Crowded-Short Breakout

Heavily shorted stocks clearing resistance on heavy volume, where short sellers may be forced to buy back.

Prices to 25 September 2026 · fundamentals for 0 of 1,761 stocks · ASIC shorts T+4 · Not financial advice

Market regime · S&P/ASX 200 (XJO)

Downtrendas of 25 September 2026

Close: 8,665.0
vs 50-day: −3.4%
vs 200-day: −1.8%
Off 52w high: −6.8%

Caution: XJO is below its 200-day average. This strategy does not require a rising market, but follow-through is weaker in a falling one.

Ranked picks

PassFailUnknown (data missing)

Dots follow the rule order: 1 Crowded short · 2 Days to cover · 3 Breakout on heavy volume · 4 Market direction · 5 Liquid enough to trade · 6 Relative strength. Hover a dot for the evidence.

Showing 62 of 1,346 ranked stocks. Triggered and setup first.

Crowded-Short Breakout: ranked ASX picks
Rank	Stock	Status	Score	Rules	Close	Pivot	Base	Vol	Rev YoY	EPS YoY	RS 3m	Short
1	ELDElders	Setup	59	1. Crowded short: pass. 10.21% of shares on issue reported short 2. Days to cover: pass. 21.7 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$6.78 pivot on 1.5x volume in the last 5 sessions; close is -5.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$7.1m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 28.6 points over 3 months	$6.38	$6.78	19.3% · 14d	0.5×	n/a	n/a	+28.6pp	10.21%
2	DMPDomino'S Pizza Enterprises	Setup	59	1. Crowded short: pass. 11.71% of shares on issue reported short 2. Days to cover: pass. 22.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$21.23 pivot on 1.5x volume in the last 5 sessions; close is -9.6% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$8.0m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 19.5 points over 3 months	$19.20	$21.23	18.2% · 19d	0.4×	n/a	n/a	+19.5pp	11.71%
3	TWETreasury Wine Estates	Setup	58	1. Crowded short: pass. 10.72% of shares on issue reported short 2. Days to cover: pass. 27.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$5.99 pivot on 1.5x volume in the last 5 sessions; close is -9.5% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$17.5m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 15.5 points over 3 months	$5.42	$5.99	18.2% · 30d	0.5×	n/a	n/a	+15.5pp	10.72%
4	GMDGenesis Minerals	Setup	57	1. Crowded short: pass. 8.15% of shares on issue reported short 2. Days to cover: pass. 13.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$8.84 pivot on 1.5x volume in the last 5 sessions; close is -13.5% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$55.2m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 44.8 points over 3 months	$7.65	$8.84	36.2% · 23d	0.7×	n/a	n/a	+44.8pp	8.15%
5	BOEBoss Energy	Setup	57	1. Crowded short: pass. 12.79% of shares on issue reported short 2. Days to cover: pass. 6.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$1.86 pivot on 1.5x volume in the last 5 sessions; close is -16.7% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$11.6m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 47.2 points over 3 months	$1.55	$1.86	36.6% · 22d	0.9×	n/a	n/a	+47.2pp	12.79%
6	TLXTelix Pharmaceuticals	Setup	55	1. Crowded short: pass. 10.61% of shares on issue reported short 2. Days to cover: pass. 16.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$18.22 pivot on 1.5x volume in the last 5 sessions; close is -12.7% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$41.1m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 2.4 points over 3 months	$15.90	$18.22	23.4% · 26d	0.8×	n/a	n/a	+2.4pp	10.61%
7	MI6Minerals 260	Setup	55	1. Crowded short: pass. 9.63% of shares on issue reported short 2. Days to cover: pass. 12.4 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.99 pivot on 1.5x volume in the last 5 sessions; close is -5.1% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$15.7m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 14.2 points over 3 months	$0.94	$0.99	41.4% · 22d	0.4×	n/a	n/a	+14.2pp	9.63%
8	WTCWisetech Global	Setup	54	1. Crowded short: pass. 10.19% of shares on issue reported short 2. Days to cover: pass. 19.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$45.60 pivot on 1.5x volume in the last 5 sessions; close is -31.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$58.6m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 0.8 points over 3 months	$31.33	$45.60	31.7% · 23d	0.7×	n/a	n/a	+0.8pp	10.19%
9	EOSElectro Optic Systems Holdings	Setup	54	1. Crowded short: pass. 10.52% of shares on issue reported short 2. Days to cover: pass. 8.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$11.98 pivot on 1.5x volume in the last 5 sessions; close is -5.5% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$23.8m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 18.9 points over 3 months	$11.32	$11.98	46.6% · 21d	1.5×	n/a	n/a	+18.9pp	10.52%
