OAS is about to breakdown from a consolidation zone its been in for 6months. Within that consolidation zone it has formed a double top pattern and has tested lower resistance of $5.20 5 times on the daily chart. If looking at multiple timeframes on the weekly and monthly charts, its very apparent that it poised for a move lower. The shorter term outlook would be a retracement of 10% to $4.65, but on a longer scope the outlook is down 25% to $4.00 when incorporating a outlook from a weekly and monthly timeframe. The moving averages on each time frame are pushing it lower as they are curling around recent price to the downside. It has been hovering right above support of $5.2 for awhile now with no real bounce higher after lots of tests of support at that level. So i think a breakdown is coming
Trade closed: target reached