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December 29 Morning Analysis and Trading Suggestions
On the 1-hour chart, after the price dipped to the 87400 low, it formed a double bottom pattern. The rebound was characterized by a strong bullish candle with continuous volume increase, indicating robust buying momentum. The downward momentum has been completely exhausted. The moving average system has turned bullish in sync, with MA7 turning upward and the price stabilizing above MA30. The short-term moving average golden cross is highly anticipated, and a bullish trend has begun to take shape.
A strong bullish candle broke through the previous consolidation platform. The retracement bearish candles continued to narrow, showing high willingness for funds to enter the market, and selling pressure has significantly weakened. The previous resistance zone at 87700-87800 successfully turned into effective support. After a pullback, the quick rebound laid a solid foundation for subsequent attempts to break the 88000 level and previous highs, opening up the upward space comprehensively.
Trading Suggestions
Consider long positions in the 86900-87400 range, targeting 88700-89200.
2920-2900 Longs, target focus on 3050