It will take a pretty significant event to close the lower gap, imo. Not sure what that event is besides a CR.
Technically we have bounced off the 61.8% fib retracement (around 0.63) from this impulse wave which looks like a EW wave 1. We are in a wave 2 retrace which when done will push this to close that upper gap at 1.40 at some point.
I think the fundamentals changing from China were not considered when this was shorted to death. They will now try to keep a lid on this as they play a range trade and earn some money as they exit their shorts. Whilst the shorts are staying high, I believe they are new intra day shorters, whilst the long term shorters slowly exit. The overall shorts will slowly come down. They need to control the SP this way because they can't exit their entire shorts in one go without the SP going off. This is what BEOT can do when they have access to so many borrowed shares thanks to AusSuper and Vanguard and other long funds.
SYR Price at posting:
68.5¢ Sentiment: Buy Disclosure: Held
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