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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. Yesterday's price range of $7.12 and $7.30 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.

Over the past year, Oasis Petroleum has traded in a range of $6.56 to $17.08 and closed yesterday at $7.32, 12% above that low. 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 $7.32, or 50.5% below the average consensus analyst price target of $14.79. The stock should run into initial resistance at its 50-day moving average (MA) of $7.80 and subsequent resistance at its 200-day MA of $8.78.

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.

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 am inside day candle oasis petroleum

Ticker(s): OAS