High volume + open interest divergence is the perfect recipe for exhaustion. The recent rally was mostly short-covering hence why no significant uptick in O.I.
I anticipate a corrective move to the 0.5 fib level. If the price manages to close above 8.56, or if the O.I catches up, I'd close my position.
Trade active
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Not closing my position. The price managed to close above 8.56, but the O.I is still pretty low. I'll consider closing my position if O.I touches the 800K mark.