The current overall structure of the second contract still remains clearly defined, and a bearish setup is in place. From a daily timeframe perspective, the price has rebounded to the key moving-average area multiple times, but each time it meets resistance and falls back. The bulls have never been able to form an effective breakthrough. Each rebound has been weaker than the last—a typical downward pressure structure.

MACD continues to run below the zero line. Although bearish momentum has seen a brief recovery, it has never managed to reverse the weakness. The ongoing contraction in volume also indicates that buyer-side capital is showing low interest in entering.

Every time the price pushes higher, it becomes a window for funds to exit. Going forward, the main trend remains range-bound to downward, gradually probing support levels. At present, the short-on-rallies approach for the short term aligns better with the current trend.

Trading advice: For aggressive traders, short directly at the current price; for more steady traders, short in the 2340-2370 area, targeting 2270-2240. If the price breaks below 2200,
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