Attacks on commercial vessels in the Strait of Hormuz have pushed up crude oil risk premiums, with risk aversion spilling over into the tech and storage sectors. SKHYNIX is no exception, and I expect the short-term outlook to remain bearish. The four-hour and one-hour charts are weakening in tandem. The current price of 925.7 has fallen below the previous low, and is nearly 30% off the four-hour high. 912.5 is the last line of defense for now. The top-10 bid/ask depth ratio is just 0.59, indicating clear selling pressure. Trading volume of 120,000 suggests little buying support for the sell-off. The funding rate is zero, and open interest stands at 79,000 with no sign of positions being closed, so bears have yet to leave the market. A light short position could be tried on a rebound to around 938.4, with a stop-loss at 952.6 and a target of 908.7. If the price holds above 915.3 on increased volume, consider reversing to a short-term long position, with a stop-loss at 901.2 and a target of 928.5. Keep each position to no more than 20% of your portfolio.

——For personal opinion only; this does not constitute investment advice. Best of luck with your trading.——

$SKHYNIX# Commercial vessels attacked in the Strait of Hormuz; oil shipments remain under pressure