Last night's dip broke through the 69,000 level as expected, touching a low of 68,700, with bearish momentum further released. Although the price rebounded sharply to around 69,400, this action is technically still a corrective rebound caused by short-covering after the sharp decline, and does not constitute a signal of trend reversal.
From the chart structure perspective, the breakdown of the 69,000 level further strengthens the market's bearish pattern, with this position converting from previous support to important resistance for subsequent trading. The current price rebound to around 69,4
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