10	RHCRamsay Health Care	Setup	53	1. Crowded short: pass. 5.51% of shares on issue reported short 2. Days to cover: pass. 11.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$55.98 pivot on 1.5x volume in the last 5 sessions; close is -1.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$57.0m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 30.4 points over 3 months	$55.31	$55.98	22.4% · 6d	0.5×	n/a	n/a	+30.4pp	5.51%
11	GYGGuzman Y Gomez	Setup	52	1. Crowded short: pass. 6.03% of shares on issue reported short 2. Days to cover: pass. 14.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$30.11 pivot on 1.5x volume in the last 5 sessions; close is -18.6% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$8.5m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 19.4 points over 3 months	$24.50	$30.11	22.8% · 23d	0.7×	n/a	n/a	+19.4pp	6.03%
12	ACLAustralian Clinical Labs	Setup	52	1. Crowded short: pass. 5.09% of shares on issue reported short 2. Days to cover: pass. 15.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.03 pivot on 1.5x volume in the last 5 sessions; close is -8.6% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$1.5m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 25.7 points over 3 months	$2.77	$3.03	24.1% · 25d	0.4×	n/a	n/a	+25.7pp	5.09%
13	CU6Clarity Pharmaceuticals	Setup	52	1. Crowded short: pass. 8.50% of shares on issue reported short 2. Days to cover: pass. 17.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$2.96 pivot on 1.5x volume in the last 5 sessions; close is -28.7% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$3.9m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 4.4 points over 3 months	$2.11	$2.96	32.1% · 37d	0.6×	n/a	n/a	+4.4pp	8.50%
14	MSBMesoblast	Setup	51	1. Crowded short: pass. 7.35% of shares on issue reported short 2. Days to cover: pass. 38.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$2.58 pivot on 1.5x volume in the last 5 sessions; close is -16.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$5.4m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 4.8 points over 3 months	$2.16	$2.58	22.1% · 26d	0.5×	n/a	n/a	+4.8pp	7.35%
15	BPTBeach Energy	Setup	51	1. Crowded short: pass. 7.47% of shares on issue reported short 2. Days to cover: pass. 14.3 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.93 pivot on 1.5x volume in the last 5 sessions; close is -9.7% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$10.2m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 2.2 points over 3 months	$0.84	$0.93	11.8% · 40d	0.6×	n/a	n/a	+2.2pp	7.47%
16	CATCatapult Sports	Setup	51	1. Crowded short: pass. 6.76% of shares on issue reported short 2. Days to cover: pass. 22.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.80 pivot on 1.5x volume in the last 5 sessions; close is -17.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$2.9m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 8.9 points over 3 months	$3.14	$3.80	25.0% · 34d	0.4×	n/a	n/a	+8.9pp	6.76%
17	DGTDigico Infrastructure Reit	Setup	50	1. Crowded short: pass. 6.16% of shares on issue reported short 2. Days to cover: pass. 21.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$2.94 pivot on 1.5x volume in the last 5 sessions; close is -16.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$4.4m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 4.8 points over 3 months	$2.46	$2.94	18.4% · 29d	0.6×	n/a	n/a	+4.8pp	6.16%
18	PNVPolynovo	Setup	49	1. Crowded short: pass. 7.32% of shares on issue reported short 2. Days to cover: pass. 29.4 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$1.17 pivot on 1.5x volume in the last 5 sessions; close is -18.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$1.4m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 2.0 points over 3 months	$0.95	$1.17	27.4% · 21d	0.3×	n/a	n/a	+2.0pp	7.32%
19	ORAOrora	Setup	49	1. Crowded short: pass. 6.25% of shares on issue reported short 2. Days to cover: pass. 16.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$1.56 pivot on 1.5x volume in the last 5 sessions; close is -10.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.6m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 0.2 points over 3 months	$1.39	$1.56	12.2% · 38d	0.6×	n/a	n/a	+0.2pp	6.25%
