After the big downside wave which started from the recorded top at 658.03 and ended at the bottom of 295.71, the shares started a new bullish medium term wave within the upside correction for the slump mentioned above. 
The share breached 23.6% Fibonacci correction and now forming good support; the upside wave temporarily halted at 425.75 from where the share indulged in a downside correction reaching 38.2% for the upside wave that started from the recorded bottom. We see signs of a bullish pattern with the neckline at 425.75 and we believe the share will continue the upside correctional wave supported by upside momentum on Stochastic breaching the neckline mentioned towards the short term targets around 519.00. Therefore, the expected short term bullishness requires a clear breach and stability above 245.75 and areas of 380.50 to remain intact.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com