Really good point @asx_dude - I was literally taking some chart...

Really good point @asx_dude - I was literally taking some chart snapshots to post the same sort of thing when your post popped up. I don't think it's unusual for the level of shorts to be increasing as the downtrend became more obvious to more people. The clever ones probably did get in early, more jumped in as the "(down)trend was their friend", and just like in a long bull run the FOMO short traders who can't resist any longer finally join the ride - often very late and signalling the beginning of the end of the trend.

Back in September there was a significant change in behavior (circled orange) where there appeared to be an unusual increase in demand to absorb the selling. I posted this at the time ( https://hotcopper.com.au/posts/40396185/single ) and it looks to me like this could have been some profit taking or paring back some large short positions (managing risk) by some larger, smarter shorts. This set up a "preliminary support" zone which has become a high volume trading area signified by the orange box where price sits at the moment.

So today and days coming up should be interesting- I have no idea how things will play out with all the negative virus and economic talk, but one thing is very clear from yesterday, and will be very obvious to traders of all description. There was huge support at the bottoms yesterday, price spending less than 20 minutes below 96c and over 40% of the days volume between 94c and 97c. There has been a great big sign erected at the 97c level that says "SELLERS BEWARE, BUYERS GO HERE". The rest of the day was a relaxed stroll at low volume back up and easily through $1, without seeing any serious selling until a pause between $1.01 and $1.02, and then finding a close at $1.04.

Again looking at three charts, you can see GXY, ORE and PLS all smacking price out of their respective "demand zones" and finally kissing the bottom of their wedges. After all that bottom kissing, how do they look for the short time ahead? You can see GXY and ORE rejected the excursion in to their demand zones more strongly and quickly than PLS, with ORE in the relatively strongest position by closing above it's 50EMA. PLS looks the weakest (relatively) as it's wedge is still smack in the middle of the previous trading range to the left and had the highest volume relative to the last couple of days, suggesting that there was a higher level of selling interest at the lower prices. So GXY and even more so ORE appear to have a few more levels of potential support below where price sits at the moment.

There was enough volume with all three to suggest that price will want to re-visit below to test for willing sellers again, but hopefully yesterdays trading was a clear enough signal for buyers to start jumping in early before the 97c level and work it's way up again. We shall see!