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When liquidity tightens at the end of the year, market sentiment begins to cool down. Don't be fooled by the fierce rally at high levels; it can turn around and smash you back to where you started — this is the norm.
Looking at $MERL's recent trend, you'll understand — every time it surges to a key level, it is immediately suppressed and falls back, unable to hold steady. Why? Because the chips have already been released; the market isn't dumping suddenly, but rather doing the math in advance.
No one sells immediately, and the expected pressure is enough. When buying hesitates, the rebound naturally becomes hollow. That's why repeated surges are like paper-thin. When liquidity dries up, any upward movement can't last too long.