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

By Shiri Gupta

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 $7.12 and $7.25 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. 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.

Potential upside of 105.1% exists for Oasis Petroleum, based on a current level of $7.21 and analysts' average consensus price target of $14.79. The stock should find initial resistance at its 50-day moving average (MA) of $7.80 and further resistance at its 200-day MA of $8.78.

In the past 52 weeks, shares of Oasis Petroleum have traded between a low of $6.56 and a high of $17.08 and are now at $7.21, which is 10% 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%.

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 45.8%. 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