My best guess after the last pop and drop would be for this one to land between 5 and 5.50. That seems to be the pattern this year. Obviously material news would skew that entirely and I think the bolsonaro news is of moderate importance given this political climate.
Small speculative caps are hard to project based on charts. Formal offtakes, direct government intervention, exam financing would catapult.
There's also black swans, trade deal with China etc that could drop the stock.
What I think is important is that this particular resource is heading to construction regardless of anything else. The long term trajectory is there and thus i remain long.
I think full funding news puts us between 14-18 medium term.
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