PNV - Chart, page-7300

I have a hypothesis that the days-to-cover trends can shed some light on the short behaviour and the change in selling pressure in the short term.
The average days-to-cover has been running around 6-6.5 days (30 day average volume) through May and June until recently, even though the # short positions has gradually reduced. I think maybe days-to-cover is set to a given target for various large short sellers depending on perceived upside risk. It has drifted up lately and shows more short-selling risk is being taken as a whole. I am guessing the recent easing of the selling pressure on close is related to capping the days-to-cover to manage risk. This will be more apparent in a week's time.
The lowest price in the 3rd graph better shows the relationship of price to selling pressure.







The higher risk is setting the short positions up for a squeeze if the market gets a very positive result / forward guidance. I think that is quite likely and the upside risk is therefore high.

All IMHO and please DYOR