April 21st Double Top Analysis



The 1-hour chart surged to 2346.84 before sharply pulling back, forming a long bearish candle and breaking below support, indicating a loss of bullish momentum; currently, the price is under pressure below the middle band of the Bollinger Bands at 2311, with the upper band showing clear resistance, and the lower band showing signs of turning downward. The short-term moving averages have formed a death cross, indicating a bearish arrangement, and the rebound is weak. On the news front, market risk aversion has cooled, with significant capital outflows, coupled with the Fed's hawkish expectations rising, which is negative for risky assets. Macro-wise, the US dollar index is strengthening, commodities are weakening simultaneously, and the overall macro environment is bearish. Overall, short-term bulls lack the strength to break through resistance, and the risk of a pullback is increasing.

Trading suggestion: 2350-2380 range, target 2270-2200.
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