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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Oasis Petroleum (NYSE:OAS) based on the price action in the company's shares. Today's price range of $8.61 and $8.83 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. Traders and investors interested in shares of Oasis Petroleum may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 66.7% for shares of Oasis Petroleum based on a current price of $8.72 and an average consensus analyst price target of $14.53. The stock should find resistance at its 200-day moving average (MA) of $8.82, as well as support at its 50-day MA of $7.57.

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 $8.72, 157% above that low price. The 200-day and 50-day moving averages have moved 0.53% lower and 3.86% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Oasis Petroleum on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.90. Since that recommendation, shares of Oasis Petroleum have risen 44.1%. We continue to monitor OAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle oasis petroleum

Ticker(s): OAS