The recent trend of the pancake shows characteristics of intensified competition but weakened bearish forces, and future trends may depend on the breakout situation at key resistance levels.

The daily chart shows that the aggressive selling phase has lost momentum, and sellers find it difficult to maintain control over the market. Although prices are still below short-term and medium-term trend indicators, the overall structure remains in a bearish zone, but the distance between prices and the faster trend line is narrowing, indicating that selling pressure is weakening. The pancake is fluctuating within a continuously narrowing range, suggesting that a one-way expansion of prices may occur in the future.

- Momentum Indicator: Overall momentum remains negative, and the market is in an adjustment phase. However, the trend of deteriorating momentum is slowing down, and the RSI indicator shows that selling pressure is no longer dominant. The bearish momentum structure is improving, seller efficiency is declining, and the market may be in a transitional phase.

The pancake is forming a higher pivot structure, gradually creating a typical ascending triangle on the chart, with the upper side being horizontal resistance and the lower side being an increasingly raised support line.

Pancake 9.15—9.18, look at 9.3—9.4, defend at 9.1

Yitai 3250—3300, look at 3380—3450, defend at 3230