After yesterday's big pancake surged and then retreated, it can be said that it has been smoothly fluctuating around 96,000, forming a consolidation range. The high point of yesterday was 99,950 and the low point was 95,100, which constitute important resistance and support levels.

Currently, the MACD is in the negative zone, and both DIF and DEA are diverging downwards, indicating that the short-term upward momentum is strong.

Looking at the EMA, the three lines show a downward arrangement, and the short-term trend still appears bearish.

Therefore, today's operations will still rely on the short-term EMA120 around the upper line of 97,100 as resistance, looking for a downward movement, continuing to watch the lower point of 95,100 and the line of 94,000. If it breaks down further, we look to the lower line of 93,200!

Conversely, if it breaks above 98,500, the upward space will be opened again, looking at least to the line of 100,000 or even around 101,000!