Last night, the pancake surged and then fell back, again presenting a relatively narrow fluctuation and consolidation pattern, while showing a longer upper shadow, indicating some selling pressure above.

Additionally, the current MACD is near the zero axis, with both DIF and DEA trending downwards, suggesting potential pullback pressure in the short term, but the overall trend still needs to be observed to see if it will continue to weaken.

Looking at the EMA, the short-term also shows some pullback pressure, but the support at the 95800 level still exists in the medium to long term.

Therefore, this morning we first look for a pullback, paying attention to the 96200—95800 range below; if it cannot effectively break below the 95800 level, we continue to look bullish, with resistance noted at the 97300 and 98000 levels above.