7.22 Pancake Midday Market Thoughts
Currently around 117588.5, the bearish trend continues, and midday fluctuations need to closely monitor key levels.
The price has retreated from the high, MA7 continues to move downward, indicating a weak bullish sentiment in the medium term; although the previous low of 115865.0 provided temporary support for the rebound, it did not change the downward trend. If the rebound is weak, there is still a risk of further decline.
The Bollinger Bands are opening downward, the price has moved away from the lower band but has not broken through the middle band, the death cross between MA7 and MA30 has not been repaired, and although the MACD green bars are shortening, the bearish momentum still exists; pay attention to the resistance at the middle band 117524.0 and the support at the lower band 116273.6.
It is recommended to enter a long position at 117800 - 118000, with a target of 117000 - 116800 and a stop loss above 118200.
It is recommended to enter a short position at 117000 - 117200, with a target of 117600 - 117800 and a stop loss below 116800.
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