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Possible Bearish Inside Day Candle Pattern Detected for Oasis Petroleum (NYSE:OAS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oasis Petroleum (NYSE:OAS) based on the price action in the company's shares. Today's price range of $9.99 and $10.20 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Oasis Petroleum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oasis Petroleum Inc., is an independant exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources.

There is potential upside of 77.2% for shares of Oasis Petroleum based on a current price of $10.01 and an average consensus analyst price target of $17.74. The stock should discover initial support at its 200-day moving average (MA) of $8.78 and subsequent support at its 50-day MA of $7.80.

Oasis Petroleum share prices have moved between a 52-week high of $18.15 and a 52-week low of $3.39 and are now trading 195% above that low price at $10.01 per share. The 200-day and 50-day moving averages have moved 0.61% lower and 4.32% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Oasis Petroleum on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $13.52. Since that call, shares of Oasis Petroleum have fallen 24.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle oasis petroleum

Ticker(s): OAS