20	BENBendigo And Adelaide Bank	Setup	49	1. Crowded short: pass. 5.27% of shares on issue reported short 2. Days to cover: pass. 18.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$11.62 pivot on 1.5x volume in the last 5 sessions; close is -11.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$15.9m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 0.7 points over 3 months	$10.32	$11.62	13.4% · 40d	0.4×	n/a	n/a	+0.7pp	5.27%
21	CYLCatalyst Metals	Setup	48	1. Crowded short: pass. 5.78% of shares on issue reported short 2. Days to cover: pass. 8.8 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$7.10 pivot on 1.5x volume in the last 5 sessions; close is -17.0% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$11.3m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 14.2 points over 3 months	$5.89	$7.10	24.8% · 24d	0.7×	n/a	n/a	+14.2pp	5.78%
22	DRODroneshield	Setup	47	1. Crowded short: pass. 14.30% of shares on issue reported short 2. Days to cover: pass. 11.8 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$2.34 pivot on 1.5x volume in the last 5 sessions; close is -31.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$14.5m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 32.2 points over 3 months	$1.61	$2.34	32.9% · 36d	0.5×	n/a	n/a	−32.2pp	14.30%
23	4DX4dmedical	Setup	47	1. Crowded short: pass. 12.01% of shares on issue reported short 2. Days to cover: pass. 19.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$4.99 pivot on 1.5x volume in the last 5 sessions; close is -19.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$14.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 11.5 points over 3 months	$4.00	$4.99	35.5% · 36d	0.4×	n/a	n/a	−11.5pp	12.01%
24	PLSPls Group	Setup	47	1. Crowded short: pass. 11.74% of shares on issue reported short 2. Days to cover: pass. 14.8 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$5.55 pivot on 1.5x volume in the last 5 sessions; close is -30.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$114.1m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 27.7 points over 3 months	$3.84	$5.55	29.4% · 24d	1.7×	n/a	n/a	−27.7pp	11.74%
25	IPXIperionx	Setup	46	1. Crowded short: pass. 12.39% of shares on issue reported short 2. Days to cover: pass. 20.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.83 pivot on 1.5x volume in the last 5 sessions; close is -27.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.4m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 27.0 points over 3 months	$2.76	$3.83	35.2% · 33d	0.5×	n/a	n/a	−27.0pp	12.39%
26	PDNPaladin Energy	Setup	46	1. Crowded short: pass. 10.58% of shares on issue reported short 2. Days to cover: pass. 16.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$12.88 pivot on 1.5x volume in the last 5 sessions; close is -25.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$29.0m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 1.0 points over 3 months	$9.55	$12.88	28.6% · 22d	0.9×	n/a	n/a	−1.0pp	10.58%
27	LYCLynas Rare Earths	Setup	45	1. Crowded short: pass. 10.24% of shares on issue reported short 2. Days to cover: pass. 27.3 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$17.31 pivot on 1.5x volume in the last 5 sessions; close is -17.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$56.9m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 23.0 points over 3 months	$14.22	$17.31	22.4% · 33d	0.5×	n/a	n/a	−23.0pp	10.24%
28	INAIngenia Communities Group	Setup	45	1. Crowded short: pass. 5.21% of shares on issue reported short 2. Days to cover: pass. 7.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$4.63 pivot on 1.5x volume in the last 5 sessions; close is -2.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$10.8m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 4.2 points over 3 months	$4.50	$4.63	24.6% · 36d	1.0×	n/a	n/a	+4.2pp	5.21%
29	RIORio Tinto	Setup	45	1. Crowded short: pass. 9.79% of shares on issue reported short 2. Days to cover: pass. 37.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$182.70 pivot on 1.5x volume in the last 5 sessions; close is -9.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$156.4m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 2.1 points over 3 months	$164.85	$182.70	10.4% · 24d	0.8×	n/a	n/a	−2.1pp	9.79%
30	FLTFlight Centre Travel Group	Setup	44	1. Crowded short: pass. 10.42% of shares on issue reported short 2. Days to cover: pass. 14.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$13.82 pivot on 1.5x volume in the last 5 sessions; close is -26.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$15.2m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 14.6 points over 3 months	$10.18	$13.82	26.0% · 37d	0.6×	n/a	n/a	−14.6pp	10.42%
