the reality is that the shorts have been in control since PMT double topped in June 2023. They haven't really had their position put under pressure until last night. With that in mind, the shorts that have been pressing their positions down to 25c seriously need to reevaluate post recent M&A in the sector and last nights premium placement to a major auto player. Western countries/companies seem to be finally getting serious about investing in ex China supply chains while at the same time, China EV production continues to surge ahead. Note this week BYD announced Xi'an factory has achieved the annual production target of 1 million vehicles, ~4000 cars a day, marking the first time the facility to cross this output volume in a single year.
PMT Price at posting:
36.8¢ Sentiment: Hold Disclosure: Held
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