Patterson-UTI Energy, Inc. provides onshore contract drilling
services to major and independent oil and natural gas operators in the
United States and Canada. The company operates through three segments:
Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The
Contract Drilling segment markets its contract drilling services
primarily in Texas, New Mexico, Louisiana, Oklahoma, Colorado, Utah,
Wyoming, Montana, North Dakota, Alaska, Pennsylvania, Ohio, West
Virginia, and western and northern Canada. The Pressure Pumping segment
offers pressure pumping services that consist of well stimulation and
cementing for the completion of new wells and remedial work on existing
wells, as well as hydraulic and nitrogen fracturing, cementing, and acid
pumping services in Texas and the Appalachian region. The Oil and
Natural Gas segment owns and invests in oil and natural gas assets as a
non-operating working interest owner located principally in Texas and
New Mexico.
Please take a look at the 1-year chart of PTEN (Patterson-UTI Energy, Inc) below with my added notations:
PTEN has rallied nicely all the year. Along the way, the stock has
found support and resistance areas primarily at the levels of $26, $28,
$30, $32 (red) and $34 (blue). Each of those prices has been either
support or resistance, or even both, multiple times. The stock is now
trading just under the 52-week high resistance level of $34.
The Tale of the Tape: PTEN is currently trading
between $32 and $34. A long trade could be made on a pullback to $32, or
even better, on a break above $34. A short trade could be made on a
break below $32.
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