RSI (14) | 54.11 | NEUTRAL | The RSI value for PTEN is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0 | NEGATIVE | The MACD value suggests PTEN has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 38.08 | NEUTRAL | The Stochastics value for PTEN is a neutral value. |
| Average True Range in percent/ATR (20) | 3.83 | MEDIUM VOLATILITY | The ATR as a percentage value for PTEN suggests some volalility. |
| Average Directional Index/ADX (14) | 11.83 | NEGATIVE | The low ADX value for PTEN suggests a weak or negative trend. |
6.11
+0.03 (+0.49%)
PATTERSON-UTI ENERGY INC / PTEN FAQ
Can you provide the ChartMill technical rating for PATTERSON-UTI ENERGY INC?
ChartMill assigns a technical rating of 4 / 10 to PTEN.
What is the current trend direction of PATTERSON-UTI ENERGY INC (PTEN) stock?
The current trend direction for PATTERSON-UTI ENERGY INC (PTEN) is Bearish.
What is the RSI signal for PTEN stock?
PATTERSON-UTI ENERGY INC (PTEN) has an RSI value of 54.1128. This indicates that the stock is currently neutral.
What is the short term momentum for PTEN stock?
The short term momentum for PATTERSON-UTI ENERGY INC (PTEN) is neutral.
What are the support and resistance levels for PATTERSON-UTI ENERGY INC (PTEN) stock?
PATTERSON-UTI ENERGY INC (PTEN) has a support level at 6.1 and a resistance level at 6.27. Check the full technical report for our detailed analysis of PTEN support and resistance levels.