The afternoon market, as expected, saw a strong bullish breakout, with prices starting a one-sided rally from around 68,500, reaching a high of 71,888, a short-term increase of over 3,000 points. Our long positions laid out in the afternoon were once again precisely taken profit, capturing over 1,200 points of profit. Currently, the price has slightly retraced to around 70,700 for consolidation.

From a technical perspective, the current pullback is a normal correction after a breakout. The 71,888 level serves as a short-term high point, and some profit-taking has caused a price decline, but the overall structure remains strong. On the hourly chart, the pullback found initial support in the 70,600-70,500 range, which was the launching pad for the last wave of the afternoon rally and provides strong technical support. Although the MACD indicator shows a slight sign of a death cross, it is still above the zero line, indicating a healthy correction within the bullish trend. If the fast and slow lines can form a golden cross above the zero line again, it will confirm the end of the correction.

Currently, the price has stabilized above 70,700. If it can hold above the key support at 70,500, the bulls may gather strength to test the 71,500-71,888 region again. On the daily chart, the current upward channel remains intact, with the moving averages in a bullish alignment. As long as the pullback does not fall below the 70,000 level, the medium-term bullish structure will not change. Operationally, it is recommended to focus on buying on dips, watch for stabilization signals around 70,500-70,700, with a defensive level at 70,000. The upper target remains at 71,500-71,888.