Today is Monday, and as per our usual practice, let's take a look at the weekly chart. From the weekly perspective, it is still under the dominance of the bears, but there are signs of a halt in the decline. Therefore, we have exited our short positions for now and will observe how the market develops.
Weekly Level
From the MACD perspective, the energy bars continue to decline, and both the fast and slow lines are also pressing down, indicating a bearish trend. Thus, the outlook on the weekly chart is bearish.
From the CCI perspective, last week the CCI broke below the zero line and is currently below it. Theoretically, the zero line serves as a support level, and the market has seen rebounds from this point. Therefore, even if it doesn't rise, the decline will be challenging, so we have exited our positions here.
From the OBV perspective, the OBV continues to flow out, and the slow line is turning down, which is favorable for the bears. In the larger trend, it still indicates a bearish movement, so we maintain a bearish outlook.
From the KDJ perspective, the KDJ has touched 20 and has fallen below it, indicating a clear bearish trend. If the bulls cannot push it up in a short time, the market will continue to decline.
From the MFI and RSI perspectives, both indicators are in a weak zone, with the RSI approaching the oversold area. This indicates a bearish trend, so we continue to maintain a bearish outlook.
From the moving averages perspective, the BBI continues to press down, and the 30-period moving average has also started to decline. This also indicates a bearish trend. The next step is to see if the market can halt its decline around 120; if it can, a correction may occur.
From the Bollinger Bands perspective, the bands continue to open, but there have already been two negative divergences. Normally, negative divergences need to be corrected, so the market should undergo a correction. We will observe whether the market will correct.
Daily Level
From the MACD perspective, the energy bars are retracting, and the downward momentum is decreasing, with the fast line flattening. If the market consolidates or corrects in the future, it will cause the fast line to turn upward.
From the CCI perspective, the CCI has been rising continuously, indicating a recovery. However, it is still quite far from -100, so we maintain a bearish outlook.
From the OBV perspective, the volume during yesterday's correction did not increase significantly, indicating that the bulls do not have much strength for a counterattack. If the bulls cannot launch a significant counterattack immediately, the market will continue to decline.
From the KDJ perspective, after the KDJ formed a golden cross, it continued to rise, but the market did not recover much. This can be seen as a repair of the KDJ. If there is no influx of volume, it will continue to decline after the repair.
From the MFI and RSI perspectives, the MFI is in the oversold area, and the RSI is in a weak zone. Both indicators are very weak, so the outlook leans towards bearish. If the bulls cannot push it up in a short time, the market will continue to decline.
From the moving averages perspective, several moving averages are still pressing down, showing no signs of halting the decline. Therefore, the outlook from the moving averages is also bearish, and we continue to maintain a bearish view.
From the Bollinger Bands perspective, it is still in a downward channel, so we continue to maintain a bearish outlook. However, the upper band is flattening, and we will keep an eye on the upper band moving forward.
In summary: There are signs of a halt in the decline on the smaller time frames, but whether it can stop depends on whether the bulls will continue to attack. Meanwhile, on the larger time frames, the trend remains bearish, so we maintain a bearish outlook. Today's resistance is seen at 87000-88500, and support is at 85000-84000.
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