Jul. 27 at 8:33 PM
$BMGL One of the short squeeze candidates. Last week, daily short sale-to-total volume ratios ranged from 20% to 30%, with borrowing rates above 500% every day, indicating that short sellers have been doubling down. There are likely many shares to be covered yet. Such a continuous and intense short-selling activity may have already laid the requisite groundwork for a significant short squeeze.
On the hourly and 4-hourly charts, a falling wedge is visible since July 9th. If they are validated, the price may initially reach
$6.5. With the increasing buying interest and shorts covering, it may reach even higher.
For this stock, previous similar episodes have ended with price spikes, most spectacularly on May 30th and June 2nd, when the price nearly octupled between the lowest and highest levels at one point. During the several low-volume days preceding May 30th, an incessant and high ratio of short-selling had also been observed, just like the last week. Let's see how it unfolds this week
