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A potential LONG entry on WIPRO

Long
NSE:WIPRO   WIPRO LTD
WIPRO has been in a downtrend for quite some time now (5 months plus) and there is monthly support on the charts. The price has retraced to 0.618 Fib which is acting as support as of now.
This can be a potential reversal zone for WIPRO .

Current Market Price ( CMP )- 237. 05 .
Confirmation only when WIPRO trades @ 242.2
Stop Loss (SL)- 231

Will Post a view again when WIPRO makes a move.
Trade closed manually: 8 PERCENT GAIN AS PER THE IDEA!