The electricity company is looking to restructure upwards after a disastrous month of September.
After several relative lows around 8.60 euros and a violent bullish breakout gap left above 9.20 euros, Iberdrola seems to want to consolidate a timid bullish comeback figure. Overcoming 9.80 euros at the daily close would confirm a second bullish continuation signal whose projection could quickly catapult the stock towards 10.20-10.30 euros. Once there, the electric company should try to cancel the violent bearish gap left in mid-September.
Pro1 PREMIUM Portfolio
Resistances: €9.80, €10.30, €10.80, €11.
Supports: €9.15, €8.80, €8.55.
Targets: (Bullish) €9.80, €10.20-10.30, €10.65.
Trend structure in IBERDROLA:
- Short term: Bullish.
- Medium term: Neutral.
- Long term: Bullish.
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