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

By Amy Schwartz

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 $9.47 and $9.81 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.

In the past 52 weeks, Oasis Petroleum share prices have been bracketed by a low of $3.39 and a high of $18.15 and are now at $9.49, 180% 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 has overhead space with shares priced $9.49, or 34.7% below the average consensus analyst 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.

SmarTrend is tracking the current trend status for Oasis Petroleum and will alert subscribers who have OAS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle oasis petroleum

Ticker(s): OAS