RE:RE:Violent short squeeze nearingI saw a report on another board that showed that cj's short interest had risen (like most Canadian oil companies over the last month)
Those shorters have to unwind, or risk being taken to the cleaners. It's like anything else -they can take a certain amount of pain as the price rises. But the higher it goes, the more they start freaking out and become part of the buying frenzy.
The shorters pushed it waaaay lower than it should have gone, and they will end up pushing it up waaay higher than it probably should go too.
Like I said, there will be a battle to get through $9, but it'll happen. Whitecap broke through $11 in the same way that cj will break through $9. Then, the shorters will likely panic. It would take several days of large volume for the shorters to cover. When it breaks through $9, $10 will follow relatively quickly as the shorters cover.
We just need oil to cooperate.
in 2015, when oil was at $55ish, I believe cj was closer to $13. This price is crazy at the moment.