$HOME Tonight this surge is kind of interesting.
In the 15m timeframe it’s up 2%, and volume expanded to 2.46x, but OI is actually contracting. Total contract open interest is down 0.15%, while notional changes are up +1.78%. This suggests the move is mainly driven by short covering pushing the price, rather than fresh long positions piling in.
Aggressive volume differs by 14%, with a buy/sell ratio of 1.32; buy orders are clearly more aggressive. It also has already broken above the upper edge of the range of the past ~20 5m K-lines. The OI abnormal percentile is up to 97.4%, ranking 6th in the whole pool.
In the short term, this structure looks like a short squeeze, but you still need to be careful after volume shrinks and it potentially retraces for a test. The positioning/open-interest data doesn’t support chasing the high unless incremental capital flows in.
For reference only—manage your timing yourself.
In the 15m timeframe it’s up 2%, and volume expanded to 2.46x, but OI is actually contracting. Total contract open interest is down 0.15%, while notional changes are up +1.78%. This suggests the move is mainly driven by short covering pushing the price, rather than fresh long positions piling in.
Aggressive volume differs by 14%, with a buy/sell ratio of 1.32; buy orders are clearly more aggressive. It also has already broken above the upper edge of the range of the past ~20 5m K-lines. The OI abnormal percentile is up to 97.4%, ranking 6th in the whole pool.
In the short term, this structure looks like a short squeeze, but you still need to be careful after volume shrinks and it potentially retraces for a test. The positioning/open-interest data doesn’t support chasing the high unless incremental capital flows in.
For reference only—manage your timing yourself.