7.1 A Million Bell Midday Market Sentiment

Since the high of 67255 on June 16, the price has been continuously declining, with both highs and lows moving down step by step, indicating a standard downtrend; the MA30 long-term moving average continues to turn downward, suppressing the K-line throughout, and the mid-term bullish trend has ended.
The current price of 58650 is below MA7 (58854), indicating a weak short-term pattern, with MA7 forming the first resistance level; above, the MA30 (59768) is the key bull-bear divide. If it cannot firmly hold above this level, the downtrend will not reverse.

The previous low of 57758.6 serves as a strong short-term support and the emotional low of this decline; if it breaks, further downside space will open, with the next support level looking at the 56000 range.

During the decline, there have been multiple instances of heavy-volume long bearish candles. Around June 25, trading volume surged significantly, representing a concentrated release of bearish selling pressure and a signal of major capital outflow.

Recently, the volume at the low levels has shrunk significantly compared to the sharp decline phase, indicating that short-term selling pressure has weakened, but there has been no sustained high-volume bullish candles, and there is no signal of capital bottom-fishing or reversal. It is merely a weak oscillatory bottoming process.
The 5-period and 10-period moving averages of volume are flattening simultaneously, with bulls and bears temporarily entering a balance phase, awaiting a direction choice.

First Resistance: 58850
Second Resistance: 60000 integer level + previous consolidation range
Strong Resistance: 59768

First Support: 57758
Secondary Support: 57000
Downward Extension Support: 56000

Trading Strategy
If it holds firmly above MA7 (58850) with volume expanding simultaneously, the first target is the 60000 level.
Place stop loss below the low of 57758; if it breaks, abandon the long position strategy.
The medium-term moving average is downward, and any rebound is only defined as a repair during the downtrend, not a long-term bullish view.
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