RE:Short Coveringgeezer21 wrote:
The current 11,748,709 share short a majority put on in a knee jerk reaction when the merger with Marathon was announced last year will likely have to cover now that the market recognizes the merger is acrretive beneficial to shareholders and the share price is now trending up since the deal closed.
With the reversal in the share price into an uptrend shorts will be forced to cover giving more imputus to a rise in the share price.
https://www.canadianinsider.com/short-report?ticker=CXB
https://stockcharts.com/h-sc/ui
Prior to the merger announcement, the short ratio was roughly in the 1.4 - 1.5% range; which based on 717M o/s would equate to a new range of 10M - 10.7M, so we will see in the next update if they revert to the mean or remain more aggressive. The USD flag on the daily still portends a gold pullback but let's see... regional banks canary in the coal mine?