Just thinking out loud—I was looking through the contract data, and one detail about $Q caught my eye: open interest is down 38.24% over the past 24 hours, while the price is up 74.71%.
The price is rising as positions decline. It looks strong, but it’s probably mostly shorts covering. I’ve chased similar moves before, and once the short covering was over, the price lost momentum. This time, I’ll wait and see if open interest picks back up.
How would you trade it?
The price is rising as positions decline. It looks strong, but it’s probably mostly shorts covering. I’ve chased similar moves before, and once the short covering was over, the price lost momentum. This time, I’ll wait and see if open interest picks back up.
How would you trade it?