In the past few days, when the market rebounded and closed positively, we maintained a bearish outlook and continued to short. Today, seeing the market drop by more than 3 points, our persistence has finally paid off, and our short positions are also in profit.
From the MACD perspective, since the potential golden cross failed a couple of days ago, the energy bars have been declining, which aligns with our previous judgment on the MACD: if the golden cross cannot sustain, it will lead to a drop.
From the CCI perspective, after the last failure to touch -100, several days of decline have pushed the CCI far from -100, indicating a clear bearish trend.
From the OBV perspective, there has been a significant outflow of OBV in recent days, and the bulls have no strength to resist anymore. Therefore, it is not advisable to be bullish now; even if one wants to be bullish, it should first look for signs of a bottom.
From the KDJ perspective, a death cross occurred yesterday, and it did not return to 50, indicating that the market is very weak. It can be seen that the market makers also have a downward intention, so it is not yet time to be bullish.
From the MFI and RSI perspectives, both indicators are in a weak zone and are moving downward, so from this standpoint, it is also a bearish trend. Therefore, we will continue to maintain a bearish outlook.
From the moving average perspective, the previous three days of consecutive upward attempts by the bulls have failed to establish a foothold, leading to today's significant drop. This can be seen as the last battlefield for the bulls, and moving forward, it is likely to be dominated by the bears.
From the Bollinger Bands perspective, there was a development towards a downward channel, but today the upper band has flattened out and is not moving towards the downward channel. Currently, this pattern can be seen as a trap for shorts. To disrupt this pattern, the price needs to continue to decline, synchronizing the upper and lower bands.
In summary: With the bulls' consecutive three-day upward attempts failing, they currently have no strength to fight back, and we will mainly watch the bears perform. Today's resistance is seen at 98000-99000, and support is at 94500-92500.
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