Oasis Petroleum Inc. (NYSE: OAS)

Oasis Petroleum Inc., an independent exploration and production company, engages in the acquisition and development of oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin. Its primary projects are located in West Williston, East Nesson, and Sanish. As of December 31, 2012, the company had 335,383 net leasehold acres in the Williston Basin; and had approximately 143.3 million barrels of oil equivalent of estimated net proved reserves. Oasis Petroleum Inc. was founded in 2007 and is headquartered in Houston, Texas.
Please take a look at the 1-year chart of OAS (Oasis Petroleum) below with my added notations:

OAS has had a rough slide over the last 3+ months. Along the way the stock has created a clear down trending resistance (red). In addition, the stock has a key level at $40 that has been support and resistance off and on throughout the entire year. At some point soon the stock will have to break one of those two levels.

The Tale of the Tape: OAS has a key level of support at $40 and a down trending resistance that currently sits near $44. A long trade could be made at $40, or on a break through $44, with a stop placed below the level of entry. However, if the stock were to break below $40 traders might want to look to get short on the stock.
Please share this article