PattersonUTI Energy Inc. Message Board

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Gold/Mining/Energy : PattersonUTI Energy Inc.

PTEN 6.750

-0.7%

Jan 12 3:59 PM EST

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To: capt rocky who wrote (223)	4/3/1999 10:22:00 AM
From: TATRADER	Read Replies (1) of 295

Picked up PTEN again on Friday at 5.00...totally technical reasons.. Here they are: 1. Stock made a 60 day high recently at 6.43 2. Stock experienced a 3 day pullback, where the volume on day 3 was the largest volume of the past three trading days...Connors refers to this as a VPM.. 3. Neckline of pattern is at 5.00... 4. Stock also did a 1,2,3,4...Three lower lows... 5. If you observe original move it began at 3.50..Subtract 6.50 from 3.50 and you get 3.00...Divide by 2 and you get 1.50...A stock in a bullish upmove many times encounters a 50% pullback..$5.00 is the 50% pullback area... 6. Fund money recently moved in quietly in the 5.00-5.37 area...Lends support to this area... IMHO, you have been given a second opportunity to get in on these oil stocks...If the Market Maker is gracious, I would load up the truck in the 4.62-5.00 area...I don't see the downside any further than 4.62, and fully expect this stock to be above 5.50 again within the next 3 trading days.... Regards, TATRADER

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