Well, they have made an announcement regarding commitment to provide capital for construction of a plant, but have made no mention what this will cost and how they will fund it. The market will assume a capital raise will be required to fund this sometime in the future. A CR hanging over a company is rarely good for SP going up.
They should have provided more detail on timing and amounts and funding options otherwise market will assume worst case scenarios. I assume any CR will be a long way off.
From a TA perspective, once the SP stopped going up, all those traders that got caught high would have been an incentive for shorters to come in as they know there will be plenty of supply from trapped traders to close out. The SP needs to follow through or at least consolidate next week. Gap at 119.5 would be good low risk entry, imo. But needs to bounce hard off it.
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