地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2026 年 3 月 5 日 商品表现 数据来源:Wind、冠通研究咨询部 期市综述 截止 3 月 5 日收盘，国内期货主力合约涨跌不一，烧碱触及涨停，SC ...

本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2026 年 3 月 4 日 商品表现 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 免责声明： 数据来源:Wind、冠通研究咨询部 期市综述 截止 3 月 4 日收盘，午盘收盘，国内期货主力合约涨跌不一，集运欧线、 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2026 年 3 月 2 日 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 商品表现 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2026 年 2 月 25 日 商品表现 数据来源:Wind、冠通研究咨询部 期市综述 截止 2 月 25 日收盘，国内期货主力合约涨跌互现。沪锡、铂涨超 7 ...

Report Summary 1. Market Performance - As of the close on February 24, most domestic futures main contracts rose. Shanghai Silver rose over 12%, Lithium Carbonate rose over 10%, Container Shipping European Line and SC Crude Oil rose over 6%, Low-Sulfur Fuel Oil (LU) and Platinum rose over 5%, and Palladium and Butadiene Rubber rose over 4%. On the downside, Polysilicon fell over 4%, and Coke and Live Pigs fell over 2%. Stock index futures and treasury bond futures also showed varying degrees of increase [4][5]. 2. Core Views - The overall futures market showed a pattern of more rises than falls, and different varieties were affected by various factors such as supply and demand, policies, and geopolitical situations, with different short-term trends [4][5]. 3. Variety Analysis Copper - Shanghai Copper opened low and moved high, with a slight increase. The US customs policy changed, and the supply and demand of copper showed a marginal improvement expectation. With the downstream recovery, copper demand is expected to increase, and the short-term copper price is mainly volatile and strong [7]. Lithium Carbonate - Lithium Carbonate opened high and moved high, with a significant increase. Affected by seasonal and holiday factors, the supply was tight in the short term. The policy window period and positive price predictions stimulated the market, and the short-term trend was strong [8][9]. Crude Oil - OPEC+ members will maintain the production plan, US oil inventories decreased, and the winter storm may stimulate demand. The Iran - US negotiation situation is uncertain, and the short-term crude oil price is expected to be strong and volatile [10][11]. Asphalt - The asphalt supply and demand were weak, and the开工 rate and production were at a low level. The Venezuelan crude oil supply was restricted, and the price is expected to fluctuate with the crude oil price. It is recommended to take a reverse arbitrage strategy [12]. PP - The PP downstream开工率 decreased seasonally, the企业开工率 was at a low - to - neutral level, and the inventory was at a neutral level. The cost increased, and the supply - demand pattern improved limitedly. It is recommended to continue to narrow the L - PP spread [13][14]. Plastic - The plastic开工率 increased, the downstream开工率 decreased seasonally, and the inventory was at a neutral level. The new production capacity was put into operation, and the supply - demand pattern improved limitedly. Continue to narrow the L - PP spread [15]. PVC - The upstream calcium carbide price decreased, the PVC开工率 was at a neutral level, the inventory was high, and the real - time demand was weak. However, there are policy and maintenance expectations, and the price is expected to be volatile [16][17]. Coking Coal - Coking Coal opened high and moved low, with a decline. The import coal supply recovered, the domestic mine开工率 was low, and the downstream demand lacked incremental support. The short - term price is under pressure [18]. Urea - The urea futures opened high and moved high, and the spot price rose. The Indian tender supported the market sentiment. With the upcoming spring plowing season, the price is expected to be stable and strong, but the increase may be limited [19][20].

