Pancake plummets at noon! Support at 114900 in jeopardy!
Trend Assessment
The Bollinger Bands on the 1-hour chart are widening, with the middle and lower bands steeply descending. The price continues to break below the lower band, clearly indicating bearish dominance! After a sharp drop from 118000 to 114900 in the morning, it enters consolidation, but the rebound strength is weak, with a very high probability of a second dip.
Trading Strategy
Short Entry: Open shorts in the 116000-116500 area
Target Take Profit: 114800-114200 range
Reversal Point: Go long upon touching near 114200
Key Logic
Bollinger Band mouth + consecutive breaks below the lower band = bearish acceleration signal
The rebound has not stayed above the 116500 strong-weak boundary, with short positions having a risk-reward ratio > 3:1
114200 is a densely packed area on the daily chart, and bulls are sure to counterattack!
