Boring day today.It seems the non holders are busily selling...

Boring day today.

It seems the non holders are busily selling rather than buying.


Shorts jumped on Friday last week to 6.6m with ? on Monday 258k gross added Tuesday and only 12k gross added yesterday. Probably a bunch more today trying to kick the price down further.

I guess if you are into self fulling prophecies and are trying to lead the TA followers down or bring on stop loss selling and don't own shares you have the option of shorting when talking rubbish on HC fails to work.

It's a fact that one can sell anything if they are prepared to sell it too cheaply. Shorting is dead easy . Definitely not a sure path to profit.

Based on the daily volumes shorted and the VWAP on those days the 6.6m would have likely been sold at an average price of 6.9c. Sure has worked at pushing the price down but that of course is the easy part of the story.

Our shorter is looking pretty good based on the current price of 6.3c. Sitting on an unrealised profit of 0.6c which is $39,600. Of course that could easily turn into a big loss.

Even without good news popping up adding 6.6m to the buy side could well turn the worm up into a galloping grub which could fly back past 7.3 c in no time.







23/07/24

24/07/24