I agree with your rationale about liquidity and SP movement..
This is the latest daily broker data and as you can see there is some genuine buying support from Macquarie and the shorters (that being expressed by UBS) are supplying.
I have spoken with PMT management and they seem to feel when further funding is required, it will be through strategic so the shorters play book of being supplied stock through a raise is somewhat precarious.
Time will tell.
PMT Price at posting:
44.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)