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

By David Diaz

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. Yesterday's price range of $8.35 and $8.54 is within the prior day'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. operates as an oil and gas exploration company. The Company acquires, explores, produces, and supplies petroleum products. Whiting Petroleum serves customers in the United States.

In the past 52 weeks, Oasis Petroleum share prices have been bracketed by a low of $6.56 and a high of $17.08 and closed yesterday at $8.37, 28% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 4.3%.

Oasis Petroleum (NYSE:OAS) has potential upside of 48.4% based on a current price of $8.37 and analysts' consensus price target of $12.42. Oasis Petroleum shares should encounter resistance at the 200-day moving average (MA) of $8.78 and support at the 50-day MA of $7.80.

SmarTrend recommended that its subscribers protect gains by selling shares of Oasis Petroleum on November 20th, 2017 by issuing a Downtrend alert when the shares were trading at $9.65. Since that call, shares of Oasis Petroleum have fallen 11.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle oasis petroleum

Ticker(s): OAS