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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 $11.42 and $11.59 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.

There is potential upside of 25.5% for shares of Oasis Petroleum based on a current price of $11.58 and an average consensus analyst price target of $14.53. The stock should find initial support at its 200-day moving average (MA) of $8.78 and further support at its 50-day MA of $7.80.

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 $11.58, 242% above that low price. The 200-day and 50-day moving averages have moved 0.61% lower and 4.32% higher over the past week, respectively.

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

SmarTrend recommended that subscribers consider buying shares of Oasis Petroleum on August 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.46. Since that recommendation, shares of Oasis Petroleum have risen 37.0%. We continue to monitor OAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle oasis petroleum

Ticker(s): OAS