The hammer candlestick observed on November 18th followed by a bullish engulfing the next day, not to mention a bullish crossover on the Stochastics and MACD indicators, supports the idea that we may have seen the full extent of the pullback and that the uptrend is likely to resume. The 20 SMA will remain the nearest resistance followed by 278.06 or the 38.2 Fib retracement (on the downward move).