From a technical perspective, the current modest price rebound cannot yet be definitively classified as a trend reversal; it could signal either a bullish turnaround or merely a pause before the bearish trend resumes.
If the daily chart closes higher on Tuesday, it would signal a bottoming-out and reversal for the weekly trend; conversely, if it fails to do so, the move would simply be a continuation pattern within a downtrend, and the market’s weakness would persist. Based on current market action, however, a reversal is the more probable scenario.
Key overhead resistance currently lies near the 4350 level. On the 4-hour chart, the price has posted three consecutive bullish candles at the lows; while this indicates emerging upward momentum, the bottom has not yet fully stabilized. For the market to show genuine strength, it must break above 4350; following such a breakout, the next hurdle would be the resistance at the Bollinger Bands’ middle track near 4400.
Consequently, the current rebound is taking place within a range-bound environment. Building on Monday’s gains, the short-term outlook favors continued recovery, with downside support located near 4310. Trading should focus on the range between these support and resistance levels; should a breakout occur in either direction, positions should be closed immediately to allow for a strategy adjustment while observing the market’s next move.