Alex_Quiroga
Long

Two technical things in a chart pattern

NYSE:CLF   CLEVELAND-CLIFFS INC.
First this have a double bottom in the pattern at a 5.60 price area
Second This form is a triangle and the price is breaking the resistance line of this triangle and this is a mining company in the basic material industry and the gold , silver and cooper futures are very bullish now. what else do I need to know
This trend line was broken today 01/02/2018 from my weekly point of view and always need to wait for a pullback who retest the line but now from a support point of view the other important aspect here is the line was broken today Monday and I need to wait for a weekly candlestick closing above the resistance line for check that it is a clear breakout and not a bullish trap or whipsaw: but I shared The idea today because there are lot of things here like a very bullish S&P and a weak dollar too combined with a strong gold , these are a very good fundamentals ingredients. The other is the research about the Financial numbers of this company ( Earnings , PE Ratio, 52 Week High, etc) but fundamentals is not my job I comply with putting ideas on the table based in technical analysis specially breakout and pullback And this chart meets the requirements
the breakout is happening now and wait for the pullback is the second part of the job
This idea is for a long term trade, swing or even a position trade. Again I repeat the handle of the position is not my job because I only I a Analyst I not a trader but my ideas speak for themselves Look the chart I do not need to draw a lot of lines and display a lot indicators, this is called price action with the use of a very simple technical analysis combined with a clear candlestick interpretation (No fancy names for the candlesticks )
Patience, and weekly charts :(
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