Good morning—after making it through the weekend, Monday’s market action has been volatile and eventful.

Take a look at the market trend.

Earlier on, after the high point, there were consecutive large drops; the low was probed down to around 58,000 to complete a round of deep pullback. Then it moved into a range-bound consolidation box. The overall trading range is 58,000–67,000, and the current price is 62,506—slightly below the middle of the box.

In recent sessions, the rebound highs have been stepping down (67,000→65,000→64,000). This reflects a relatively weak, range-bound structure: the bearish force still holds the upper hand, and the rebound strength keeps fading.

The latest 4-hour candles closed with a small positive line—only a slight recovery. Trading volume has not risen in step, so this is a weak rebound, with no signal of capital actively stepping in to go long.

Near-term resistance is at 63,500 and 64,200; support is at 61,800 and 60,500. The strong support is the prior low at 58,000.

As long as it hasn’t broken 64,500 and held above it, the outlook remains bearish. If it can break 64,500 and hold, then the target range would be 68,500–71,000.

There’s no good opportunity to enter in the short term. If you really want to trade, you could consider buying a small, lower-timeframe rebound long at this 4H support level. Actually, last night it already hit around 61,800.

But overall it still feels like it hasn’t dropped enough—that is, at minimum it still needs to revisit around 61,800. The lowest point is expected to be around 61,300.

For short entries, you can consider starting to build positions short in batches from around 63,600, with the stop-loss set a little above the previous high.