Ioneer press release, page-4

Yesterday, when discussing this announcement with an associate, we agreed that today INR would be headed well towards 39.5c.
We agreed that it would do so due to renewed confidence (see announcement) and the market would test for a consensus at current resistance levels.

38.5 to 39.5 appeared to be that next level to test for support/resistance.

And if it pushes through to 40, the market will normally investigate Broker Recommended price estimates.

Just sharing our thoughts after this announcement which should provide a good shake and inject a sense of direction into the marketplace.