31	LOTLotus Resources	Setup	44	1. Crowded short: pass. 14.80% of shares on issue reported short 2. Days to cover: pass. 8.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.31 pivot on 1.5x volume in the last 5 sessions; close is -19.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$2.2m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 61.2 points over 3 months	$0.25	$0.31	35.5% · 2d	0.2×	n/a	n/a	−61.2pp	14.80%
32	NXTNextdc	Setup	43	1. Crowded short: pass. 8.38% of shares on issue reported short 2. Days to cover: pass. 15.8 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$14.97 pivot on 1.5x volume in the last 5 sessions; close is -25.1% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$51.4m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 22.9 points over 3 months	$11.21	$14.97	26.7% · 31d	0.6×	n/a	n/a	−22.9pp	8.38%
33	BRGBreville Group	Setup	43	1. Crowded short: pass. 8.71% of shares on issue reported short 2. Days to cover: pass. 30.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$35.48 pivot on 1.5x volume in the last 5 sessions; close is -15.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$13.0m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 3.7 points over 3 months	$30.00	$35.48	18.5% · 36d	0.7×	n/a	n/a	−3.7pp	8.71%
34	EDVEndeavour Group	Setup	43	1. Crowded short: pass. 8.30% of shares on issue reported short 2. Days to cover: pass. 30.8 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.70 pivot on 1.5x volume in the last 5 sessions; close is -19.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$13.9m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 8.4 points over 3 months	$2.99	$3.70	22.2% · 35d	0.8×	n/a	n/a	−8.4pp	8.30%
35	LLCLendlease Group	Setup	43	1. Crowded short: pass. 8.62% of shares on issue reported short 2. Days to cover: pass. 19.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.19 pivot on 1.5x volume in the last 5 sessions; close is -24.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$8.8m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 23.3 points over 3 months	$2.40	$3.19	23.8% · 36d	1.1×	n/a	n/a	−23.3pp	8.62%
36	HLSHealius	Setup	43	1. Crowded short: pass. 5.01% of shares on issue reported short 2. Days to cover: pass. 5.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.51 pivot on 1.5x volume in the last 5 sessions; close is -25.5% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$3.0m average daily turnover over 20 sessions 6. Relative strength: pass. Beat the S&P/ASX 200 by 6.5 points over 3 months	$0.38	$0.51	29.4% · 26d	2.7×	n/a	n/a	+6.5pp	5.01%
37	TLCThe Lottery	Setup	43	1. Crowded short: pass. 7.52% of shares on issue reported short 2. Days to cover: pass. 16.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$5.66 pivot on 1.5x volume in the last 5 sessions; close is -15.0% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$52.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 12.7 points over 3 months	$4.81	$5.66	16.1% · 40d	1.1×	n/a	n/a	−12.7pp	7.52%
38	DYLDeep Yellow	Setup	42	1. Crowded short: pass. 8.54% of shares on issue reported short 2. Days to cover: pass. 14.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$1.85 pivot on 1.5x volume in the last 5 sessions; close is -32.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$7.9m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 13.4 points over 3 months	$1.25	$1.85	32.4% · 22d	1.0×	n/a	n/a	−13.4pp	8.54%
39	IPHIph	Setup	42	1. Crowded short: pass. 8.77% of shares on issue reported short 2. Days to cover: pass. 18.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$4.42 pivot on 1.5x volume in the last 5 sessions; close is -24.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$3.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 12.3 points over 3 months	$3.35	$4.42	28.3% · 38d	1.0×	n/a	n/a	−12.3pp	8.77%
40	A2MThe A2 Milk Company	Setup	42	1. Crowded short: pass. 7.01% of shares on issue reported short 2. Days to cover: pass. 25.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$7.26 pivot on 1.5x volume in the last 5 sessions; close is -8.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$13.4m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 5.4 points over 3 months	$6.65	$7.26	16.0% · 40d	0.5×	n/a	n/a	−5.4pp	7.01%
41	AUBAub Group	Setup	42	1. Crowded short: pass. 7.28% of shares on issue reported short 2. Days to cover: pass. 14.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$30.89 pivot on 1.5x volume in the last 5 sessions; close is -13.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$18.9m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 4.4 points over 3 months	$26.78	$30.89	14.2% · 23d	1.0×	n/a	n/a	−4.4pp	7.28%