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - Since 2025, the amplitude of the 10-year Treasury bond has narrowed, showing a typical wedge-shaped consolidation pattern. The 30-year Treasury bond started a downward trend in July 2025 and has experienced short-term shock repairs since early 2026. Both are approaching a turning point [3]. - The trading logic of the 30-year Treasury bond futures (TL) may have changed, and it may have entered a medium - to long - term downward channel. The rebound since January 2026 is likely a technical repair rather than a trend reversal. It is recommended to short at high levels in the resistance range of 113 - 113.5 [3][21]. - The 10-year Treasury bond futures (T) are in a wedge-shaped consolidation pattern, which is likely a trend continuation adjustment. After the consolidation, the price is more likely to continue the previous upward trend. The end time of the wedge-shaped consolidation is expected to be around April [3][42]. Summary by Directory I. Technical Analysis: The Key to Analyzing Long - Term Interest Rates - Technical analysis is effective in analyzing the 30-year Treasury bond because it is a speculative product, and its price is driven by risk preference and policy expectations. Technical analysis can capture market trends, quantify risk preferences, and verify policy expectations [9]. - For speculative products, price and trend in technical analysis are important signals. Technical indicators can show overbought/oversold conditions and divergence signals. In policy expectation games, technical analysis can confirm market expectations and reflect narrative changes [9][10]. II. Treasury Bond Futures: A More Ideal Carrier for Technical Analysis - Treasury bond futures, especially the 10-year and 30-year main contracts, are more effective for technical analysis than spot bonds due to their standardization, high liquidity, and transparent and centralized trading characteristics, which can more purely and sensitively reflect market sentiment [11]. - Compared with spot bonds, Treasury bond futures have advantages in liquidity, price continuity, leverage and speculative attributes, and information reaction efficiency. Their price trends are more continuous and can lead spot bonds [13]. III. 30 - Year Treasury Bond Futures (TL): The Long - Term Trading Logic May Have Changed (1) Trend Positioning: The "Double Top" Pattern is Established, and It May Enter a Medium - to Long - Term Downward Channel - Technically, the TL contract broke through the key support level in December 2025, forming a "double top" pattern and entering a long - term downward channel. The improvement of macro - expectations and the strengthening of confidence in the equity bull market may be the underlying factors driving the decline [22]. - In the short - to medium - term, the rebound since January 2026 is difficult to reverse the long - term downward trend. The rebound momentum is weakening, and the suppression of risk preference continues, so the current rebound is likely a technical repair [24][26]. (2) Short - Term Trend: Approaching the Time to Short at High Levels - The 30 - year Treasury bond has a high odds ratio. The 30 - 10 - year Treasury bond spread is at a high level, and there is still room for compression in the old - new bond spread [29]. - The resistance range of 113 - 113.5 is expected. If the upward trend continues, the increase may be 0.1% - 0.6%. The 30 - year Treasury bond futures may reach the top around the Two Sessions in early March [34][38]. IV. 10 - Year Treasury Bond Futures (T): Pay Attention to the End Time of the Wedge - Shaped Consolidation Pattern (1) Long - Term in a Triangular Convergence Channel - Since 2025, the T contract has been in a wedge - shaped consolidation pattern, showing a symmetrical triangular convergence. The price fluctuation range has narrowed, and the trading volume has decreased. The balance of long - and short - term forces is waiting for a directional breakthrough [43]. - The "strong expectation + weak reality" situation and the guidance of the reasonable range have led to the long - and short - term tug - of war in the 10 - year Treasury bond, forming a long - term oscillatory pattern. An incremental signal is needed for a breakthrough [43]. (2) Directional Choice is Approaching - The end time of the wedge - shaped consolidation may be around April. Without an incremental signal, it is unlikely to break through the shock pattern in the current wave band. If the current market situation is extrapolated, the end time may be from late March to early April or the end of April [44]. - After the end of the wedge - shaped consolidation, the price is more likely to continue the previous upward trend because the current wedge - shaped pattern is similar to a symmetrical triangle, which is a typical trend continuation pattern [47].

