Looking at a few stock which after breakout are doing a retest. A retest buying is tough in terms of timing as there is a range to buy and the stock can stay in this range for quite some time before the next move. A stoploss would be at the breakout candle lows or the last swing lows.
A lot of people who prefer breakouts tend to find participating in such a trade difficult ( like me). But tracking a retest gives you more conviction even if you participate in the next breakout.
Dr Reddys – Big Volume uptick took it past the 4200 resistance into All time Highs. Now a retest at 4200-4450 a zone to look for entry with stops at 4100.
Sun Pharma – Back to testing the breakout. Can pre-empt or look for a break beyond 550-555.
Now a few risk-reward setups in which one is trying to pre-empt the next move.
TCS – Multiple attempts at 2300. Last attempt a failure. Now making a base at 2230 odd levels. Time to pre-empt with a stoploss below 2150 or wait for a break above 2320-2350.
Petronet LNG – Not much of a reason but purely a risk-reward bet with stops at 240-242 .. Or wait for a clear move beyond 265.
Bharti Airtel – A false breakdown in making ?. Watch for 540-545 to sustain.
Oracle Financial Services – A clean pattern. Now to wait for a clean confirmation through price.
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