Oasis Petroleum - OAS - close: 48.57 change: +1.14

Stop Loss: 45.75
Target(s): to be determined
Current Gain/Loss: unopened

Entry on May -- at $--.--
Listed on May 12, 2014
Time Frame: 6 to 12 weeks
Average Daily Volume = 1.9 million
New Positions: Yes, see below

Company Description

Why We Like It:
OAS is in the basic materials sector. The company explores for and produces oil and natural gas in North Dakota and Montana. OAS just recently reported earnings a few days ago and blew away the bottom line estimates. Yet revenues missed Wall Street's estimate.

Shares initially popped higher on its earnings report. Traders have since bought the dip at its rising 10-dma. Shares look poised to build on its bullish pattern. We're suggesting bullish positions at the opening bell tomorrow morning. More conservative investors may want to wait for a close above the $50.00 level as an alternative entry point.

We're not setting a bullish exit target yet but the Point & Figure chart for OAS is bullish with a $65.00 target.

Suggested Position: buy OAS stock @ (the open tomorrow)

Annotated chart:

Weekly chart: