$POL This move is a bit interesting.
On the 15m timeframe it rose by a little over 1%, volume expanded to 1.66x, and the close directly pierced through the upper band of nearly 20 of the 5m candles. But the OI gives it away—both the 15m and 1h are declining. Price is up while open interest is down. This doesn’t look like brand-new long positions entering; it looks more like shorts being forced to cover.
The aggressive buy orders do account for a 9.3% gap, with a buy-to-sell ratio of 1.21, so the short-term sentiment leans bullish. Also, the OI abnormal percentile has reached 89.5%, and the entire pool is stacked at #14 —so yes, it does look like capital is moving.
But I generally don’t chase setups like this. For a position-covering rally pushed upward, the “fuel” depends on whether there’s real money taking over afterward. The breakout is a real breakout—whether it can hold is another question.
I’ll set a stop loss to watch for a bit first.
On the 15m timeframe it rose by a little over 1%, volume expanded to 1.66x, and the close directly pierced through the upper band of nearly 20 of the 5m candles. But the OI gives it away—both the 15m and 1h are declining. Price is up while open interest is down. This doesn’t look like brand-new long positions entering; it looks more like shorts being forced to cover.
The aggressive buy orders do account for a 9.3% gap, with a buy-to-sell ratio of 1.21, so the short-term sentiment leans bullish. Also, the OI abnormal percentile has reached 89.5%, and the entire pool is stacked at #14 —so yes, it does look like capital is moving.
But I generally don’t chase setups like this. For a position-covering rally pushed upward, the “fuel” depends on whether there’s real money taking over afterward. The breakout is a real breakout—whether it can hold is another question.
I’ll set a stop loss to watch for a bit first.