Morning Trend | Is Pharmaron's low expected with reduced volume consolidation? News-driven factors may become a turning point

Pharmaron (3759.HK) has recently shown a lackluster performance, remaining in a state of continuous volume contraction and consolidation. The daily MACD still maintains a death cross, with the green histogram showing no significant convergence, indicating a strong bearish atmosphere. The current stock price is fluctuating within a narrow range at a key support level, and multiple retests have not seen strong buying interest, reflecting limited willingness to support at low levels, while the main funds are in a wait-and-see state. On the fundamental side, although Pharmaron is one of the leading companies in the CXO field, the overall market for health and new drug development has shown significant differentiation, with noticeable adjustments in institutional holdings. The company currently lacks sufficient impressive performance catalysts in the short term, compounded by the pressure of industry sector adjustments, limiting short-term rebound momentum. From a technical perspective, if the trading volume does not show a recovery trend in the short term, the possibility of exploring new lows cannot be ruled out. If the previous low is effectively broken, attention should be paid to the strength of fund defense in the next support range, as the technical pattern indicates more apparent downward risks in the short to medium term. Operational advice: prioritize defense and maintain a wait-and-see approach. If there are subsequent industry benefits or significant improvements in performance, it may bring short-term rebound opportunities, but currently, neither technical nor funding aspects have shown bottom signals, so caution is advised, and it is better to wait for volume-price coordination before considering entry