NDP Special Offer! Will AEM share price become the next fairytale of SGX? Following the release of the 3rd quarter business update, AEM share price (SGX: AWX) has been in rocket form in recent weeks. The bullish form of AEM share price sent the counter to a record high of $5.22 on 30 November. Based on the current run of AEM share price, there is a good chance that the stock could knock iFAST off the perch to become the best performing SGX stock of the year.
Despite the positive business outlook, AEM share price has been rocked by the recent market turmoil caused by the Omicron variant. Amid the market chaos, AEM filed an SGX disclosure that Temasek Holdings purchased 443,700 shares from the market on 25 November. Although the shares were bought before the Omicron variant news, it provided much stabilizing support for AEM share price.
My vision for AEM share price is that it would become a $10 stock in SGX Mainboard. Having a conviction is important in stock investing as it can provide a calming effect when the share price movements are not in your favor. Obviously, the current AEM share price is still some way off my target level but my conviction is not based on blind faith.
First off, the bullish form of AEM share price had fended off short-selling attacks. According to data pulled from Monetary Authority of Singapore (MAS) Short Position Reporting System (SPRS), open short positions against AEM share price fell to a low of 1.77 million as of 19 November 2021. Prior to this, the open short positions amounted to a staggering 8.4 million as of 8 October 2021.
The presence of short-sellers can exacerbate the downtrend of stock movements. As in the case of the recent …Read more