Morning Trend | PDD continues to test support, is the rebound window really coming?

Overnight U.S. stocks closed, and PDD's main sector funds showed a clear trend towards defense, with multiple intraday pullbacks to the key support level of 111.29, attracting significant market attention. The most discussed topic among short-term traders now is whether PDD can withstand this round of downward pressure and initiate the expected intraday rebound. Currently, the trading volume is average, but the recent pressure atmosphere covering the entire e-commerce concept has already transmitted to individual stocks, intensifying the long-short divergence. From community feedback, most of the main funds are holding steady, and most participants prefer to wait for signals to appear before taking action, with a cautious atmosphere dominating the operational rhythm. Interestingly, although the MACD and KDJ indicators show weakening signals in the short term, the trading volume has not significantly shrunk, suggesting that some funds may be quietly lurking at low levels. Now, it remains to be seen whether PDD can firmly hold the 111.29 level. If the funds break through this level with increased volume, the selling pressure may escalate; conversely, as long as the main funds maintain support at this level, even a slight positive policy or traffic-related news could lead PDD to lead the e-commerce sector in a rebound. For short-term players, the core focus is on two points: first, whether there will be a significant volume signal today, and second, whether the price can quickly rebound at the key support level during the day. If the price remains flat in the early stage and the volume does not improve, the rebound window will need to be pushed back, and blindly entering the market carries the risk of being trapped by chasing highs. Especially for funds that prefer intraday speculation, it is recommended to pay more attention to active buying in the intraday and large order movements. Once signs of main funds bottom-fishing are captured, there may be opportunities for low absorption and high selling; conversely, securing profits is advisable to avoid chasing highs and selling lows