Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. The company’s principal projects are located in West Williston and East Nesson. As of December 31, 2014, it had 505,503 net leasehold acres in the Williston Basin; and approximately 272.1 million barrels of oil equivalent of estimated net proved reserves. The company sells its oil and natural gas to refiners, marketers, and other purchasers that have access to pipeline and rail facilities.
Take a look at the 1-year chart of Oasis (NYSE: OAS) below with added notations:
After a persistent selloff in June and July, OAS has started trading
sideways over the past month. While in the sideways move, the stock has
formed a key pair of price levels that are worth watching. OAS has a
resistance at $12 (red), which was also support earlier in the year, and
an $8 support (green). At some point one of those levels will have to
The Tale of the Tape: OAS is trading inside a
trading range. The possible long positions on the stock would be either
on a pullback to $8 or on a breakout above $12. The ideal short
opportunity would be on a break below $8.