Yes , I agree that there are plenty of short positions taken and little evidence of short covering at this stage.
I had a quick look at the short position report around the three last share price peaks for ARI ( 29,5c on Jan 8, 21.5c on Mar25, 17.5c on Apr 16). On each occasion , there was no discernible reduction in the net short positions , so I assume that short covering was limited and certainly there was no short covering rally.
Leaves me wondering what sort of price action is required in ARI to spark some serious short covering.
Clearly the shorters have shown in recent times that they remain fairly firm and no doubt they mostly have confidence given the sp crash over the past year. However if the sp rally contiues, at some point they will start to cover (although that may be a few cents away).
My guess is that at 22c, after a 50% sp increase, many shorters will start to reconsider their position. Lets hope we can get to that sp.
FT
ARI Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
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