$MINIMAX dropped 11% in a day, and this level at 31.54 looks a bit ugly!
AI Hong Kong stocks have collectively pulled back recently. $MINIMAX was smashed straight from 35.52 down to 31.21, with trading volume of 28.1M—nothing small. The fundamentals of Xiyu Technology haven’t changed. The issue is that the AI theme was chased too aggressively this time, and now the money is starting to withdraw.
Watch a few levels: 31 is short-term support. If it breaks, the next target is around 28. Overhead, 33.5 is the first resistance zone; if it can’t get back above it, don’t talk about a rebound. Sentiment for the overall AI sector in Hong Kong has weakened, and the linkage effect is obvious—this isn’t just a problem with $MINIMAX alone.
Honestly, I’m skeptical about this round of market action. No matter how good the AI story is, if the valuation has already priced in too much, it has to be paid back. Unless new catalysts come out, consolidation and digestion will be the main theme. Keep an eye on the 31 threshold—whether it breaks or holds are two completely different scenarios…
AI Hong Kong stocks have collectively pulled back recently. $MINIMAX was smashed straight from 35.52 down to 31.21, with trading volume of 28.1M—nothing small. The fundamentals of Xiyu Technology haven’t changed. The issue is that the AI theme was chased too aggressively this time, and now the money is starting to withdraw.
Watch a few levels: 31 is short-term support. If it breaks, the next target is around 28. Overhead, 33.5 is the first resistance zone; if it can’t get back above it, don’t talk about a rebound. Sentiment for the overall AI sector in Hong Kong has weakened, and the linkage effect is obvious—this isn’t just a problem with $MINIMAX alone.
Honestly, I’m skeptical about this round of market action. No matter how good the AI story is, if the valuation has already priced in too much, it has to be paid back. Unless new catalysts come out, consolidation and digestion will be the main theme. Keep an eye on the 31 threshold—whether it breaks or holds are two completely different scenarios…