A Look At Tellurian's Delayed Move

Tellurian Inc TELL shares are trading higher by $2.12 (21.5 percent) at $12.10 in Monday's session.

The Street is putting its stamp of approval on the selection of SocGen to provide general financial strategy for development and financing of Driftwood LNG, their 26 million tonnes per annum liquefied Natural Gas project in Louisiana.

The issue hardly reacted to the news on Friday, as the issue only added $0.11 to close at $9.98. However, the news is attracting buyers into the issue in today's session.

After a flat open, it found support just above Friday's low ($9.78) at $9.85 and began to move higher. Those two lows come in just above Thursday's low of $9.69. It has continued to make new highs for the session, with the current one standing at $12.43.

To keep the rally in perspective, Tellurian's stock has been cut in half since it peaked on February 27 at $21.04 and bottomed last Thursday at $9.69.