Patterson-UTI Energy, Inc. : We anticipate a reversal
May 03, 2013 at 09:31 am
By
Entry price | Target | Stop-loss | Potential |
---|
US$21.22 |
US$0 |
US$19.8 |
-100% |
---|
Patterson-UTI Energy could regain its upward trend after having run out of steam.
The group enjoys upward revisions in earnings per share and growth prospects. Indeed, the Thomson Reuters consensus expect sales to grow for the fiscal year at USD 2.7 billion against USD 2.5 billion for the previous year.
Patterson-UTI Energy share is in an uptrend in the medium and long term, but the last bearish movement returns close to a major support level. This threshold, if preserved, will enable to enjoy the bullish movement.
It could be a basis for a purchase to target USD 22.4. A stop loss will be fixed below the entry point to limit the risk.
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