The monthly and weekly structure confirms a strong trend from 41.6 to 47.38, but today’s session shows momentum fading into a tight range. After yesterday’s high-volume advance, today’s volume is noticeably lighter, which signals a near-term loss of upward velocity. The most important order-book anomaly is the 398k-lot bid at 46.32, acting as a short-term floor. In contrast, the sell clusters at 46.46 and especially 46.52 form an overhead supply wall that absorbs advances. Intraday, the sharp fade from 15:40 to 18:05 shows that the earlier attempt to extend higher did not hold into the close. The push to 47.36 was not accompanied by enough volume to convert into a fresh expansion phase, so it looks more like price discovery than continuation. The news flow is neutral and does not create a standalone shock. The key signal is a strong higher-timeframe trend now transitioning into a short-term balance zone, anchored by 46.32 support and capped by 46.46–46.52 supply.