SNDK is currently around 1683. In the daytime it surged up to 1826, only to get pushed back down. In a single day, it dropped by nearly 3 percentage points.
This pullback doesn’t really surprise me. From 1330 it has risen for a sustained run and gained more than 30%. The spike at the high was never well-supported to begin with. Now, in 15 minutes, both moving averages have broken down, with the 4-hour and daily charts also indicating a downward trend. The short-term momentum is genuinely bad.
What stands out most is that the money didn’t hold up. Open interest jumped by 15% in one day, but within roughly seven hours it shrank back by 11%. It surged first and then retreated—leverage is exiting. Even more interesting: on the large-holder side, the proportion of accounts turning net long increased by more than 40% over seven hours, yet on the position side, long and short holdings barely changed. In other words, they turned long with their mouths, but the positions didn’t follow. This “long” isn’t backed by real capital stacked in.
The order book also looks heavy on sell pressure. In the 20-lot depth, the buy orders are clearly weaker than the sell side. On the contract side, active buying accounts for 53%, and the volume is also larger than before—but the price still keeps moving downward. That means the overhead supply hasn’t been absorbed; it can’t withstand the selling pressure above.
So I won’t chase longs at this level. Above are mostly shares that have just been caught and trapped. In the short term, it will likely keep grinding. But I also won’t go directly short, because dip-buyers are still stepping in, and there’s also support near the 24-hour lows.
My stance: wait and watch. Let it reclaim the area above the moving averages, or hold the low first—then we’ll talk. Chasing longs right now has the worst risk-reward.
#sndk $SNDK
This pullback doesn’t really surprise me. From 1330 it has risen for a sustained run and gained more than 30%. The spike at the high was never well-supported to begin with. Now, in 15 minutes, both moving averages have broken down, with the 4-hour and daily charts also indicating a downward trend. The short-term momentum is genuinely bad.
What stands out most is that the money didn’t hold up. Open interest jumped by 15% in one day, but within roughly seven hours it shrank back by 11%. It surged first and then retreated—leverage is exiting. Even more interesting: on the large-holder side, the proportion of accounts turning net long increased by more than 40% over seven hours, yet on the position side, long and short holdings barely changed. In other words, they turned long with their mouths, but the positions didn’t follow. This “long” isn’t backed by real capital stacked in.
The order book also looks heavy on sell pressure. In the 20-lot depth, the buy orders are clearly weaker than the sell side. On the contract side, active buying accounts for 53%, and the volume is also larger than before—but the price still keeps moving downward. That means the overhead supply hasn’t been absorbed; it can’t withstand the selling pressure above.
So I won’t chase longs at this level. Above are mostly shares that have just been caught and trapped. In the short term, it will likely keep grinding. But I also won’t go directly short, because dip-buyers are still stepping in, and there’s also support near the 24-hour lows.
My stance: wait and watch. Let it reclaim the area above the moving averages, or hold the low first—then we’ll talk. Chasing longs right now has the worst risk-reward.
#sndk $SNDK