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$MERL experienced a typical breakdown after a volume-driven decline. The most notable point here is that the open interest remains high while the price drops sharply, a combination that often indicates large-scale liquidations of long positions.
From the data, $MERL has fallen more than 22% intraday, with significantly increased trading volume, and the market appears quite weak. High open interest combined with a sharp plunge is usually driven by two scenarios: one is leveraged longs being liquidated in succession, and the other is major players actively selling off. This is not a healthy technical correction.
The price has already broken through a key support level, with no obvious buy-side defense below. From a trading perspective:
Short entry price: 0.168-0.172 range
Stop-loss: 0.180 (must be strictly enforced)
First target: 0.155
Second target: 0.140
Any rebound back to the previous support zone (now turned resistance) presents a new short entry opportunity. This combination of high open interest and a weak market often can continue for some time.