The problem with covering now is there is no volume to cover, 16M shorts at like 500K a day would take a whole month of buying to cover and doing it would blast you out of the $2 range, back into the $3+ as there isn't enough real selling in this low range atm.
The rebalance theory seems pretty good (not sure who was the original person to bring it up in here but well done to them). It would seem highly likely that they would be keeping the price low to do a buy on the asx 300 rebalance (as others pointed out probably not on market and probably based on an agreed price of SP)
The good news is if this is all true then we are getting close to the end of this nonsense, hopefully sept comes around they cover and late sept / early oct we get some much needed news and we get to a good place sp wise again.
Short data on WBT, page-2408
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Last
$2.05 |
Change
0.030(1.49%) |
Mkt cap ! $388.9M | |||
| Open | High | Low | Value | Volume |
| $2.04 | $2.08 | $2.02 | $862.6K | 420.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 247 | $2.05 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.07 | 8084 | 2 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| WBT (ASX) Chart |