Syrah Resources (SYR) – “short squeezes” into EOFY
Stock
Syrah Resources (SYR) $3.50 as at 24/05/2018
Event
Graphite producer Syrah Resources (SYR) is the most shorted stock on the ASX with almost 20% of its stock short-sold although this has decreased 1.5% over the week.
The negativity towards SYR appears to stem from scepticism towards the profitability of its Balama project / prices that can be fetched for its graphite.
SYR is not a stock we are considering for any medium / long-term investment although its degree of short-interest cannot be ignored.
Market Matters Take/Outlook
Aggressive traders could consider buying here with stops below $3.30, again solid risk / reward but not a position for MM due to our ambivalence towards SYR.
