Last night, the pancake surged to the 89400 line before quickly falling back, currently trading around 87300. Technically, the price has shown significant stagnation below the key integer level, with consecutive upper shadows on the hourly chart indicating heavy selling pressure at high levels. At the same time, both the MACD and RSI indicators have shown short-term bearish divergence and death cross signals, suggesting that the upward momentum has gradually weakened.
The current price has fallen below the short-term uptrend line. If it cannot hold the 87000-8720 support zone, the retracement trend will be further established. The next key support is around 86500, which is both a previous low and a dense area of mid-term moving averages. If this level is lost, it may open up deeper correction space.
Overall, the market exhibits a strong aversion to heights near historical highs. It is recommended to closely monitor the tug-of-war at the 87000 level. If the rebound cannot break through the 88000-88300 resistance zone, the short-term structure will continue to lean towards bearish dominance.
