Pre-market trend | CMOC (3993.HK) faced resistance and retreated on May 4, is the upward momentum weakening?

Yesterday, CMOC closed at HKD 17.95, up 1.99%, after briefly reaching a high of HKD 18.2 during the session before retreating. It opened at HKD 17.88 with a gap up, but the upward momentum quickly weakened above HKD 18, and it failed to hold the intraday high by the end of the session. The MACD daily chart has shown bearish signals, indicating a phase of diminishing upward momentum in the short term, and the previously sustained bullish trend is facing a directional test. The total trading volume for the day was approximately HKD 262 million, with average trading volume and no significant signals of new capital inflow. On the news front, the global non-ferrous metals market has recently been in a state of mixed bullish and bearish sentiment. On one hand, figures like Dalio have warned of rising global macro risks, with geopolitical conflicts and debt issues potentially triggering systemic volatility; on the other hand, if the situation in the Middle East sees a phase of easing, the safe-haven premium for industrial metals like copper and molybdenum may narrow. Trump announced a "freedom of navigation" plan for the Strait of Hormuz, and if shipping routes return to normal, the tension in the global commodity supply chain may ease, leading to uncertainty in sentiment for diversified mining companies like CMOC in the short term. Additionally, strong GDP growth in Hong Kong for the first quarter provides some bottom support for the Hong Kong stock market from a macro perspective. Technically, the HKD 18 level has constituted resistance for several consecutive days, and yesterday's unsuccessful attempt to break through further confirmed the effectiveness of this resistance. The 5-day moving average is around HKD 17.6-17.7, still about 2% away from yesterday's closing price, indicating weak short-term support