The 1-week structure shows clear distribution from 293 down to 265.5, and the speed of the decline is confirmed by elevated volume throughout the drop. Today’s intraday flow stabilized first around 267, but momentum faded once price approached 269-269.5, where it failed to build acceptance. The order book shows meaningful bid concentration between 268.5 and 269.25, yet the sell stack at 271-272.25 is absorbing short-term upside attempts. That creates a microstructure where price finds liquidity below, while supply is more coordinated above. The sharp, high-volume selloff around 14:40-14:45 yesterday is the key short-term signal; the rebound afterward came with weaker participation and looks more like a pause than a reversal. News flow is operationally positive, but price reaction has been muted, suggesting the news is not strong enough to overpower the prevailing trend. Despite high intraday turnover, the narrowing range indicates balancing between buyers and sellers rather than decisive accumulation. The main signal is the tension between a weakening medium-term trend and near-term bid support; a sustained upside move would require the overhead supply cluster to clear.