Last week, we looked at United Parcel Service (UPS), and noted that it broke above a sideways consolidation range. Let's follow up on the breakout.UPS Daily Chart(click to enlarge)Range Breakout Confirmation:- After the break above a range that has been developing since February, price found resistance at 111.- After a pullback however, we can see that the market is still respecting the breakout. - This is an initial confirmation for the bullish scenario.More Resistance:- However, price has not cleared the 111 resistance, which is reinforced by a falling resistance.- If price still retreats from 111, the maximum bearish target within the bullish outlook would be 106. A break below 106 should invalidate the bullish breakout scenario.- So, let's say price does stay above 106, then, UPS looks like it is opening up the 2016/2017 120 again. - Below 106 however, we should anticipate a slide to 102, and perhaps lower towards 100.