Breakout

#4
Watching tatasteel now

Breakout to the upside or to the downside? Some how it looks to the downside. Just my two cents as you asked for other views. Jokes beside: On the daily it is up, resistance at 393.50 seems to be token and the uptrend looks so far healthy. How far it could go we do not know. So yes break out to the upside MAY, but only MAY seems to be the wright anticipation. My only and biggest concern when I look at the chart is built on the following: It shows a W in the rectangle you show and the last leg of this W is up. Here I would be careful and here I would play a strategy with two legs which deal with the long side and with the short side like an atm Straddle. Take care.
 
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