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - As of the close on February 9, domestic futures main contracts showed mixed performance, with some metals rising significantly and some falling. The prices of various futures varieties are expected to fluctuate in the short - term, affected by factors such as supply - demand relationships, geopolitical situations, and seasonal patterns [6][7] 3. Summary by Relevant Catalogs 3.1 Commodity Performance - Futures Market Overview - As of the close on February 9, platinum rose nearly 11%, silver futures rose over 8%, palladium rose over 7%, tin futures rose over 6%, lithium carbonate and gold futures rose over 3%, caustic soda rose over 2%, and international copper and copper futures rose nearly 2%. In terms of declines, styrene (EB) fell over 2%, and log, ferrosilicon, low - sulfur fuel oil (LU), manganese silicon, coke, asphalt, and apple fell over 1%. Stock index futures and treasury bond futures also showed varying degrees of increase. In terms of capital flow, silver 2604, lithium carbonate 2605, and rebar 2605 had capital inflows, while CSI 2603, CSI 1000 2603, and ten - year treasury bonds 2603 had capital outflows [6][7] 3.2 Market Analysis 3.2.1 Copper Futures - On February 9, copper futures opened high and moved higher. The output in January was 1.57 million tons more than expected, and it is expected to return to normal in February. The expected output in February will decrease by 3.58 million tons month - on - month, a decline of 3.04%. The demand showed an increase in December 2025, but downstream procurement decreased during the holiday. The market is affected by factors such as changes in the Fed's expectations, the proposed improvement of the copper resource reserve system, and the traditional consumption off - season. In the short - term, it will be mainly in a narrow - range shock, and the long - term outlook for copper prices is optimistic [9][10] 3.2.2 Lithium Carbonate - Lithium carbonate opened low and moved high, with an intraday decline of nearly 3%. The average price increased slightly. The supply in February will decrease due to maintenance. The export from Chile in January increased month - on - month but decreased year - on - year. The downstream demand decreased during the holiday in February, but is expected to increase in March. The inventory is gradually shifting to the downstream. The price has stopped falling and stabilized, but it is difficult to rise sharply in the short - term, and the market is mainly in a consolidation phase [11] 3.2.3 Crude Oil - OPEC+ eight member countries will maintain the original plan to suspend the increase in oil production in March. The US crude oil inventory decreased more than expected due to winter storms, but the global floating storage is high, and the supply is still in an oversupply situation. Saudi Aramco lowered the price of Arabian light crude oil for Asia. Chevron is increasing the transportation of Venezuelan crude oil. The US - Iran nuclear negotiations have ended "temporarily", and the Iranian geopolitical risk is uncertain. The US - India trade and the Russia - Ukraine situation also affect the oil market. It is expected that the crude oil price will fluctuate within a range in the near future [12][13] 3.2.4 Asphalt - The asphalt start - up rate decreased last week, and the expected output in February will decrease both month - on - month and year - on - year. The downstream start - up rate decreased, and the national shipment volume decreased. The refinery inventory rate decreased slightly. The flow of Venezuelan heavy crude oil to domestic refineries is restricted, but the possibility of domestic refineries obtaining it has increased. Some refineries have resumed production, and the start - up rate has increased slightly. It is expected that asphalt will fluctuate within a range in the short - term, and it is recommended to use reverse arbitrage [14][16] 3.2.5 PP - As of the week of February 6, the downstream start - up rate of PP decreased, and the enterprise start - up rate also decreased. The proportion of standard - grade drawing production increased. The petrochemical inventory is at a relatively low level in the same period in recent years. Affected by factors such as the uncertainty of the US - Iran situation, the supply - demand pattern of PP has limited improvement, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [17] 3.2.6 Plastic - On February 9, the plastic start - up rate remained stable at a relatively high level. The downstream start - up rate decreased, and the order volume decreased. New production capacity was put into operation in January. The supply - demand pattern has limited improvement, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [18][19] 3.2.7 PVC - The upstream calcium carbide price in the northwest region is stable. The PVC start - up rate increased slightly, while the downstream start - up rate decreased. The export order volume decreased after the price increase. The social inventory increased, and the inventory pressure is still large. The real estate market is still in the adjustment stage. The PVC is expected to fluctuate within a range due to factors such as