$MTL This drop is a bit abrupt.
On the 15m chart, it directly tanked -3.43%, volume jumped to 1.67x, the buy/sell ratio is 0.64, and the aggressive volume spread is -22.2%—selling pressure is in control, with no real follow-through.
More importantly, OI is also falling quickly: 15m -4.69%, 1h -4.24%. Nominally, about 300k+ U has been wiped out. Price is down while OI is also down—this doesn’t look like fresh shorts entering; it’s more like longs de-leveraging, stop-losses getting swept, or positions being actively reduced. The extreme percentile has already hit 96.4%, with the whole pool ranking at #5, meaning this move is quite extreme within the pool.
The closing price also broke below the lower edge of the last ~20 5m K-bars, so the technicals have breached the short-term range boundary.
The 24h trading value is a bit over 88M. With this level of volume, a move of this magnitude is worth watching whether there will be follow-through. The structure right now is more passive—don’t rush to catch it yet.
On the 15m chart, it directly tanked -3.43%, volume jumped to 1.67x, the buy/sell ratio is 0.64, and the aggressive volume spread is -22.2%—selling pressure is in control, with no real follow-through.
More importantly, OI is also falling quickly: 15m -4.69%, 1h -4.24%. Nominally, about 300k+ U has been wiped out. Price is down while OI is also down—this doesn’t look like fresh shorts entering; it’s more like longs de-leveraging, stop-losses getting swept, or positions being actively reduced. The extreme percentile has already hit 96.4%, with the whole pool ranking at #5, meaning this move is quite extreme within the pool.
The closing price also broke below the lower edge of the last ~20 5m K-bars, so the technicals have breached the short-term range boundary.
The 24h trading value is a bit over 88M. With this level of volume, a move of this magnitude is worth watching whether there will be follow-through. The structure right now is more passive—don’t rush to catch it yet.