Big jump up overnight, steep drop immediately at the open.

• Big jump overnight was indicative of positive news / earnings.
• Immediate drop at the open is profit taking.
• Look for support at the Fib level. Wait for it to form a higher low on 5 min and Enter.
• Watch as it rises, it should not break trendline, especially near daily AVWAP.
• It continues to rise to all time high / next Fib level. Watch for a trend break and exit position.
• To reenter, look for the formation of a higher high.