Evening Analysis on June 22

Based on the current market trends, on the hourly level, the price is showing a narrow range of fluctuations, with the volatility concentrated in the 102,200-103,000 price range. The latest price trend shows signs of stabilization and rebound. Observing from the daily cycle, the market's long and short forces are in a stalemate. Although there has been a technical recovery after a deep correction, the upward movement is clearly hindered, and the key resistance level has not been effectively broken.

Specifically, the current key market levels are as follows:

• Resistance Level: 103,500 is an important suppression level for short-term rebounds, resonating with EMA30 (currently around 103,114), while also overlapping with the upper resistance of the previous consolidation range, forming a triple pressure.

• Support Level: 101,500 is a key defensive point, close to the phase low created in the morning session on June 22, and as a round number, it has natural psychological support; at the same time, this level is near the potential support area of the daily level's 120-period exponential moving average (EMA120), which is expected to attract bullish funds to enter the market.

Trading around 103000-103500, target 101500, if broken, continue to look down.