42	ZIPZip Co Limited..	Setup	42	1. Crowded short: pass. 10.96% of shares on issue reported short 2. Days to cover: pass. 7.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.11 pivot on 1.5x volume in the last 5 sessions; close is -36.0% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$41.6m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 31.1 points over 3 months	$1.99	$3.11	38.3% · 26d	1.0×	n/a	n/a	−31.1pp	10.96%
43	CUVClinuvel Pharmaceuticals	Setup	41	1. Crowded short: pass. 8.84% of shares on issue reported short 2. Days to cover: pass. 25.4 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$11.13 pivot on 1.5x volume in the last 5 sessions; close is -27.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$1.3m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 19.2 points over 3 months	$8.02	$11.13	28.8% · 26d	1.5×	n/a	n/a	−19.2pp	8.84%
44	SLXSilex Systems	Setup	41	1. Crowded short: pass. 7.62% of shares on issue reported short 2. Days to cover: pass. 14.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$6.11 pivot on 1.5x volume in the last 5 sessions; close is -28.0% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$7.3m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 18.6 points over 3 months	$4.40	$6.11	32.4% · 21d	0.5×	n/a	n/a	−18.6pp	7.62%
45	DVPDevelop Global	Setup	41	1. Crowded short: pass. 6.64% of shares on issue reported short 2. Days to cover: pass. 16.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$5.90 pivot on 1.5x volume in the last 5 sessions; close is -9.8% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 12.1 points over 3 months	$5.32	$5.90	22.7% · 21d	0.4×	n/a	n/a	−12.1pp	6.64%
46	CIAChampion Iron	Setup	40	1. Crowded short: pass. 6.35% of shares on issue reported short 2. Days to cover: pass. 15.6 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.70 pivot on 1.5x volume in the last 5 sessions; close is -15.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$7.8m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 18.9 points over 3 months	$3.11	$3.70	17.8% · 40d	0.9×	n/a	n/a	−18.9pp	6.35%
47	SIGSigma Healthcare	Setup	40	1. Crowded short: pass. 5.26% of shares on issue reported short 2. Days to cover: pass. 26.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.00 pivot on 1.5x volume in the last 5 sessions; close is -14.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$63.5m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 7.3 points over 3 months	$2.57	$3.00	17.7% · 40d	0.7×	n/a	n/a	−7.3pp	5.26%
48	VULVulcan Energy Resources	Setup	40	1. Crowded short: pass. 7.51% of shares on issue reported short 2. Days to cover: pass. 13.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.16 pivot on 1.5x volume in the last 5 sessions; close is -38.0% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.6m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 36.2 points over 3 months	$1.96	$3.16	35.1% · 33d	1.9×	n/a	n/a	−36.2pp	7.51%
49	NANNanosonics	Setup	39	1. Crowded short: pass. 7.08% of shares on issue reported short 2. Days to cover: pass. 13.1 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.73 pivot on 1.5x volume in the last 5 sessions; close is -20.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$3.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 9.1 points over 3 months	$2.95	$3.73	29.2% · 34d	0.8×	n/a	n/a	−9.1pp	7.08%
50	ILUIluka Resources	Setup	39	1. Crowded short: pass. 5.72% of shares on issue reported short 2. Days to cover: pass. 12.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$7.49 pivot on 1.5x volume in the last 5 sessions; close is -21.6% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$11.8m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 17.3 points over 3 months	$5.87	$7.49	21.9% · 34d	0.8×	n/a	n/a	−17.3pp	5.72%
51	LICLifestyle Communities	Setup	39	1. Crowded short: pass. 6.30% of shares on issue reported short 2. Days to cover: pass. 32.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$6.08 pivot on 1.5x volume in the last 5 sessions; close is -28.1% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$1.2m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 11.6 points over 3 months	$4.37	$6.08	26.6% · 25d	0.7×	n/a	n/a	−11.6pp	6.30%
52	TYRTyro Payments	Setup	39	1. Crowded short: pass. 6.39% of shares on issue reported short 2. Days to cover: pass. 16.9 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.91 pivot on 1.5x volume in the last 5 sessions; close is -24.2% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$1.1m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 12.8 points over 3 months	$0.69	$0.91	26.4% · 37d	0.7×	n/a	n/a	−12.8pp	6.39%
