April 21 Morning Analysis

The previous institutional bullish momentum has been digested; after a surge, profit-taking exits occurred. The geopolitical risks between the U.S. and Iran have intensified, risk aversion sentiment has increased, coupled with the Federal Reserve's hawkish stance and delayed rate cut expectations, liquidity tightening suppresses upward movement. From a technical perspective, the price touched the upper Bollinger Band and was strongly pushed back; it broke below the key support at the middle band, the KDJ indicator shows a death cross at high levels, signaling a clear bearish signal, and the lower band support is precarious. On the macro front, global stagflation pressure persists, the Federal Reserve's policy tightening continues, risk assets lack upward momentum, and a high-level correction trend has been established. Overall, multiple bearish factors resonate, and the short-term trend is biased downward.

Trading suggestion: Around 76,500, with a target near 74,500.