Royal Ceramics traget of 5.8% in the short term

The confidence level for Royal Ceramics is increasing slowly but surely.As the counter got battered right down to 100.00, from a high of 137.00, many ignored this fundamentally strong counter for a while now. But today it came out of the slumber to open at 107.00 and dip to 105.50 before it caught attention of many traders, to propel it upto 111.80. The close was 109.50. From the time it got supported at 102.00, we saw relatively small volumes in the region of 12,000 to 34,000 shares trading between the 2nd of Dec and yesterday, whilst today the volume was around 32,000 shares. The present resistance is at 112.00 but if the same momentum prevails tomorrow, we will see it breaking that with ease. As the 50% Fibonacci retracement level from the top of 137.00 to 100.00 is around 118.50, and the fact that the 100 day simple moving average is also at that, I expect the stock to test 118.50 in the short term. If one could enter at today's close of 109.50 it will be a ROI of 5.8% in the short term. Based in the past RCL could move to this level very fast, even in a couple of days if the activity is high.