Morning Trend | Zhihu Pulls Back from Highs, Is the Sector Volatility Window Here?

On November 26th, Zhihu fluctuated downward throughout the day, with the internet media sector under overall pressure. There were no company announcements released before the market opened, and no significant positive news for the industry. Mainstream funds were generally low-key, and the rhythm of sector rotation continued to refresh. The stock price dipped to recent lows during the day, with a cautious stance dominating the funding side, leading to weak willingness for active trading and increased intraday volatility. On the news front, similar overseas companies generally weakened this week, dragging down the technology sentiment in A-shares and Hong Kong stocks, with funds accelerating outflows from growth sectors. Zhihu's performance passively followed the industry, with funds shifting towards defensive attributes. MACD technical signals have continuously weakened, with the 10-day and 20-day moving averages being breached successively, and a bearish atmosphere gradually spreading. At this stage, it is recommended to closely monitor intraday trading volume and sector movements, as sudden news may bring short-term volatility. Whether a rebound window will open still depends on the resonance of funds and policies, with short-term risks and opportunities coexisting