Bluestone - Retesting Base After Breakout

Bluestone Jewellery and Lifestyle Ltd – Retesting Base After Breakout

BLUESTONE

📈 Pattern & Setup:

Bluestone has shown a clean breakout from its previous base structure and is now retesting that same breakout level — a healthy technical behavior before the next leg higher. After a sharp move up, the stock witnessed a controlled pullback, marked by a brief shakeout near 680, which helped remove weak hands.

Since then, price action has tightened, forming a narrow range with declining volume — classic signs of quiet accumulation. The breakout retest around 700–710 has held firmly, showing strength in the structure.

A decisive close above 725 could signal the start of a new momentum wave toward 800+.

📝 Trade Plan:

✍Entry: Above 725 (breakout confirmation after retest)

🚩Stop-Loss: 690 (below recent accumulation zone)

🎯Targets:
Target 1 → 770
Target 2 → 820 (15% potential move)

💡 Pyramiding Strategy:

1. Enter with 60% position above 725
2. Add remaining 40% after price sustains above 740
3. Trail stop-loss to 710 once price crosses 760

🧠 Logic Behind Selecting this Trade:

This setup is a textbook retest of a prior breakout zone with visible accumulation signs. The earlier shakeout absorbed selling pressure and created a strong base of support. With volume drying up during consolidation, any expansion in volume above 725 will likely confirm the next rally phase.

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🔴Disclaimer:

This analysis is for educational purposes only. Not a buy/sell recommendation. Please do your own research or consult your financial advisor before trading.