Last night, the pancake rapidly rebounded to 107659 after dipping to 106300, and then fell back under pressure, currently oscillating around 107000. From an overall trend perspective, the pancake shows a bearish oscillating pattern, with short-selling forces gradually gaining the upper hand, and market bearish sentiment growing stronger. Currently, the market continues to be under pressure and is retracing, with prices constantly dipping. The short-term support level is near the five-day moving average. If the price breaks below this support area during the day, it is highly likely that the market will continue to retrace and test the middle axis of the daily Bollinger Bands. The four-hour Bollinger Bands are gradually narrowing, and the price has fallen below the middle line. If there is no effective rebound to break through the middle line afterward, the downward oscillating trend is expected to continue, and one can consider taking a short position!

Pancake rebound near 107300 - 107800, target down to 106000-105000