Yeah, high light + low flow + temp. near the coral's thermal maximum = bleaching.
Shade it and provide strong water flow. Feed with very, very fine particulate material and it should recover quickly. It can definitely recover if well cared for, but it needs a little TLC for a month or two.
Chris
p.s. Indeed, it has been demonstrated experimentally that increasing water flow decreases the incidence of bleaching and increases the rate of recovery. However, it is not yet clear why this is so. Gas exchange may be a important, but it isn't clear now what exactly it is about the water flow that has this effect (decreasing boundary layer, but what is it that the corals need to either get from the water or eliminate from their tissues???).