LAB is at 17.9u now, about to touch this week's high of 18.56u, but I don't think this level looks right. It has risen from 9.36u last week to now, almost doubling. The accumulated profit-taking from such a surge is very heavy.

More importantly, the funding rate is currently negative, indicating that there are people in the market shorting at a high level as a counter bet. It's not retail investors shorting; someone is positioning.

If 18.56u can't be broken, it will pull back. I think the first move will be a correction, with 15u being the first support level to watch.

Here I will choose to short, and wait until it returns to around 15u before considering going long, targeting above 20u.

$LAB #$LAB