Pre-market trend | Lee & Man Paper (2314.HK) 5/5 Paper stocks continue to weaken, where is the rebound window?

Yesterday's closing, LEE & MAN PAPER slightly fell by 0.31% to HKD 3.24. Although the decline is small, it has been weakening for several consecutive trading days. The MACD daily line has formed a death cross signal below the zero axis, confirming a medium-term bearish trend pattern. The trading volume was approximately HKD 5.95 million, indicating a low-volume state, showing that both buyers and sellers in the market are not active, with bulls lacking the willingness to enter and bears not aggressively shorting, resulting in an overall quiet trading atmosphere. The stock price has continuously shifted downward in recent times, with the HKD 3.20 level forming a key psychological barrier recently. On the news front, the paper industry is facing a dual blow from weak domestic demand and fluctuations in raw material costs. Recently, the price of pulp has remained high, but the ability of downstream finished paper to raise prices is limited, compressing the industry's profit margins. On a macro level, New York Federal Reserve Chairman Williams stated that U.S. inflation remains around 3%, and the high interest rate environment may continue, while the slowdown in global economic growth is suppressing demand for commodities. The sentiment in the Hong Kong stock market's consumer and manufacturing sectors is weak, and LEE & MAN PAPER, as a traditional cyclical stock, finds it difficult to attract funds in the absence of signals for demand recovery. There have been no significant announcements or adjustments to performance expectations from the company recently. From a technical perspective, HKD 3.20 is a recent support zone; if it is breached, it may approach the HKD 3.00 integer level. A MACD death cross below the zero axis typically indicates that weakness may persist for several trading days, and the trend is difficult to reverse until the volume significantly increases or a bullish reversal candle appears. Today, attention should be paid to the domestic pulp futures trends and the linkage situation of the A-share paper sector. The short-term trend reference is bearish, with a typical bearish dominant pattern of shrinking volume and gradual decline