May 31 Midday Analysis

The market shows a clear resistance signal at high levels, with prices repeatedly testing the upper band of the Bollinger Bands but failing to stabilize, continuously forming candles with upper shadows, indicating that the bullish momentum is weakening. The Bollinger Bands' upward channel is narrowing, and the bullish divergence in the indicator level is beginning to appear, with the short-term moving averages' support starting to weaken. In the absence of increased buying volume, the high-level sideways pattern is very likely to trigger profit-taking, and the market could turn to a correction at any time. It is recommended to mainly adopt a bearish outlook at high levels, paying attention to the continuation of the decline if the support below is broken.
Trading suggestion: 74,500-75,000, target 72,500-73,000.$HYPE