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 break.
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.
No comments:
Post a Comment