The key signal is the failure to hold above the 11 May high-volume spike, followed by a retreat into the 243–241 area over the next two sessions. That points more to post-rally exhaustion and distribution-like behavior than to fresh upside momentum. Today’s intraday tape shows a very tight 242.2–243.6 range with weak follow-through, so velocity is low and directional conviction is limited. The order book is more informative than the headline flow: strong bid clustering sits at 241.0–241.4, but layered supply from 242.0 to 242.6 caps the price. This creates a short-term balance zone with defended downside and persistent overhead resistance. Daily and weekly charts still sit inside a broader expanding range, but the short-term impulse has clearly slowed. No new news shock is visible, so price is being driven mainly by digestion of the prior spike and the current liquidity imbalance.