May 2 Morning Analysis

Good morning everyone, I am Yifan. The morning market shows multiple signs of resistance on both technical and price levels, with downward reversal strength gradually emerging, clearly indicating a bearish bias.

After the price surged, it faced resistance and pulled back, touching the upper band of the Bollinger Bands before turning downward. The current price has fallen below the key support at the middle Bollinger Band, which has shifted from narrowing to flattening with a slight turn downward. The upward pressure continues to strengthen, further opening the downside space.

In the short term, the 7-day moving average is turning downward and is about to cross below the 30-day moving average, forming a death cross pattern. The moving average system has shifted from support to a strong resistance level. The price’s rebound is struggling to break through the moving averages, and bullish momentum has been completely exhausted.

The MACD indicator’s red bars are rapidly shrinking, with DIF and DEA turning downward. The bearish momentum continues to release, and the downward force is steadily building. The morning trend is mainly characterized by a rebound facing resistance and a bearish bias. Follow the trend and precisely grasp the pullback opportunities.
Yifan’s personal suggestion: around 78,900-79,600, with targets near 77,500-76,800.