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

By Nick Russo

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 $8.95 and $9.32 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.

Potential upside of 60.5% exists for Oasis Petroleum , based on a current level of $9.05 and analysts' average consensus price target of $14.53. Oasis Petroleum shares have support at the 200-day moving average (MA) of $8.78 and additional support at the 50-day MA of $7.80.

In the past 52 weeks, shares of Oasis Petroleum have traded between a low of $3.39 and a high of $18.15 and are now at $9.05, which is 167% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 4.3%.

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

SmarTrend is monitoring the recent change of momentum in Oasis Petroleum . Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Oasis Petroleum in search of a potential trend change.

Keywords: bearish inside day candle oasis petroleum

Ticker(s): OAS