$XEC
Here's a perfect example of how to play a new entry after identifying a basing stage. Basing stages can last days, weeks, and even months or years, so how do you know when to enter?
Well, as soon as you identify the channel it's in while it bases and consolidates, all you have to do is wait for a Stage 2 breakout. Once you see a close/break above this channel, enter into it, then just ride it up until you begin to see a new basing pattern. Take profits, rinse/repeat.
To be clear, no, I don't expect this to take weeks or months. Matter of fact, notice how it's retesting the 200DMA as we speak and then the 50DMA below is starting to close in for a golden cross. We've also got green dots printing again. Regardless, a breakout is coming -- I just wanted to point out this basing stage gearing up for a possible breakout.