Bullish Engulfing

Stock, after making new high at around 380 levels, has consolidated and corrected by 20% and holding strong support of around 300-305 levels. It has formed bullish engulfing candle on daily chart. Now, one can consider long position with SL 305 on either daily or weekly CB for the target of 360 and above 380 (new high), with more than 1:2 RR.

Kindly make your analysis as well before initiating any trades.