The pullback from the all-time high extended over the last week to trade through support at 47410 before forming a bullish engulfing candlestick reversal (circled blue). The pattern implies the end of the decline and possible rebound to follow.
The rebound, after initially breaking resistance at 47980, has now stagnated at this level leaving the consideration that this is a pivotal level in terms of determining the short-term trend bias.
Above this level the short-term target favoured is 48810, below this level a retest of support at 47980 is favoured. Below this pivotal level, short trade considerations are still not a preference as the longer-term uptrend remains in play.
The ambiguous nature of the chart suggests erring on the side of caution being a more favourable position rather than committing to an unconfirmed directional bias.