To enable a better understanding would appreciate your clarification on how you are reading this situation @Taxed.
I have revisited the days to cover and now realise the chart posted is incorrect and therefore assumptions made also incorrect. Apologies.
Many commentators talk to 'Days to Cover' as a one of the parameters in identifying possible 'Short Squeezes'. The problem I had with this is the calculation of average volumes as a basis to determine Days to Cover. Depending on your view you could apply volumes over 10, 20, or 30 days, returning differing results. 61Financial clearly take a longer term view in the figure they report as their data appears more aligned to a 6 months period. I also note that in the latest data (4 June) they report % shorted as 12.01% whereas ASIC short position table has it at 12.03% based on the same number of short positions.
Based upon ASIC data and average daily volume of 10 days this is how the chart looks:
Whatever your view is on this, short positions remain stubbornly high.
This may have a while to play out yet.
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3 | 7776 | 4.150 |
2 | 1776 | 4.140 |
1 | 776 | 4.130 |
6 | 22272 | 4.120 |
Price($) | Vol. | No. |
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4.190 | 6084 | 2 |
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