$CL 78.2, and then you lie back down and rub under this wall at 78— the script hasn’t changed at all.
From 74.5 all the way up, bouncing to 78 and 79, no matter how many times they touched it, they still couldn’t stand. Today it even pushed up to 79.15 again, and it still shrank back—bounce once and it’s soft once. The same old tricks, nothing new; the long/short tug-of-war keeps going back and forth, and nobody dares to poke higher.
If you dig into the money, it’s still empty. On the other side of the contract, the sell orders were actively placed and they press down on the buy side. Buys are only about 45%, while sells are higher than buys by a noticeable margin. Even when you surge upward, you get shoved back. Funding fees have also flipped negative. The group that borrowed money to go long didn’t get a good outcome this round. And in the spot order book, the buy side is even thinner—buy orders are only about half of sell orders. If it gets smashed down like that, one break and it’s over.
At this level, I’m not敢 chase. Chase once and you get trapped once—the trap is exactly for people like me with no real strength. Wait until it finishes grinding through this wave of sell pressure, and until the buy side can truly absorb it—then we’ll talk. Don’t rush to catch flying knives.
When can this wall at 78 finally be broken? I honestly can’t figure it out. I’m going to retreat first, so it doesn’t mess with you again.
#cl $CL