Afternoon Analysis on May 7
It's time to exchange time for space again, and I believe the market conditions won't let us down. From the current perspective, there is indeed strong resistance near the previous high, and the strong stretch in the morning was pushed back at this line. Currently, the major asset is in a震荡 adjustment at the top of the previous range without further retracement. From the four-hour level, the momentum has not yet shown signs of decline, and after the MACD lines golden crossed, they continue to diverge upwards. The volume remains sufficient, and there are signs of a bottoming pattern in the smaller 15-minute timeframe!
However, the current long bearish candle indicates that selling pressure still exists, and we need to be wary of a lack of strength in rebounds leading to a second retracement.
In light of the recent strong rebound and the current retracement, we can further position in the lower range. In the short term, we should pay attention to real-time changes and adjust our defense and targets accordingly.
Therefore, the afternoon analysis can initially rely on the second target from the morning at 957 for positioning, while the upper short-term target should focus on the morning's high point of 978 to plan the next steps.
It's time to exchange time for space again, and I believe the market conditions won't let us down. From the current perspective, there is indeed strong resistance near the previous high, and the strong stretch in the morning was pushed back at this line. Currently, the major asset is in a震荡 adjustment at the top of the previous range without further retracement. From the four-hour level, the momentum has not yet shown signs of decline, and after the MACD lines golden crossed, they continue to diverge upwards. The volume remains sufficient, and there are signs of a bottoming pattern in the smaller 15-minute timeframe!
However, the current long bearish candle indicates that selling pressure still exists, and we need to be wary of a lack of strength in rebounds leading to a second retracement.
In light of the recent strong rebound and the current retracement, we can further position in the lower range. In the short term, we should pay attention to real-time changes and adjust our defense and targets accordingly.
Therefore, the afternoon analysis can initially rely on the second target from the morning at 957 for positioning, while the upper short-term target should focus on the morning's high point of 978 to plan the next steps.
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