Mungo, happy to be clarified, however using your ASX reference on the 14th MGX was shorted 0.25% not 25% - It is a day position. The cumulative can be taken from ASIC, which is showing about 0.45% or 5m shares
I assume once the data is updated given the 5 day lag, it may be 8m. I agree it will pop. Assuming average volume of 1 million, it will take 8 days of normal trading to clear all short positions.
With a combination of potentially new longs, on news or fundamentals plus short covering creates explosive breakout. If more shorts are building, the explosion will be greater. Look at JBH up $5 yet still 19% shorted, down from 23%. A position soon looks promising.
Goodluck all.
Mungo, happy to be clarified, however using your ASX reference...
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Last
30.5¢ |
Change
-0.010(3.17%) |
Mkt cap ! $371.5M | |||
| Open | High | Low | Value | Volume |
| 31.0¢ | 31.5¢ | 30.5¢ | $7.689M | 25.17M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 1568943 | 30.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 31.0¢ | 151851 | 2 |
View Market Depth
| Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
| MGX (ASX) Chart |