GianB
Long

$HES Double Bottom in its trading range. Good upside w/ low risk

NYSE:HES   HESS CORP
46 0 1
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?