From a TA stand point, there is a "gap" between $30 and $26, (on Wednesday of last week), which need to be "filled." I don't know if that will happen on Monday, but it certainly could happen next week. It would not surprise me if IOC close next Friday between 30 and 35.
The fact that ML and others are going forward with the project, is very, very positive. Some have comments that ML has to go forward because of the $130 million it has on the line. That's not the case. If Elk were "dry," (as shorts would have you believe), they would cut their losses, call in the loan, BK IOC, and sell the assets. They're not doing it simply because that "find" is extremely substantial. 3800 psi is incredible.