Depending on what time frame you look at, the indicator may suggest a downtrend, a bullish trend, or even a bullish rally in a downtrend. Oscillators, unlike trending indicators, do not indicate the direction or strength of the trend. The oscillator compares the current price of a stock to its trading range in the recent past. Oscillators are most useful for stocks or indices that are trading sideways. Often a stock which is forming a base or a consolidation area will change direction just as the stochastic reaches oversold or overbought.
Oscillators are great trading tools for stocks trading in a range as well.
Watch the stock and wait for the oscillator to go into oversold. Make your buy at this point. Its important to watch the MACD however to make sure its not peaking or rolling over, if you use this method. One final note on oscillators. Don't try to use an oscillating indicator by itself on a trending stock.