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Small Cap Aluminum Name with High Short Float Nears Breakout

by | May 13, 2024

Century Aluminum (CENX) shares of the small cap metals name have a high short float at 19% and a bullish flag setting up with metals strong so could be a squeeze in the making here as the market sees short squeezes so far this week. CENX has shown great strength the past few months and now rebounded off the earnings selloff that lasted a day but found buyers near the 15.50 level. A break above monthly value area of 18 could trigger a swift move towards 20 as the next upside target. CENX still has 1900 June $16 short puts in OI from opening sales on 4/30 and some Sept $12 calls still holding from late Feb buyers that more than tripled.

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