This is a short sale trade.
Daily chart of IOC seems to confirm our view on the DUG long trade. Note the accumulation period in white, they marked up price at the green arrow and then started distribution at the red arrow. The recent leading negative divergence is leading and making new lows.
The 10 minute chart is showing recent accumulation, this led to the move up today.
Here's the 5 minute chart showing some accumulation
However, the same chart zoomed to scale shows negative divergences and a new leading low so the accumulation that started around the 20th has been sold or distributed almost immediately. This is near the inverse of what we saw in the DUG update earlier.
As far as trade stops, this one needs a wide stop until it gets rolling. Currently the stop I'd use is around $77.75
If you have any questions let me know. I feel the move up today offers an opportunity to scale into the trade at more favorable prices.
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