One pattern I’ve noticed being pretty powerful lately, is like what Patterson-UTI Energy Inc (Nasdaq: PTEN) did today. Here’s the 2-day 30 min chart so far:

The key is that the openening range tops out right around yesterday’s HOD. It seems like when it breaks through that, it tends to do well. I mentioned this pattern about a week ago in regards to a trade I made. In that other post, I mentioned two examples I had spotted. I’ve been noticing it more and more.

I should also point out that the OR high was near (but not exactly at) round number 26. That was a factor in the trade in the older post, as well.

I didn’t notice the PTEN setup in time to trade it today… the daily trigger for a trade was around 26.40, well into the run.

[edit: I see that Grant Prideco (NYSE: GRP) is another example from today, minus the round number.]

Stocks Mentioned In This Article
Stock	Links
PTEN	| |
GRP	| |