Sorry for a typo, it was mean to be "If SP can maintain above 90c" (not 80c).
The shortman chart today is interesting As at 1/4, 4.36M = 2.66% shares outstanding which is lower than the day before of 4.4M shares. This means the shorts of 1.52M on 1/4 didn't add to the outstanding shorts on 31/3 (4.4M), implying a 1.56M shares returned on 1/4 ie. a lot of short squeeze (which may explained why the SP reached 93.5c high on 1/4).
Heavy shortings again yesterday, 206K out of 550K = 37%.
SP today is good so far, staying at around high 80c. Hence shorters are obviously taking increasing risks. With SP around 90c, great majority of currently outstanding shorts are losing money.
Can the shorters beat Mr Market? Time will tell. Another bullish announcement will throw the shorters into spin. I cautiously optimistic to expect a material announcement in next 4 weeks or so - like business momentum accelerating or a big jump in monthly revenue or ...?
ZNO Price at posting:
87.0¢ Sentiment: Hold Disclosure: Held
