I, like some others, keep track of the total shares short sold. I think that it is significant that total short sales reported have increased by at least 630,000 shares over the last two weeks. Every time short sold shares have dropped below 5 million the share price has run up, most recently the share price passed $2 when short sold shares dropped to 4.7 million shares. Previously the short sellers appeared to be stuck with a core of 3.5 million shares they were unable to cover when the ASX 300 and the strategic metal's indexes rebalanced. The short sellers now appear to be stuck with 5 million shares that they have not been able to cover. As previously commented the current shorts must be hoping for a capital raise to exit. Bring on Dubbo and more positive announcements.
ASM Price at posting:
$1.48 Sentiment: Hold Disclosure: Held
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