Long unwinding
Open interest down more than 2% on a softer price. A trend losing its sponsors.
Price easing lower while open interest shrinks means longs are leaving and shorts are not replacing them. An orderly exit rather than an attack. The thresholds here are looser than the buildup scans on purpose, because unwinding is gradual by nature, a position book trimmed over days, and waiting for a dramatic print would miss most of it.
More derivatives:Long buildupShort buildupShort covering rallyOpen interest at a 3-month highFutures at a premium
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