policy and maintenance expectations after the Spring Festival [20] 3.2.8 Coking Coal - Coking coal opened low and moved high, showing a weak trend. The supply of coking coal has shrunk significantly before the Spring Festival, and the customs clearance of Mongolian coal will also be restricted during the Spring Festival. The downstream winter storage is coming to an end, and the inventory is shifting to the downstream. The downstream steel trading volume is poor. The coking coal is expected to be in a weak consolidation state [21][22] 3.2.9 Urea - Urea opened high and moved high, showing a strong trend. The order - receiving situation before the Spring Festival is acceptable, and the price is stable. The gas - based devices have basically resumed production, and the production will be normal during the Spring Festival. The agricultural demand is good, and the industrial demand is weakening. The factory inventory is slightly digested. The supply - demand is in a tight balance, and it is expected that the spot price is unlikely to drop before the festival, and the futures will fluctuate in a narrow range [23]

12月29日｜30年期国债期货(TL)主力合约日内跌超0.9%，现报111.83元。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report As of December 25, 2025, the domestic futures market showed mixed performance. Some commodities like polysilicon and platinum had significant gains, while palladium and others declined. Different commodities had their own supply - demand situations and influencing factors, and the market trends varied. For example, copper was affected by potential strikes and production changes; lithium carbonate was influenced by downstream demand and inventory; and crude oil was affected by geopolitical factors and supply - demand balance [6][7]. 3. Summary by Related Catalogs 3.1 Commodity Performance - As of the close on December 25, domestic futures contracts showed mixed performance. Polysilicon and platinum rose over 4%, while palladium fell over 7%. Among stock index futures, IM rose 1.16%, and among bond futures, TL fell 0.24%. In terms of capital flow, platinum 2606 had an inflow of 526 million, while silver 2602 had an outflow of 4.354 billion [6][7]. 3.2 Market Analysis - **Copper**: Opened high and closed low with an intraday increase. Potential strikes in Chile, rising processing fees, and increased production affected the market. Copper foil remained prosperous, but downstream demand was weak, and caution was needed for potential corrections [9]. - **Lithium Carbonate**: Opened low and closed high. High production capacity utilization, increased production, and strong downstream demand supported the price. However, the end of the peak season and potential supply increases required caution [11]. - **Crude Oil**: OPEC+ planned to suspend production increase. Demand season ended, and inventory increased. Geopolitical factors such as the situation in Venezuela and the Russia - Ukraine issue influenced the market, and a supply - surplus situation persisted. It was recommended to wait and see [12][14]. - **Asphalt**: Supply decreased, and demand varied by region. Concerns about Venezuelan heavy - oil exports affected the market. It was expected to fluctuate, and the Venezuelan situation should be monitored [15]. - **PP**: Downstream开工率 was low, production capacity increased, and demand was weak. The supply - demand pattern remained unchanged, and the upward space was limited. The L - PP spread was expected to narrow [17]. - **Plastic**:开工率 was neutral, downstream demand declined, and new production capacity was added. The upward space was limited, and the L - PP spread was expected to narrow [18][20]. - **PVC**: Supply decreased slightly, downstream demand was weak, inventory was high, and new production capacity was added. The upward space was limited during the traditional off - season [21]. - **Coking Coal**: Opened high and closed flat. Supply was abundant, downstream demand was weak, and inventory increased. The market was under pressure [22][23]. - **Urea**: Opened flat and closed up. Supply was abundant, downstream demand was stable, and inventory decreased. It was expected to be slightly stronger in the short term [24].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As of the close on December 23, domestic futures main contracts showed mixed performance. Platinum hit the daily limit, lithium carbonate and palladium rose over 5%, and silver futures rose over 4%. On the other hand, ethylene glycol (EG) dropped over 3%, and liquefied petroleum gas (LPG), logs, and red dates fell over 1%. Different futures varieties have different trends and influencing factors, and investors are advised to make decisions carefully [5]. 