stock charts statistics
TRADING STOCKS - STOCK PICKS

Swing Trading ] [ Stock Picks ] [ Chart Patterns ] [ Technical Analysis ] [ Trading Ideas ] [Trading Software ]

 Trading Stocks - Trading ideas * Stock charts * Trading picks

Trading Education   Trading Ideas   Trading Strategies   Trading Tools
 
Trading Stock Picks

Chart Pattern.com

Daily Trading Alerts

Swing Trades

Options University

Discover the Amazingly Simple Secrets to Trading Success
Simplify your trading and start making consistent profits!

Swing Charts of the Week
Trade like a PRO

Patterson-UTI Energy Inc - PTEN - Descending triangle
Casey Murphy - Aug 16, 2007


Patterson-UTI Energy Inc - PTEN

August 15, 2007

Last Trade

$21.93

Volume

3,797,021

52-Week High

$28.25

52-Week Low

$20.79

Commentary:
Today we've chosen to take a look at the point & figure chart of Patterson-UTI Energy Inc. (Nasdaq:PTEN). This type of chart is rarely used by beginner traders, but as you can see from the chart below, the lack of random price fluctuation can make it very easy to identify major levels of support and resistance. Point & figure charts are constructed by a number of columns that consist of a series of either stacked Xs or Os. A column of Xs is used to illustrate a rising price, while Os represent a falling price. The direction of the chart only changes once a predefined reversal amount has been reached. Notice how a bearish descending triangle pattern has formed on the chart. This chart pattern shows that the $20 level is a major level of support and that the stock will likely experience a sharp pullback if the price moves below it.

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    FE   QQQQ   QQQQ   JCP   QQQQ   LEN   AEP   HUI   ORB   QQQQ   ATI   QQQQ QQQQ   JCP   CKFR   QQQQ   QQQQ   APOL   QQQQ   AMED   QQQQ   EBAY   QQQQ   INAP   QQQQ   GD   QQQQ   INTC   QQQQ   ABK   QQQQ   NTRS   QQQQ   ACE   BJ   ALL   GGG   BA   WMB  


P.S. - Do you want to day trade Stocks, Futures & Forex with up to 90% accuracy? Try the Millennium Traders a consistently profitable trader service through all market conditions, one of the most profitable trading service on the net ... » Get More Info Now!

Quantum Swing Trader  ~  Trading Profit Feeder  ~  Universal Market Trader  ~  Trading Videos

Instant Profits Trading Course

Super Divergence Blueprint

STArS Stock Picks Trading


  Swing Picks Home
  Swing Trading Tactics
  Trading Gaps
  Elliott Wave Trading
  Trading Charts Picks
  Options Strategies Guide
  Trading Education
  Trading Tutorials
  Trading Commentary
  Trading Stock Picks
  Daily Trading Signals
  Charts:
*   BDY
*   HAS
*   ADRX
*   GOOG
*   MSFT
*   MICU
*   PETM
*   SBGI
*   SHOP
ChartPattern Trading $ystems
Dan Zanger Offers 3 week FREE trial!

Shopping: Products & Services

Wide Selection of Products and Services


Swing Trading Daily Blog     Swing Trading Ideas
Trading - VIII   VII   VI   V   IV   III   II   I   XII   XI   X   IX

      AbtElectronics.com

Sharks     Great White Shark     Shark Attacks     Med Sea Sharks
                Wizard of ID