The latest earnings and activity reports confirm a meaningful fundamental recovery, which supports the medium-term backdrop. However, today’s intraday move climbed toward 102.2 and then faded back toward 101.6, with late-session momentum weakening rather than extending. Volume expanded sharply around the 15:15 and 15:45 bursts, so the move was driven by active participation, not random noise. In the order book, there is strong bid concentration between 100.0 and 100.9, while notable supply clusters sit at 101.5, 101.8, and 102.0; this is the clearest short-term constraint. The daily and weekly structure has shifted into a 101–103 range after a volatile rebound, suggesting consolidation after a strong news reaction. Comparing yesterday’s heavy-volume upside spike with today’s softer flow, upside speed has slowed but the bullish structure has not broken. The key signal is a fundamental improvement colliding with near-term overhead supply, while downside appears cushioned by demand near 100. Overall, the tape shows balance and sensitivity rather than a clean directional regime.