Iberdrola patiently waits for the main resistances to be overcome
Iberdrola is patiently holding near resistance at EUR 11.18, last year’s highs and the upper part of a sideband it has been moving in for almost a year.
The small correction we see after attacking resistance makes us optimistic for the coming weeks. However, any sign of strength requires confirmation of a break in the upper part of the sideband it has been moving in for months. We should expect a close above 11.18 euros.. It would clear its way and make us to consider an extension of the increases to the historic highs it reached in early 2021 at 11.46 euros..
It goes without saying that, if it manages to beat these prices, it will enter the game. free ascent The way is clear to see an extension of gains to the level of 13 euros. The first level of support is at €10.50. We won’t see any signs of weakness as long as it stays above this level of demand.