53	AGLAgl Energy Limited.	Setup	38	1. Crowded short: pass. 5.00% of shares on issue reported short 2. Days to cover: pass. 12.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$9.03 pivot on 1.5x volume in the last 5 sessions; close is -11.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$20.5m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 3.5 points over 3 months	$8.01	$9.03	9.9% · 30d	0.7×	n/a	n/a	−3.5pp	5.00%
54	SDRSiteminder	Setup	38	1. Crowded short: pass. 7.79% of shares on issue reported short 2. Days to cover: pass. 9.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$4.20 pivot on 1.5x volume in the last 5 sessions; close is -37.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$4.8m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 32.5 points over 3 months	$2.61	$4.20	37.4% · 23d	0.9×	n/a	n/a	−32.5pp	7.79%
55	CBOCobram Estate Olives	Setup	38	1. Crowded short: pass. 5.53% of shares on issue reported short 2. Days to cover: pass. 12.3 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$3.67 pivot on 1.5x volume in the last 5 sessions; close is -25.1% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.3m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 29.1 points over 3 months	$2.75	$3.67	31.3% · 33d	0.3×	n/a	n/a	−29.1pp	5.53%
56	ARBArb Corporation Limited.	Setup	38	1. Crowded short: pass. 5.54% of shares on issue reported short 2. Days to cover: pass. 12.3 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$23.49 pivot on 1.5x volume in the last 5 sessions; close is -24.3% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$5.3m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 5.5 points over 3 months	$17.78	$23.49	23.7% · 23d	0.6×	n/a	n/a	−5.5pp	5.54%
57	GDGGeneration Development Group	Setup	37	1. Crowded short: pass. 6.74% of shares on issue reported short 2. Days to cover: pass. 9.2 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$4.26 pivot on 1.5x volume in the last 5 sessions; close is -35.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$8.5m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 20.5 points over 3 months	$2.75	$4.26	33.3% · 40d	0.4×	n/a	n/a	−20.5pp	6.74%
58	XROXero	Setup	37	1. Crowded short: pass. 5.60% of shares on issue reported short 2. Days to cover: pass. 9.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$89.54 pivot on 1.5x volume in the last 5 sessions; close is -35.9% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$67.0m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 14.5 points over 3 months	$57.36	$89.54	35.8% · 24d	1.3×	n/a	n/a	−14.5pp	5.60%
59	MFGMagellan Financial Group	Setup	37	1. Crowded short: pass. 5.52% of shares on issue reported short 2. Days to cover: pass. 9.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$11.12 pivot on 1.5x volume in the last 5 sessions; close is -27.1% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$14.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 17.4 points over 3 months	$8.11	$11.12	26.4% · 33d	0.7×	n/a	n/a	−17.4pp	5.52%
60	A4NAlpha Hpa	Setup	37	1. Crowded short: pass. 6.22% of shares on issue reported short 2. Days to cover: pass. 9.0 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$0.67 pivot on 1.5x volume in the last 5 sessions; close is -10.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$6.6m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 12.1 points over 3 months	$0.60	$0.67	29.9% · 17d	0.6×	n/a	n/a	−12.1pp	6.22%
61	AYAArtrya	Setup	34	1. Crowded short: pass. 5.85% of shares on issue reported short 2. Days to cover: pass. 5.5 days of average volume to cover 3. Breakout on heavy volume: fail. No close above the A$5.19 pivot on 1.5x volume in the last 5 sessions; close is -26.6% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$7.7m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 26.9 points over 3 months	$3.81	$5.19	41.8% · 26d	0.7×	n/a	n/a	−26.9pp	5.85%
62	LTRLiontown	Setup	26	1. Crowded short: pass. 5.70% of shares on issue reported short 2. Days to cover: fail. 4.0 days of average volume to cover, under 5 3. Breakout on heavy volume: fail. No close above the A$1.35 pivot on 1.5x volume in the last 5 sessions; close is -30.4% from the pivot 4. Market direction: fail. XJO in a downtrend: below its 200-day average 5. Liquid enough to trade: pass. A$48.1m average daily turnover over 20 sessions 6. Relative strength: fail. Lagged the S&P/ASX 200 by 45.6 points over 3 months	$0.94	$1.35	30.4% · 29d	0.8×	n/a	n/a	−45.6pp	5.70%

