Ann: Trading Halt-SYR.AX, page-175

I’m copying and pasting my conclusion from my last SYR comment below –

“1.6 potential key level that I mentioned many months back seems to be right. Since we had a false break to 1.4, that too could now offer support if we are to go down.
SYR needs to hope that overall macro situation improves
$2 is major resistance on way up
Several resistances on way up (if SYR goes up) including channel line of descending bearish channel, long term descending trendline, $2 major key level, etc.
Falls below $1.4 (if at all) could get very ugly”
https://hotcopper.com.au/threads/ann-trading-halt-syr-ax.2791786/page-174?post_id=36800587

Above was conclusion of my last analysis (quoted comment) on SYR – Dec 9. I've explained far more there.

As we can see, SYR subsequently bottomed again around Christmas time around 1.4. Reason for this IMO was double bottom and earlier break to 1.4 providing support for the double bottom.

As I mentioned, SYR needs overall macro situation to improve. I’ve always mentioned that SYR is highly sensitive to overall macro. Global markets showed sharp improvement over last month, which also led to sharp rise in SYR. I expect overall global macro to continue to influence SYR in 2019

As I also mentioned $2 is major resistance on way up. Breaking it was never going to be easy. This explains why SYR has been moving around 8-10 cents around the $2 mark over last 2 weeks

Lastly, I also mentioned the descending bearish channel which I’ve mentioned for most of my 2018 SYR analysis as this was the dominant them IMO for 2018. If you draw the channel from around March which is where I believe it should be drawn, then we seem to have hit or come very close to hitting the main trendline of the descending channel recently. Taken in conjunction with the fact that this was also major resistance of $2, it would not be surprising to see a hard hit on any bad news. I'd be surprised if shorters did not hit very hard today.

I’ve not even read today’s announcement but all this is just from my earlier analysis and movement over last 1 and half months seems to be in line with expectation. I’m wary of commenting anything on current position unless I read a bit of today's announcement.

Nevertheless, I’ll repeat what I’ve always mentioned from the start. Shorts are still very high at around 17% with SYR ASX most shorted stock again. As I’ve always mentioned, IMHO, shorters were never ever in trouble and talk of shorters burning, squeezing, etc. never happened. Best bet of investors is that shorters eventually get to cover at the lowest possible price and move on.
https://www.shortman.com.au/stock?q=syr
https://www.shortman.com.au/top

Aussiebulls has a sell today
https://www.aussiebulls.com/SignalPage.aspx?lang=en&Ticker=SYR.AX

Disclaimer again that I’ve not read today’s announcement. Just wanted to highlight conclusion of my last analysis around Dec 10 as it seemed pretty spot on to understand what happened over last month. I've explained much more in that analysis.

Good luck.