RE:RE:shorts are covering bigtimequintessence wrote: Actually ideaman happens to be correct.
And, surprisingly so. The consolidation of MEG's recent share price has been shorts covering. So look at the following numbers:
05/02/2016 Short position was 11,342,108
mid May short position increased to 12,893,449 as shorts pushed down the price.
The last two weeks though short position dropped to 10,804,644.
Shorts have manipulated the price down and covered off their positions and it appears they are continuing to cover off. The high WTI price cannot be ignored and 2Q is coming to an end and profits will be higher.
Also, the fear of Access pipeline and possibly merger/takeover. It's getting too complicated to be a short of MEG.
So that leaves the dumb dumbs who have been selling off and helping the shorts cover. Manipulation at it's best.
Let's look for a final rise upwards to where the price should be.
Good luck!
All IMO.
I was thining recently that because of the poor share performance if I get anywhere near my cost of 6.35, I am going to dump it... but Im starting to think there is no harm just to hold it for a few months as I think the shares could be significantly higher. Im going to try and wait it out and see what happens.