Not a trading or investing recommendation. The below analysis is only for educational purpose. Reason for believing this is a pullback to the 200MA (first target): 1. Price broke the most recent lower high in the recent lower high-lower low structure & is able to sustain above the last lower high. 2. Downtrend line broken. 3. Clear stopping volume & igniting volume seen. 4. All three, Monthly-weekly-daily timeframes showing bullish bias. 5. Massive clearing/Marubozu bar on 4-Feb with tons of volume. 6. Spread between price & 200MA fairly large.
From a longer term perspective, until price closes above 200DMA around $49,200, the major trend would still be considered a downtrend. However, if this current up move sustains itself above 200DMA, then the major trend shifts upwards. All the best!