It’s highly likely these shorts are associated with inclusion on the ASX200 and some larger sophs and instos who formed the view BRN had not earned its $1.5bn cap.
BRN at close today is currently sitting on its long term trend line from early 2020. If it doesn’t hold then BRN is likely to drop well below the $1bn market cap, potentially as low as the 37 cent range.
Once the bearish momentum builds below 64 cents, it will take significant news flow to break it.
Given BRN has rarely produced much news flow of substance outside of chip production and some patents, it’s easy to see the bearish case.
Speculation on HC about which big brand is working with BRN isn’t going to cut it anymore.
IMO DYOR not advice.
2022 BRN Discussion, page-9939
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Last
16.5¢ |
Change
-0.005(2.94%) |
Mkt cap ! $333.6M | |||
| Open | High | Low | Value | Volume |
| 17.0¢ | 17.5¢ | 16.5¢ | $316.2K | 1.866M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 86 | 2725419 | 16.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 17.0¢ | 1477137 | 49 |
View Market Depth
| Last trade - 12.58pm 02/09/2024 (20 minute delay) ? |
| BRN (ASX) Chart |