1194, the reasons for this rebound by the long side are substantial: it has returned to the dual moving averages, with +0.91% over the 4-hour period+; the contract’s active trading has surged in volume for 7 hours, up nearly 20%; and the buy-side share is 54%. However, on the spot side, the five K-lines show net inflow of large orders is zero—futures trading is热闹, but not a single real ounce has flowed into the spot market; the money from the pullback is all circulating within the futures contracts.

The order book is also answering: sell orders 71.56 versus buy orders 30.13—sell pressure is more than double, with a wall that firmly presses down. The 4-hour structure still remains DOWN: six K-lines with four bearish and two bullish, and the daily chart closes bearish. This is not a reversal; it’s a rebound pullback after overselling.

The net-long accounts held by large players shrank by 14.89% over 7 hours—using the rebound to realize profits, not something retail traders would do. The 8-period average fee rate is 0.0139%; the long side still has to pay and keep holding.

So at this level, the call is straightforward: go short. The entry zone is 1194–1200. Stop loss is placed above 1218. Targets look to retest 1150. When to go long? Only when the spot side shows consecutive net positive inflows from large orders, the buy orders on the order book are rebuilt, and the 4-hour structure turns UP—talk about it only when the funds truly come back.

#skhynix $SKHYNIX