Last night, the pancake bottomed out and rebounded, forming a V-shaped reversal that reclaimed recent declines, and then faced slight pressure at the previous high of 99500, creating a short-term range oscillation while producing a relatively long lower shadow.

Currently, the MACD histogram shows positive values but is trending downward, indicating a weakening bullish momentum, with some signs of a pullback.

Looking at the EMA, EMA7 is above EMA30, and EMA120 is also below the current price, indicating that the overall trend remains bullish, supporting an upward movement. The current RSI is around 65, close to the overbought zone, which also poses some pullback risk!

Therefore, today's pullback is expected to rely on support at the 96300—96800 line to look bullish, with upper targets at the high points of 99500 and the resistance level of 100000!