7.14 Chenye Big Cake Morning Analysis

The market’s movements are clear as if in one’s palm. Yesterday, Big Cake short positions were precisely closed at profit, and the gains are steady and securely in hand! Chenye’s morning analysis today is as follows 📊
From the chart structure, after Big Cake broke through the 62,500 key support, it continued to slide lower, reaching a low around 61,806. On the four-hour timeframe, the candles rapidly broke down and then tracked along the lower Bollinger Band, indicating that bearish momentum has been released sufficiently. Earlier, the rebound above 64,000 met resistance and rolled over; the long upper wick confirmed heavy sell pressure overhead, leaving the bulls with little strength to counterattack. At present, the moving-average system has turned into a dead cross and is diverging downward. If the mid-band cannot be quickly reclaimed, the outlook is that Big Cake will likely keep probing lower, even testing the strength of support near the previous low around 57,758. The short-term strategy is mainly defensive and bearish—do not blindly bottom-fish.
Trade idea: Short in the 62,300–62,800 range, with targets at around 61,500–61,000. #伊朗宣布关闭霍尔木兹海峡