OAS – Oasis Petroleum Position Trade Opportunity Bullish Chart Pattern

by Olivier on March 11, 2013

Quick chart post with a trade idea I consider to offer good potential. The way I see it, the chart is well suited for true position traders. OAS – Oasis Petroleum has broken out above long-term horizontal resistance and is now consolidating and building out a bullish flag pattern. A conservative price target looks to be 47$. The technicals ultimately imply an even higher price target. The stock shouldn’t dip back below the recent swing low at 34.53. A stop loss below that level offers protection if price action invalidates my technical analysis assumptions. I have a position.

OAS - Oasis Petroleum Bullish Technical Chart Pattern Trade

Real movements do not end the day they start. – Jesse Livermore

Charts: http://stockcharts.com/public/1109839/tenpp

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