3. Summary by Related Catalogs Commodity Performance - **Futures Market Overview**: As of the close on December 23, domestic futures main contracts had mixed performance. Platinum hit the daily limit, lithium carbonate and palladium rose over 5%, and silver futures rose over 4%. In terms of declines, ethylene glycol (EG) dropped over 3%, and liquefied petroleum gas (LPG), logs, and red dates fell over 1%. Index futures and treasury bond futures also showed different trends. In terms of capital flow, some contracts had capital inflows while others had outflows [5][6]. - **Futures Index Performance**: The main contract of CSI 300 Index Futures (IF) rose 0.12%, the main contract of SSE 50 Index Futures (IH) rose 0.22%, the main contract of CSI 500 Index Futures (IC) rose 0.04%, and the main contract of CSI 1000 Index Futures (IM) fell 0.15%. The main contract of 2 - year treasury bond futures (TS) rose 0.07%, the main contract of 5 - year treasury bond futures (TF) rose 0.17%, the main contract of 10 - year treasury bond futures (T) rose 0.26%, and the main contract of 30 - year treasury bond futures (TL) rose 0.89% [6]. - **Capital Flow**: As of 15:21 on December 23, in terms of capital inflows to domestic futures main contracts, CSI 2603 had an inflow of 2.004 billion yuan, lithium carbonate 2605 had an inflow of 876 million yuan, and platinum 2606 had an inflow of 835 million yuan. In terms of outflows, CSI 2603 had an outflow of 633 million yuan, Shanghai copper 2602 had an outflow of 568 million yuan, and Shanghai aluminum 2602 had an outflow of 256 million yuan [6]. Market Analysis - **Shanghai Copper**: On the day, Shanghai copper opened high and moved low, showing a relatively strong trend during the day. In November, SMM's electrolytic copper production in China was 1.1031 million tons, with a month - on - month increase of 11,500 tons (a month - on - month increase of 1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons year - on - year (an increase of 11.76%). SMM predicts that the electrolytic copper production in December will increase by 65,700 tons month - on - month (an increase of 5.96%) and 6.69% year - on - year. Copper foil maintains a high - growth level, but copper products are affected by various factors, and the market is mainly characterized by a relatively strong and volatile trend [8]. - **Lithium Carbonate**: Lithium carbonate opened flat and moved high, rising nearly 6% during the day. This week, the capacity utilization rate of lithium carbonate was 83.52%, significantly higher year - on - year. The downstream energy - storage battery still maintains growth, and lithium iron phosphate has a price - increase expectation, which supports the price increase of lithium carbonate at the raw - material end. However, the end - of - season demand and the uncertainty of mine resumption need to be further observed, and investors are advised to be cautious about chasing the rise [10]. - **Crude Oil**: OPEC+ agreed to maintain the overall oil production of the organization in 2026. Eight additional voluntarily - reducing oil - producing countries reiterated to suspend production increases in the first quarter of next year. The global crude - oil market is still in a pattern of oversupply, but the geopolitical situation in Venezuela has heated up, and it is recommended to wait and see for the time being [11][12]. - **Asphalt**: The supply side shows that the asphalt start - up rate has declined, and the expected production volume in December has decreased. The downstream start - up rate has mostly fallen, and the inventory is at a relatively low level. The market is concerned about the export of Venezuelan heavy - crude oil and its impact on domestic asphalt production. It is expected that the asphalt futures price will fluctuate, and attention should be paid to the situation in Venezuela [13]. - **PP**: As of the week ending December 19, the downstream start - up rate of PP decreased. The enterprise start - up rate is at a neutral - to - low level, and the petrochemical inventory is at a relatively high level. The supply - demand pattern remains unchanged, and it is expected that PP will fluctuate weakly, and the L - PP spread is expected to narrow [15]. - **Plastic**: On December 23, the start - up rate of plastic increased, but the downstream start - up rate decreased. The petrochemical inventory is at a relatively high level. The supply - demand pattern remains unchanged, and it is expected that plastic will fluctuate weakly in the near future, and the L - PP spread is expected to narrow [16][17]. - **PVC**: The upstream calcium carbide price has dropped. The PVC start - up rate has decreased, and the downstream start - up rate has also declined. The export situation is not good, and the inventory pressure is relatively large. The real - estate market is still in the adjustment stage, and it is expected that the upward space for PVC in the near future is limited [18]. - **Coking Coal**: Coking coal opened high and moved high, rising nearly 2% during the day. The supply is in a loose pattern, and the downstream demand is weak. Although the sentiment has recovered and rebounded, the upward height is limited, and investors should beware of sentiment cooling [19][20]. - **Urea**: The futures price opened high and moved high during the day. The spot price is stable, and the supply pressure is not alleviated. The demand is mainly supported by the winter - storage production of compound fertilizers. The inventory is mainly concentrated in the winter - storage areas, and it is expected that the inventory - reduction amplitude will narrow. The market has limited positive factors, and it is recommended to wait for a pullback [21].