Pivot is the top of the base: the breakout level, and the exit if the price closes back below it. Growth compares the latest reported period with the same period a year earlier. "n/a" means we do not hold the figure, never that it is zero.

The method

Crowded-Short Breakout · Shorted

This is our own strategy, built on the dataset Shorted exists to publish: the daily short positions that short sellers must report to ASIC. It looks for the moment a crowded short trade starts to go wrong for the people in it.

When a large share of a company's stock has been sold short and the price breaks out of a base on heavy volume, short sellers face mounting losses. Buying shares back to close those positions adds demand at exactly the moment the price is already rising, and the more days of normal trading it would take for every short seller to cover, the sharper that squeeze can be.

The screen requires meaningful short interest (at least 5% of shares on issue) and a fresh breakout on volume. Days to cover, relative strength and the market trend add to the score. Heavy short interest is not a buy signal on its own: short sellers are often right, and a crowded short with no breakout is a warning, not an opportunity.

Metadata

Style: short-squeeze-breakout
Holding period: Days to weeks
Risk posture: Exit if the price closes back inside the base, below the pivot; squeezes reverse as quickly as they start.
Universe: ASX equities with at least 60 sessions of price history; only those with at least A$250,000 average daily turnover can trigger, and a reported short position of at least 5% to trigger
Refresh cadence: Daily, after the evening price sweep
Rules: 6

The rules

Every rule resolves to pass, fail or unknown for every stock. Unknown means the data is missing: it never counts as a pass, and a stock cannot trigger while a core rule is unknown. Rules marked scoring only order the list without gating it.

Rule 1: Crowded short
CoreData source: ASIC short positions
The rule
A large share of the company's stock has been sold short.
How we test it
Pass when the latest ASIC reported short position is at least 5% of shares on issue. Fail when it is lower or when no short position is reported.
Rule 2: Days to cover
Scoring onlyData source: ASIC short positions
The rule
Short sellers would need many days of normal trading to buy their shares back.
How we test it
Pass when the reported short position divided by the 20-day average daily volume is at least 5 days. Fail when no short position is reported; unknown when there is no recent volume to divide by.
Rule 3: Breakout on heavy volume
CoreData source: Daily prices
The rule
The price breaks out of a base on heavy volume, the moment covering pressure starts to build.
How we test it
Pass when any of the last 5 sessions closed above the highest high of the 40 sessions before it, on volume at least 1.5 times the 50-day average. That prior 40-session high is the pivot, and we report it as the level a failed breakout falls back through. Unknown when the breakout cannot be measured from price history.
Rule 4: Market direction
Scoring onlyData source: S&P/ASX 200 index
The rule
A rising market adds buyers. Squeezes can still run in a weak market, but they follow through less often.
How we test it
Read from the S&P/ASX 200 (XJO): uptrend when the index closes above its 50-day average and the 50-day is above the 200-day; neutral when it closes above the 200-day but that stack is not in place; downtrend when it closes below the 200-day. Pass on uptrend or neutral, fail on downtrend, unknown when there is not enough recent index data (fewer than 200 sessions) to read the trend. Here it adds to the score but does not block a trigger.
Rule 5: Liquid enough to trade
CoreData source: Daily prices
The rule
Squeezes move fast, so the stock must trade enough to get in and out.
How we test it
Pass when the average daily turnover (close times volume) over the last 20 sessions is at least A$250,000. The same floor excludes sub-cent stocks, whose prices are stored to 2 decimal places and are too coarse to measure. Unknown without 20 sessions of price and volume.
Rule 6: Relative strength
Scoring onlyData source: Daily prices
The rule
The stock is already outperforming the market.
How we test it
Pass when the stock's 3-month return beats the S&P/ASX 200's 3-month return, that is, relative strength above zero. Unknown without 3 months of price history.

What this cannot see

ASIC publishes short positions four trading days after the date they are held, so the short figure is always a few days old.
Reported short positions are net and cover only reportable positions; they are not every short sale in the market.
Days to cover divides the latest reported short position by a 20-day average volume, so it moves as either changes.
Heavy short interest often reflects real problems at the company. A breakout can fail, and a stock short sellers are right about can keep falling.
Everything is measured on end-of-day prices after the evening sweep. We do not see intraday breakouts, the time of day a move happened, or news released after the close.
Prices are stored to 2 decimal places, so sub-cent stocks cannot be measured reliably; the A$250,000 turnover floor excludes them.
This is a screen, not a recommendation. Nothing here is financial advice.

Crowded-Short Breakout

Ranked picks

The method

Metadata

The rules

Rule 1: Crowded short

Rule 2: Days to cover

Rule 3: Breakout on heavy volume

Rule 4: Market direction

Rule 5: Liquid enough to trade

Rule 6: Relative strength

What this cannot see

Other strategies