The escalation of Middle East geopolitical conflicts has triggered a global risk aversion wave. The leverage reduction process in the futures market has been completed, and on-site funds are beginning to accumulate on dips, driving the market into a short-term recovery rebound phase.

On the daily chart, short-term moving averages are turning upward to form a rebound support, but medium-term moving averages remain in a downward trend. The medium-term bearish trend has not changed, and this round of rebound is mainly a technical correction.

Trading suggestion: Short positions can be gradually established within the 67,000-67,700 range, with the first target at 65,000. If the price effectively breaks below and stabilizes, watch for a key support at the 60,000 level.