Sorry the picture didn't come up - this is the net positions held short:
![https://hotcopper.com.au/data/attachments/3351/3351862-644e48c5f1abbb25e4d9d7d419d64ccc.jpg](https://hotcopper.com.au/data/attachments/3351/3351862-644e48c5f1abbb25e4d9d7d419d64ccc.jpg)
And here are the course of sales today: price may be down, but there's no volume. It's larger investors trying to shake out some shares at lower prices probably (I'm not a conspiracy theorists - large holders do lots of smaller trades to reduce friction - you can see this from the trading of the likes of UBS who hold TGR).
![https://hotcopper.com.au/data/attachments/3351/3351867-24ff842c066e06627d1f86653ef9a118.jpg](https://hotcopper.com.au/data/attachments/3351/3351867-24ff842c066e06627d1f86653ef9a118.jpg)
And if you look at the depth, you have 100's of thousands of shares to be purchased at this price - but there's virtually no sellers. The big sellers aren't coming in until $3.70-$3.80. And no short sellers or large institutions who want to accumulate want the share price to run that high to get their position filled... here's the depth chart now:
![https://hotcopper.com.au/data/attachments/3351/3351874-ea77dccca771e319fe915aad2a3dcfe1.jpg](https://hotcopper.com.au/data/attachments/3351/3351874-ea77dccca771e319fe915aad2a3dcfe1.jpg)
Final one. You can see in the chart below that when there was news earlier this year, we had a huge number of trading days with $1m+ value and the share price went up. Since then, been no news (except positive macro stuff), and share price has fallen consistently on lower and lower volume. I'm not a chart guy, but just looks to me that until we have another catalyst with an update (August annual report I presume), there will be no real movement on any real volume. But even then, it will take a lot of news and persistent buying to break out from that $3.70-80 resistance levels.
![https://hotcopper.com.au/data/attachments/3351/3351895-c6835670127ebd906487db14b42102e6.jpg](https://hotcopper.com.au/data/attachments/3351/3351895-c6835670127ebd906487db14b42102e6.jpg)