The recent trend is a bit concerning—after a volume-driven decline, there's a slight rebound, but the entire market looks weak and lackluster, a typical weak recovery. The price has now stabilized above 3088, but from the daily chart perspective, the pattern of multiple surges followed by pullbacks is quite familiar. In the short term, it’s oscillating repeatedly between 3050 and 3100, making it impossible to form a genuine trend breakout.

What’s happening with the MACD on the hourly level? The negative value is converging, and both DIF and DEA are approaching the zero line, but the dead cross has not improved, indicating that the bullish momentum is truly insufficient. Looking at RSI14, it’s fluctuating between 40 and 50, reflecting the market sentiment—neither hot nor cold, with no clear overbought or oversold signals, a typical consolidation phase.

From the moving averages perspective, EMA7 (3088.48) is just touching the current price, providing some support; meanwhile, EMA30 and EMA120 are clustered around 3103 to 3134, exerting significant resistance to upward movement. The resistance above is quite strong.

What’s the most painful part? The trading volume is gradually shrinking, and recently, no single candlestick shows obvious increased volume. Funds are clearly in a wait-and-see mode. Although there was some volume increase during yesterday’s sharp decline, the rebound failed to sustain and attract follow-up traders. The lack of market enthusiasm has greatly reduced the willingness to chase the rally. The overall situation remains deadlocked.