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

By James Quinn

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. Yesterday's price range of $2.37 and $2.42 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. 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.

In the past 52 weeks, Oasis Petroleum share prices have been bracketed by a low of $2.33 and a high of $7.82 and closed yesterday at $2.31, -1% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.7% while the 200-day MA has slid 0.7%.

Oasis Petroleum Inc. operates as an oil and gas exploration company. The Company acquires, explores, produces, and supplies petroleum products. Oasis Petroleum serves customers in the United States.

There is potential upside of 473.4% for shares of Oasis Petroleum based on a current price of $2.31 and an average consensus analyst price target of $13.25. The stock should find initial resistance at its 50-day moving average (MA) of $3.01 and further resistance at its 200-day MA of $4.57.

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: bullish am inside day candle oasis petroleum

Ticker(s): OAS