#美国核心物价涨幅不及市场预估 $MERL The recent trend is worth paying attention to. After a volume-driven decline, a breakdown pattern has formed. A very key signal is: with such high open interest, the price is actually moving downward. This usually indicates that the bulls are being liquidated, or that the main force is offloading positions.

From the data, the intraday decline on $MERL has already exceeded 17%, and trading volume has significantly increased. This is a typical sign of weakness. From a price action perspective, selling pressure continues to exert force, while buying has not followed through, indicating insufficient absorption of these sell-offs. High open interest combined with falling prices likely means a liquidation is happening, or that the big players are intentionally distributing their positions.

The price has already broken through a key support zone, opening up new space below. If the rebound appears weak—this is an opportunity to short. From a technical standpoint, the 0.200-0.205 range can be used as an entry reference, with a stop-loss set at 0.215. As for targets, first look at 0.180, then further down to 0.155.