I'm guessing the shorters were involved in yesterday's drop. Shorters have had a really bad time with AEF this year and they've got to be hurting.
I've plotted the shorts and the share price below. What you see is that there have been three short attacks on AEF in the last year. They occurred Mar 19, Apr 21 and May 28. All three short attacks have failed with prices recovering. The May 28 short attack looked like it was almost a success except for one thing. To make it work, the shorters had to continue selling short for two months while the share price kept on rising. Eventually, they were forced into closing out their positions in the last five weeks, which has contributed to a steeper rise in share price.
I think yesterday's drop is the result of another short attack, but we will know for certain on Monday next week when the data comes through.
AEF Price at posting:
$9.12 Sentiment: Hold Disclosure: Held
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