That said, using the raw data as it is.....
The Weekly chart below does suggest someone or some groups may have unloaded some pretty decent sized positions.
This began early November last year, and continuing through to mid January this year.
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There was however an attempt to support the market recently (a month back), which came in around the 120 -127cps levels. Although I have no idea if this support will be strong enough to hold it at this stage......it all depends on how much supply continues to be drawn out over the coming weeks. There is likely to be a negative influence over any rise in price in the near term. So the best thing that can probably happen here (if what I have written so far is true), is for price to spend some time in recovery mode and consolidate sideways for a period, preferably around that 120cps level. There is however an older potential support zone which I shaded on the chart, just below the current price, beginning around 115.5cps. And although the potential support appears to last down to 98cps, it appears to be strongest at around 109-110cps, and then fades down to 98cps from there. So if price continues to pull back, you would prefer price to hold on around the 110cps level, and not need to test much below that, or the support may appear tenuous, and price would become vulnerable.
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The short chart below that has not seen any really serious daily shorting behaviour, although short interest (yellow) has risen during that questionable period, which may (or may not) reflect some hedging to protect long positions.
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The first chart below is a weekly chart, as that is much more clear to read when compared to the daily chart.
click to expand
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The daily chart below shows daily shorts in red, total short interest in yellow, normal volume in blue, and gaps are the hollow part of the bar.
click to expand.
