The rebound following confirmation of support on the daily chart can also be viewed as a bounce from 8W oversold conditions within a range-bound market. In the short term, range consolidation seems more likely.
Until there is a decisive break above around 828, this is merely a rebound from the earlier dip, not a reversal.
So keep an eye on the 82.5–83 area in the short term; it is also a key inflection zone.
If price can break through on increased volume and then retest the level successfully, consider going long with the trend, or wait for a pullback to 8W and signs of stabilization before entering long.
If price is rejected, the range-bound movement may continue within the box; watch the 8W–808 area below.
Until there is a decisive break above around 828, this is merely a rebound from the earlier dip, not a reversal.
So keep an eye on the 82.5–83 area in the short term; it is also a key inflection zone.
If price can break through on increased volume and then retest the level successfully, consider going long with the trend, or wait for a pullback to 8W and signs of stabilization before entering long.
If price is rejected, the range-bound movement may continue within the box; watch the 8W–808 area below.