If you don't buy in advance of a breakout, you buy the breakout. If you don't buy the breakout, then you buy the first pullback. That's what we are looking to do in Steris PLC (STE).
This short-term chart of STE, above, shows that most of the trading in STE the past 12 months has been around the $65 level with $71 capping the upside. STE just broke out over $71. With the slope of the 50-day and 200-day moving averages now positive and the Moving Average Convergence Divergence (MACD) oscillator rising and above zero, we want to go long STE. Prices are extended so waiting for a pullback makes sense.
This longer look at STE above supports the bullish story. STE based around $30 in 2011-2012. Prices often move in multiples from a base level -- a double would be $60 and a triple would be $90. With the breakout over $71, our upside target for STE becomes $90. We would look to buy STE in the $74-$72 area, risking below $70 with a $90 price objective.