Technical Analysis of Financial Markets

Tuesday, September 23, 2008

Patterson-UTI Energy Inc. (PTEN)

Patterson-UTI Energy provides onshore contract drilling services to independent oil and natural gas operators in North America. Price action has delcined 95% within a 3-month period in a seemingly a-b-c Elliott retrace after completing a 5-wave impulse move during Jan 2008 to Jul 2008. An entrace into a buy position with a stop on close below $19.09 may serve as long-term low-risk trade.

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