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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. Yesterday's price range of $6.85 and $6.99 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 $4.74 to $14.57 and closed yesterday at $6.93, 46% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.0%.

Potential upside of 91.1% exists for Oasis Petroleum, based on a current level of $6.93 and analysts' average consensus price target of $13.25. The stock should hit resistance at its 200-day moving average (MA) of $9.00, as well as support at its 50-day MA of $6.05.

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 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 am inside day candle oasis petroleum

Ticker(s): OAS