From the 1-hour timeframe perspective, the price has declined significantly after reaching the phase high of 72015.4, and has now broken below the Bollinger upper band, facing pressure near the middle band (71186.3). Although MA7 (71042.0) and MA30 (70886.2) still maintain a bullish alignment, the short-term K-line has repeatedly tested highs and retreated with dense upper wicks, indicating heavy selling pressure above and significantly diminished upside momentum.

Combined with the Bollinger formation, during the price pullback from the upper band to the middle band, the rebound strength continues to weaken, and it has failed to break the previous high, showing signs of forming a short-term top. The current price is repeatedly contested near the middle band. If it subsequently breaks below the middle band and MA7 support effectively, it will open further downside space. Below, we can first watch the Bollinger lower band at 70607.7; if breached, we can look toward the previous low around 68916.4.

Overall, short-term bullish momentum is insufficient, high-level selling pressure is evident, and bearish bias is dominant. Key focus is on whether the middle band support breaks down.

Trade Suggestion: Short 71800-72300, Target 69800-70300.