Barret Development (BDEV) Long position

BDEV has tested the 5.78 level four times going back to the correction in feb of this year, it is the largest construction and home builder in the UK and posted beats on revenue EPS and raised dividends on its last report. Its ten day volume is less than the three month average suggestion that things have gone quite in anticipation of the next move, fellow home builders PSN and TW post results this week providing a possible catalyst for a break of the resistance. The plan is a stop order at 5.781 with the stop loss under the pervious low of the day upon breakout, next major resistance level is the whole number of 5.90 at which some of the position will be trimmed. I hope you like the idea and feel free to criticise it any feedback will be welcome, happy trading.


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