After MINIMAX failed to hold above 800, it entered a consolidation phase; 723 yuan is the true short-term support line.

Last Friday (15th), the stock closed at 794 yuan for the day. The daily chart still shows a strong buy signal, but the weekly chart is neutral, with the short-term direction being neutral and volatile. This combination reflects that the stock price has not completely weakened, but the upward momentum has become unstable. The market sentiment has gradually shifted from chasing gains to a coexistence of 'betting on a rebound' and 'fear of further declines.'

The market's primary focus now is whether the price can stabilize above 800 yuan. The bullish side believes that every time the stock falls near 700 yuan, it rebounds. Some also believe that weak hands have been shaken out, making it a good time to re-enter, even expecting a rise back to 850-900 yuan. However, bearish sentiment remains strong, with critics pointing out that MINIMAX’s gains lag behind those of Zhipu, while its declines are larger. There are concerns the price could fall back to 750 yuan or even drop into the 600s.

Technically, the 50-day moving average is at 912.23 yuan, and the current price is significantly below this level, indicating heavy pressure in the medium term. The 200-day moving average is at 762.49 yuan, and last Friday’s close at 794 yuan is still slightly above this line, showing that the stock has not yet broken through the mid-term support line, though it is getting close. If the price fails to hold near 762 yuan, market confidence in holding above 800 yuan will weaken further.

In the short term, the key support level is at 723.21 yuan. If this level holds, MINIMAX still has a chance to trade within the 700-860 yuan range. However, if 723 yuan breaks down, the market might reconsider the possibility of a drop to the 600-yuan region. On the resistance side, 864.79 yuan is the first important short-term pressure point. If the price fails to break above this level, even a rebound to around 850 yuan should only be seen as a weak recovery. Higher up, 912.23 yuan represents the 50-day moving average resistance. Until this level is reclaimed, it’s too early to conclude that the stock has regained strength.

The Relative Strength Index is approximately 41.53, indicating a neutral-to-weak condition without severe overselling. The ADX is around 25.54, suggesting that trend strength is beginning to emerge, but the direction remains unclear. The ATR is about 70.79, reflecting very high volatility, which also explains why investors are experiencing two completely opposite emotions: 'ready for takeoff' and 'time to run.'

The market’s most apparent question now is whether MINIMAX is simply being dragged down by the broader market or if it is relatively weaker compared to Zhipu. Comments repeatedly mention 'it doesn’t rise as much as Zhipu, but falls more than Zhipu,' showing that investors have started comparing the relative strengths of AI large model stocks. If Zhipu strengthens first while MINIMAX continues to hover near 800 yuan, funds may continue to favor stronger stocks.

Overall, MINIMAX has not completely lost its potential for a rebound, but blindly chasing momentum at this stage is not advisable. In the short term, it needs to hold above the support zone of 762 yuan to 723 yuan before assessing whether it can rechallenge 864.79 yuan. Breaking above 864.79 yuan would help restore market confidence, whereas falling below 723.21 yuan would confirm further weakness. At this stage, a more reasonable strategy would be range trading or waiting for a breakout, rather than emotionally loading up heavily amid high volatility.

Reply to some investors' views:

@東尼投資: After the decline, there is indeed potential for a rebound, but it depends on whether the price can stabilize near 762 yuan.

@阿峰哥哥: If the price cannot hold above 800 yuan, short-term confidence will diminish; only a return above 864.79 yuan would be more convincing.

@星斗市民W: Small position testing is more suitable, as ATR indicates high volatility.

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Reminder: This article does not constitute any investment advice.

This article is for reference only and does not constitute any investment advice. Market data, opinions, and analysis contained herein may change at any time without prior notice. We are not responsible for any loss or damage caused by reliance on the information in this article. Technical analysis only shows whether certain technical conditions are met; asset performance should be comprehensively evaluated using other sources of information, and trading decisions should not be made solely based on this article. Please note that past performance is not indicative of future results.

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