opportunity?, page-433

Below is a daily chart showing the percentage of capital held in short contracts.  Data sourced from https://www.shortman.com.au/stock?q=igo

As of 26 Oct there was 19.24% of capital shorted or 112.9m short positions.

The chart shows that around 100m of those short positions (around 18% of capital) were probably established at prices < than $4. (My data does not extend to Jan. It is possible, but unlikely, 7% of the current capital shorted could have been established > $4 if the positions were not closed when price dropped to $3 in May or Aug)

I suspect the shorters tried to cap the price rise when it rallied to $4.40 to $4.50 in mid October.  I suspect they pushed the price down to $4 hoping to trigger further selling.  However, today's (1 Nov) rebound to $4.34 (currently $4.16) will severely dent that strategy.

The holders of the 100m short sold shares that were established < $4 are probably feeling very uncomfortable.

At some point, the shorters will need to buy back their 112.9m shares sold short.  This will be difficult with average daily turnover on the ASX of 5m shares (I don't know the turnover on CHI-X).