About 6 hours ago, there were 3 contracts that issued a morning warning for distribution from a high level. Now, 2 have already started fulfilling (weakening to completion), 1 is still in a back-and-forth tug-of-war, and the move has not yet broken out of a sideways downtrend.
Initial observation & recap: The chips are dispersing.
2Z: Fulfilling. The bearish direction that was expected in the morning has already worked into a pullback.
After the initial call, the price fell by 3.21%, while open interest decreased by 5.64%, indicating that the overhead support is thinning.
The aggressive buy/sell order ratio dropped from 1.22 to 0.74, and the aggressive buy side clearly retreated.
SPELL: Tug-of-war. Although the price has pulled back, the morning bearish view has not yet formed one-way confirmation.
After the initial call, the price fell by 2.32%, and open interest decreased by 9.19%, suggesting capital is withdrawing, but the price still has some support.
The aggressive buy/sell order ratio only dropped slightly from 0.82 to 0.78; there is no obvious further withdrawal of aggressive buying. For now, it cannot be considered fulfilled.
KMNO: Fulfilling. The distribution warning from the high level is currently the clearest.
After the initial call, the price fell by 6.42%, and open interest also decreased by 12.72%—a pullback accompanied by a clear reduction in positions.
The aggressive buy/sell order ratio dropped from 1.55 to 0.82, aggressive buying cooled off quickly, and the bearish direction has already broken out.
Next, we should jointly watch whether the price can continue to weaken, and whether after open interest declines, the support thins further.
If aggressive buying strengthens again, the price stops falling, and open interest rises back, that would be a counter-signal. In that case, this high-level distribution assessment needs to be re-evaluated.
#2Z #SPELL #KMNO #Contract recap
This content is generated with the help of Claude Fable 5 and is for informational reference only—please verify it yourself.