To answer your 1st question regarding the blue lines:
1) The blue lines are marked on the chart which indicates the Entry (@ 515) and Exit/ SL (@ 472 which is approx 5% below 50 MA on the day it was charted).
To answer your 2nd question about my view:
2) As per my chart and my strategy, I would wait for the price confirmation and take an entry only above 515 specifically when coupled with volumes.
Just remembering a great quote from one of the great gurus “Money is made by sitting, not trading.” - Jesse Livermore"