2.94 held for 1 3/4 hours....no short is game to hit it as they are all realising they have to cover.
Selling has dried up and real buying and short covering been coming in since 11.30am....it has too.
BSL ...now $2.96...and on its way to 3.07 today easily.
Simply waaaay too many shares to buy back (>2m shares..could be a low estimate btw) in too short a time (3 hours) with real global and local value and index buyers...and crucially global steel stocks up 5% and up around the region...
That means $3.05 for BSL today....
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Volume in BSL has averaged abount 10m shares each day this week. Thats 50m shares approx.
About 1/3 was shorted say 17m shares and some naked shorted for sure... as we all know naked shorting goes on everyday with insto prop desks (though ASIC ignores it..it is illegal)...but we can use it to our advantage.
about 1/2 of that 17m has been covered already this week likely.... that leaves 8m shares approx and about 1/2 again is LT short.
Therefore there may be over 4m shares to cover today but ill be conservative and halve that...so its 2m shares...with US futures flat, Global steel stocks up > 5%BSL is a weekend hold and most Investment banks having valuations around the $4.00 mark so the shorts will be very nervous below $3.00 and have to cover today...as there maybe no shares Monday.
Once $3.00 is broken BSL will rally hard as the Value buyers and Index are active when its about to break 3.00
With only 3 1/2 hours left....pretty sure im right. Looks like IPL last Friday and that screamed higher into the close.
2.94 holding like steel....this must go higher and over $3.00 on the laws of probability with only 1m shares on screen to $3.00 and half of that is usually fake.
