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#CXMTDrops7.7%AtOpen 🧐
CXMT Drops 7.7 Percent at Open as Second Day Becomes Real Test ✨
ChangXin Memory Technologies CXMT opened 7.7 percent lower on second trading day falling to 45.22 yuan after closing debut at 49 yuan. Stock had surged 465.82 percent on Monday reaching peak of 55.03 yuan before settling at 49 yuan with market cap exceeding 3.2 trillion yuan. Single day turnover of over 141 billion yuan set A share record.
The Opening Low Is Key Signal
🔹 Gap down opening confirms what yesterday wild session already hinted at first wave of profit taking has arrived
🔹 Stock opened at 49.50 yuan plunged 23 percent to 38.11 yuan within 30 minutes rebounded to 55 yuan and closed at 49 yuan
🔹 66.4 percent turnover ratio meant over 60 percent of tradable shares changed hands in fierce battle between profit takers and dip buyers
🔹 7.7 percent gap down is clearest signal yet that post IPO euphoria is cooling Gate Square analysts noted this is normal correction after massive gains not fundamental reversal
Perpetual Market Shows Bearish Positioning
🔹 On perpetual contract markets where CXMT trades short positions are dominating
🔹 Funding rate turned negative at 0.5887 percent per hour meaning short positions are paying longs to maintain positions
🔹 Mark price sits at roughly 6.72 dollars discount of 6.6 percent to oracle price of 7.19 dollars
What to Watch
🔹 Key question is whether dip buyers from yesterday session are willing to hold through pullback
🔹 7.7 percent gap down is market way of testing that conviction
🔹 For now data suggests correction not collapse Day two is shaping up to be real test
NFA ✔️ DYOR 🔎