Yesterday, after the market formed a long lower shadow, we advised everyone not to catch the falling knife. Today, the market is still declining, and our advice from yesterday remains valid. The decline today is not significant, mainly because most market fluctuations tend to be smaller over the weekend.
From the MACD perspective, the energy bars continue to move downward, and both the fast and slow lines are under pressure. Currently, there are no signs of a bottoming out, so we maintain a bearish outlook.
From the CCI perspective, after reaching a new low, there hasn't been much change. Although there is an upward trend, the magnitude is relatively small, indicating a weak trend here, so we continue to hold a bearish view.
From the OBV perspective, there has been continuous outflow, and the slow line is also under persistent pressure. The OBV indicates a bearish trend, so we continue to be bearish.
From the KDJ perspective, the KDJ has formed a golden cross, but the market is currently closing with a bearish candle. A golden cross contradicts the market situation, and for the golden cross to sustain, we need a rally in the coming days.
From the MFI and RSI perspectives, both indicators are currently in the oversold zone. If the bulls cannot quickly push the price up and keep the indicators in the oversold zone, the market will continue to decline.
From the moving averages perspective, several moving averages are under pressure, and there are no signs of a bottoming out. We need to see the moving averages flatten out before we can observe signs of a bottom, so we continue to hold a bearish view based on moving averages.
From the Bollinger Bands perspective, the bands are still maintaining a downward channel, and the price is moving along the lower band. For the price to stop declining, it would be best to see a negative divergence, which would allow us to confidently say that the market has completed its phase of decline.
In summary: Yesterday, we saw a long lower shadow, but we advised everyone not to catch the falling knife. Today, the market is still declining, confirming our advice. Currently, the market remains in a downward trend, so we continue to maintain a bearish mindset. Today's resistance is seen at 85,000-86,500, and support is at 83,000-81,000.
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