Reason: Potential Morning Doji Star reversal pattern after a successful test at the 200 dma.
The Morning Doji Star candlestick bullish reversal pattern should be the consequence of having concluded a Triple Zig Zag from the February high (A Triple Zig Zag is a corrective Elliott Wave pattern), Probably the last wave (Z) has unfolded an Ending Diagonal with positive divergence of the RSI (5).
Probably this tradable bottom is the wave (A) of a larger Zig Zag hence the expected rebound will establish a lower high theoretically in the range 563 (0.5 R) - 576 (0.618 R and 50 dma).
But atm even though there is a good setup, we are at the very early stage of a potential wave (B) development with plenty of obstacles that can deter the achievement of the mentioned target range.
Obviously bulls first need to reclaim the 10 dma and consolidate the potential bottom with a higher low.
The following hurdle on the way up is located at 20 dma = 547 and the trend line resistance.
Next in the 60 min chart we can see that maybe the first up leg could be in place (Stochastic is quite overbought) so I am hoping that today we might have a corrective pullback which would give an entry point hopefully in the range 527 - 524 with a stop below yesterday's lod.