REASONS 1. It was facing resistance from a trendline that is in red color and recently it had given a breakout of this trendline. 2. A triangle pattern had started forming on January 18 and recently the pattern had also given a breakout. 3. For the past few days the stock is consolidating in a narrow zone and it may break the zone at any time we could expect a big move after it. 4. Recently the stock had broken its 200ema and 50ema so now they both are acting as support for the stock
LOGIC BEHIND THE TARGET AND STOP LOSS. 1. the height of the pattern is taken as the target for the short term. 2. and for the swing trade, the first resistance had been taken as the target. 3. the 200 ema and 50 ema is also supporting the stock so we had taken it as the stoploss.
From mod @zAngus