If any whiff of short covering, the SP would rise very quickly when they have to buy back.
Charted MLX on a 2 year chart with a 200 day moving average line to get a longer term view of this. Not surprised & confirms MLX at 89c sitting right ON 200day ma supports. Don't use fibs that often but find it useful fot retracing or faster trading style stocks.
Since the demerger, giving time for the chart to settle down to its new valuation, it has not broken the 200day ma, in LT uptrend, daily or weekly. So pretty confident much more upside possible than downside from here. Would be good to get some indication of the shorters game here though, arguably the bulk of their work has been done as they ve caused the SP to tank 1.20 to 85c and its showing signs that it's just ripe to burst.
MLX Price at posting:
89.0¢ Sentiment: Buy Disclosure: Held
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