Yesterday we mentioned that the offensive and defensive strategies need to change. The market has indeed declined as we anticipated, mainly because the pullback from the previous two days encountered resistance and failed to break through the key level, so we believe the downward trend will continue. Currently, our short position has been entered around 112500, and we have already made over a thousand points in profit.
From the MACD perspective, the energy bars continue to press down, and both the fast and slow lines are declining. Yesterday, when the fast line reached the zero axis, we mentioned that if there was no pullback here, it would continue to decline. Today, since there was no pullback, we believe it will continue to drop.
Looking at the CCI, with two consecutive days of decline, the CCI has moved far from the zero axis. In the short term, we believe it will not return to the zero axis, so we maintain a bearish outlook.
From the OBV perspective, the fast line continues to fall below the slow line, and the slow line is flattening out, indicating that the OBV is about to choose a direction.
Looking at the KDJ, it has currently fallen below 50. If the trend continues, it will head towards 20, which also indicates a bearish outlook.
From the MFI and RSI perspectives, both indicators are moving downward, indicating a bearish sentiment, and it is likely that there will be another wave of decline.
Looking at the moving averages, the price has fallen below several moving averages, which are currently flattening out. If the bulls do not pull up immediately, the subsequent moving averages will start to turn downward, indicating a bearish trend.
From the Bollinger Bands perspective, the upper and lower bands are currently narrowing. The bands are still relatively wide, and the narrowing is in line with the pattern. It is best to continue narrowing the bands to facilitate the emergence of a new trend.
In summary: With the pullback from the previous two days failing to break through the key level, we have changed our direction and are continuing to look bearish. Today's first target for the bears is not to break above 113000, the second target is not to break above 112000, and the third target is for the price to reach around 110500. Resistance is seen at 114000-115000, and support is at 110500-109000.
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