still not reconnecting to that 23.50-24.00, so resistance shown...

still not reconnecting to that 23.50-24.00, so resistance shown here but didnt show any support on the way down as I expected.
today another red candle with 21c higher red body 15c neck 26c tail
a wave chart and closing lower meaning the higher open wasnt supported but the daily lows were leaving a long tail & red body
Shorts would not like this chart today but its breakeven for them today.

yes they should pay down debt and refinance.
Should have done it mid to late last year at way lower rates & taken the credit rating upgrade advantage
their 4-5% rate is way high if you look at the US10 year rate of 1.10% last night, last year this rate dropped to 0.6%,
this was a historic chance to refinance this dirty poisonous yankee junk bond debt dirt cheap but once again a chance blown by FMG management who are distracted by plant builds, tugboats capex hydrogen furphys covid bullrun IOP rises & divy yields.

I have been going on about paying down the debt for a while now, but FMG management seem to ignore it.
The debt is US$4.1B, this is quite massive as a quantum but no longer as a ratio to MC as before or anywhere near it was before,
dont be misled, this debt is dangerous and can bring it down hard like the 3 times before.

Paying off the debt should be the No 1 priority especially after the epiphanies FMG & AF have been through as a result of high debt in the past
AGO and many others thought the debt was manageable, till it suddenly wasnt.
Its a legacy issue that wont go away until it is crushed forever.
Wasting money on capex H, massive divys, massive wages, legal staff bonuses and tugboats/plants/refinery could all have been delayed till the debt was 0. They have paid out over $6B in divys but kept the $4B debt?! puzzling.

At least reduce it to $2B & refinance the rest on a 20 year term at AAA grade at 1.7% coupon rate & pay the break penalty regardless.

But no they kept it as is, and I think I know why, this is the remaining CS junk bond debt that it refinanced back in the 2014-2016 epiphany period.
What power does CS have over FMG? Sure CS saved FMG back then but now FMG has to smash the chains from these junk bondholders.

get rid of the debt for good!