7.16 midday outlook

After the 4-hour chart hit a bottom at 618, it surged in a V-shaped rebound all the way up; it stalled around 656 and pulled back, forming a double-top pattern.

Even though the current price is relatively high, there’s completely no momentum to keep pushing higher. The double-top pressure is right in front of you—don’t chase longs. If the price bounces at the high level, just short.

Big brother: rebound at 65,300, with 66,000 under pressure. Look down to 63,000, then 61,800.

Second brother: rebound at 1,940, with 1,980 under pressure. Look down to 1,860, then 1,800.
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