From my observation, the shorting has been less effective since the low in the SP at 14.5c/15c. Buying pressure has been slowly building since then, while genuine selling appears to have dried up. With pressure building on the buying side, perhaps the shorters will start to cover their positions while trying to accumulate on the way up. Perhaps the name of the game has not been so much about short term profit but about accumulating and ensuring a tight registry.
If Range and Africa Oil are close to giving the green light, the accumulation phase may very soon be over.
Firebird have been happy to accumulate all the way down and no doubt will continue to buy on the way up. If you want a position, you better not leave your run too late, as the registry must be getting pretty tight!
RRS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
