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Iberdrola stock edges higher after Tâmega wind farm addition to investment platform
Iberdrola has added the Tâmega wind farm in Portugal to its renewable energy alliance with Norges Bank, pushing their joint platform to 2 billion euros and moving closer to the goal of 2,300 MW of capacity by 2027. The stock edges higher on the day, trading at €22.28.
IBE price prediction
Current price:
€22.28
0.1000
0.45%
Closed
11/02
Daily range
21.99
22.28
22.28
Weekly range
21.76
22.29
22.29
Loading...
Highlights
- Iberdrola added the Tâmega wind farm in Portugal to its alliance with Norges Bank, raising joint renewable capacity above 1,800 MW.
- Their investment platform now totals €2 billion, aiming for 2,300 MW of renewable assets by 2027.
- Iberdrola stock edges higher on the day, trading at €22.28.
Iberdrola and Norges Bank have added the Tâmega wind farm to their joint investment platform, according to a post from Iberdrola. The investment platform now totals 2 billion euros. According to La Vanguardia, the Tâmega project contributed 274 MW to the alliance, increasing its renewable capacity to more than 1,800 MW.
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Bullish structure holds as resistance and overbought signals converge
Price is sitting right at resistance from the weekly high at €22.29. Shares of Iberdrola are holding above their MA-20, MA-50, and MA-200, maintaining a bullish daily structure. An RSI at 72 places the stock in overbought territory, which limits room for further upside. The overall move higher has been sustained and firm over the past week.
Upside odds remain high as price tests weekly high barrier
Traders should watch whether price can close above €22.29 to indicate buyers are prepared to continue the move higher. Shares are currently testing resistance from the weekly high, but have not cleared that level. Over the next five trading days, the probability of upside stands at more than 80%, with downside risk less than 20%, setting an expected trading range between €22.04 and €22.51. Even so, a close above €22.29 would confirm acceptance of higher levels, while a move below €21.76 would indicate the advance is being faded. On the weekly chart, the longer-term picture stays firmly constructive.
Earlier, analysts noted that Iberdrola's achievements in its UK offshore wind projects were supporting a constructive outlook for the company's shares. The addition of the Tâmega wind farm to its alliance with Norges Bank further strengthens Iberdrola's renewable platform, and traders should now monitor whether the stock can establish acceptance above €22.29 as a confirmation of sustained momentum.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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