IBERDROLA and its potential bullish comeback

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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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