Clearly we can see that at every major fibonacci levels the stock had a response. yesterday stock has touched 38.2% retracement which is good though not considered very strong because a retracement of 61.8% and bounce is considered very strong. Also this is expected because of the external influences. a 38.2% retracement is healthy and bounce here can take the stock beyond earlier high. I would like to consider little below 23.6% (306) as a stop loss and go long. My first target would be 344 and 2nd target is 362.
Trade closed: target reached:
1st Target achieved. Will now be watchful to see if it has got sufficient momentum to reach the 2nd target