$HES Double Bottom in its trading range. Good upside w/ low risk
For the 
HES trade I see a double bottom in its trading range. I like to buy at this area for a long ($67.30) to sell into its upper end of the range (60% at 75.XX and the rest at $78-79). When I compared with /CL futures on a daily I see that HES is currently oversold and the past 2 times in the past 9 months that it was oversold it would come back to the average of /CL. My stop would be around $66.20 range. I picked this stop because it was a support/resistance couple years back on the weekly chart. What are your thoughts?
HES trade I see a double bottom in its trading range. I like to buy at this area for a long ($67.30) to sell into its upper end of the range (60% at 75.XX and the rest at $78-79). When I compared with /CL futures on a daily I see that HES is currently oversold and the past 2 times in the past 9 months that it was oversold it would come back to the average of /CL. My stop would be around $66.20 range. I picked this stop because it was a support/resistance couple years back on the weekly chart. What are your thoughts?
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