Pre-market trend | SERES (9927.HK) plummeted nearly 7% on 5/5 with increased volume, is it an acceleration of short selling or a release of panic?

Yesterday, SERES's stock price fell sharply by 6.97%, closing at HKD 70.10, with a trading volume of HKD 93.03 million, making it the most active stock among those triggering a death cross signal. The MACD daily line formed a death cross below the zero axis, indicating that the previously weak bullish momentum is further diminishing, and bearish momentum is accelerating. The stock price's single-day decline of nearly 7% significantly deviates from the recent fluctuation range, with the market showing concentrated selling pressure. In terms of volume, the trading amount has increased compared to previous periods, indicating that some investors are choosing to exit at this level. On the news front, the Hong Kong stock automotive sector is under overall pressure, with BYD's shares falling nearly 2% to HKD 101 yesterday, and Geely Auto also experiencing a slight decline, with the sector showing weak linkage. In the global macro environment, WTI crude oil has returned to a high of USD 105, putting pressure on the cost side for automotive manufacturers, and the market's profit margin expectations for new energy vehicle companies have been revised downwards. Meanwhile, Federal Reserve Bank of New York President John Williams stated that there is no reason for a rate cut in the short term, and the high-interest-rate environment continues to suppress the valuations of growth assets. As SERES is a major manufacturing partner of the Aito brand, its sales data and the progress of Huawei's smart car business are focal points for investors, but there has been a lack of clear positive catalysts recently. From a technical perspective, the stock price has fallen below several short-term moving averages, and the MACD's death cross below the zero axis confirms a bearish mid-term trend. If the stock cannot quickly recover the HKD 72-73 range in the following trading days, bearish inertia may push the stock price further down to seek support around HKD 65