I give up no reason this should be drifting lower management have started to turn around MYR with Management restructure of loss making stores, Sales increasing and still paying a franked dividend which is tipped to increase. Several broker houses have slapped a buy recommendation on it up to $1.20.
I notice some things haven't changed the shorts are still in control and have been increasing their position the last week.
MYR is in a similar position to MTS where the shorts have been in control for over 12 months in both companies.
However despite the big exposure by the shorts in MTS it is up over 100% of its lows reached and about to crack $2.
The only difference i can find from a trading perspective between the companies is that there has been consistent buying pressure from institutions in MTS, which has kept the shorts from keeping a lid on its price.
Unless one of the instos buys a piece of say at 15% of MYR and puts pressure on the shorts to close out their positions this could conceivably drift further. However with nearly 131 million (831 million shares on issue)of MYR stock shorted equating to nearly 16% if sentiment did change and short positions closed out it could move north at rapid rate.
MYR Price at posting:
$1.12 Sentiment: Buy Disclosure: Held
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