Crude Oil Looking Like An Early Stage Bottoming Pattern Here

NYMEX:CL1!   Light Crude Oil Futures
10-29 Contra Corner!
For those who don't like to buy
extended stocks AFTER they have already made a run
(Think Late to The Party).
Here is a sector one doesn't have to chase. Do yourself
a favor and KEEP CHECKING MY PAGE TODAY as I'll be posting
charts in the energy theme that have some sort of bottoming
pattern either built or still building. As for this chart? There is
only one thing you need to know and that is the lower blue line.
It's called support. As you can see this issue broke the downtrend to the upside
after staging a mini double bottom with a shake the tree shake out low.
For informational and educational purposes only, these are not recommendations. Trade at your own risk.
Tim, here is what's tricky about patterns like this. Markets like to TEST support zones, not to mention one's emotional state. I've seen it tons of times where support breaks, people stop out and POW off to the races in the other direction. One could say we saw that 3 days ago with the red bar. Think tradebots popping stops. For me I'm more interested in stocks within this theme than in this particular issue. Names like EMES,HCLP,HAL,CXO,etc . Look at it this way, money stays in the markets but it rotates around. Given the nosebleed we've seen in the markets as of late with the extended nature of a lot of names I'd rather consider something that MAY first be starting to make a move vs something that's been moving with no supports nearby. Stops are a personal thing for most. Lets say you have 5% of your portfolio in one issue and that stock drops due to a news event in which you had no control over. Know what the impact to ones overall portfolio would be? 1%. So you see trade size risk management helps manage risk too. I use 20% just as an extreme example as to what impact it has on ones whole portfolio. I don't put more than 5% of my portfolio into any one issue for just that purpose. For me its all about managing the overall risk to my portfolio but that's me.
What is the closest stop you would consider? The stop here is $3 or so, $82.57 down to $79.57... I've been all over this trade too, just curious to see how close you would put a stop.
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