Short sellers are continuing to work their magic, shaking shares...

Short sellers are continuing to work their magic, shaking shares from weak hands. The percentage of short sales made over the last 3 days as a percentage of all shares traded has been a very high 21%, 36% and 10%, respectively.

MP1 appears to be an easy target for short sellers since there is reasonably low volume traded except in the event of a price sensitive announcement (which are few and far between), and management only release updates as a matter of procedure and not to protect shareholder interests. The problem with this laid-back approach is the SP can continue to drift lower and lower on no news.

There is strong support at $12 and I expect shorts to be buying back at these low prices. If it breaks lower than $12 then it looks like the next stop is $10.50.