More importantly, however, and what I like most about this base, is that it shook out below the low of the gap up after , found support at the 50dma, and held the pre-gap high (thus not closing the gap). This makes for a fantastic level to play against. Traders who bought off the 50dma will want to see that daily/weekly low of 119.11 hold.
If URI attempts to breakout again, the best place to put a stop in my opinion is still 119.11. However, that's about 10% below the 131.19 which is a stretch for most (myself included). If I'm looking at trading URI longer-term, maybe I let my 7-8% max sell rule slide, place my stop below 119, have the 10% difference between my entry/exit points, and adjust my position size accordingly. However, from an intermediate-term perspective I'd either want to buy closer to the 50dma should URI test it again OR wait until a shorter term layer of support is developed.