Tomorrow and Thursday we should see more reliable short numbers for what they still have outstanding. Assuming it's a sizeable number as we suspect (1.5mil+, which is about 3x the current sell side, and who knows how many of them sells are genuine), we may see some buyers start to up the bids if so in anticipation of what it may lead to.
I'm happy enough that buyers stand firm and ensure the price isn't lowered and then begin to gradually chase it up. No point having a day we rally buying non shorted stock only for them to whack it down the next day in my view, but a rapid rise to 40c would be interesting to see the outcome. I'd like to see the base that has been built (assuming these are actually mostly genuine buys) gradually push to 30c, see the reaction, then go on a steady push to 40c.
Any chance we get some drilling results in the next few weeks or another announcement to act as a catalyst?
NZC Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
