$MERL – REJECTION AFTER PUMP, LOWER HIGHS FORMING
#MERL is showing weakness after a recent push, with clear rejection from higher levels and early signs of lower highs forming on the chart.
TRADE SETUP – SHORT IDEA
Entry Zone: 0.0258 – 0.0263
Stop Loss: 0.0279
Take Profit 1: 0.0248
Take Profit 2: 0.0239
Take Profit 3: 0.0228
MARKET STRUCTURE
Price action suggests momentum is fading after the recent move up, with repeated failure to sustain higher levels. This often indicates distribution and potential downside continuation.
OUTLOOK
If price continues to reject recent highs, bearish continuation toward lower support levels becomes more likely. A break above 0.0279 would invalidate the setup and shift momentum back to buyers.