The reason is the Weekly, Daily and 4hour timeframes are bullish. and the previous daily candle stick rejected the daily Area of Support and turned it to a resistance.
I can also see an Engulfing bullish 4hour candlestick hence the reason I'm confident this will be a great trade no matter the outcome
I can also see an Engulfing bullish 4hour candlestick hence the reason I'm confident this will be a great trade no matter the outcome