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$MERL has been moving a bit precariously lately.
The technicals, positions, and whale actions have all lined up, so the downside potential might be bigger than expected.
A few noteworthy points:
The $0.50 level has become a solid resistance. It’s been rejected three times in a row, with heavy sell orders flooding in every time it gets close. The selling pressure above this price is unusually strong.
Bulls currently have little ability to fight back, with bears in control of the momentum. A short-term reversal? That’s going to be tough.