Happy May Day, folks! The big pancake has reached an interesting position now, having broken through the key level on the daily chart and reaching the top of an ascending flag pattern. Many people are secretly trying short positions, as this surge has indeed been quite strong. The price is currently oscillating between 96,300 and 97,850. Although the MACD shows a divergence at the top, it is still pushing upwards. The Bollinger Bands have opened wide, with the upper band pointing towards 100,300 and the lower band still hovering at 90,000, leaving enough room of 10,000 points for the main players to play various tricks.

Looking at the four-hour chart makes it clearer, with a typical ascending flag pattern consolidation. The upper level of 98,500 is a strong resistance area, while the lower level of 95,300 has strong support. The MACD's volume is continuously expanding with a golden cross pushing upwards. If you ask me, it’s safer to wait for a correction to go long in this market; don’t stubbornly chase the highs. Although the trend is still upward, a shakeout could happen at any time, so you must control your position well. The upper resistance levels are around 98,000-98,500-99,750, which need to be closely monitored! The strong support levels are around 95,320-94,100-92,850!

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