National Grid stock: technical alignment and capital increase underpin continued upward bias

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National Grid rises 0.89% to GBX 1,191.50

Highlights

National Grid issued 7,084,688 ordinary shares through its Scrip Dividend Scheme for the 2025/26 interim dividend as of January 13, 2026.
The company's updated share capital now totals 5,198,968,690 ordinary shares, with 230,306,051 held in treasury and 4,968,662,639 carrying voting rights.
This share capital adjustment reflects strong shareholder participation in the scrip dividend program and ensures compliance with UK Financial Conduct Authority requirements.

Share capital expansion as scrip dividend drives shareholder engagement

On January 13, 2026, National Grid updated its share capital structure after issuing 7,084,688 ordinary shares under its Scrip Dividend Scheme for the 2025/26 interim dividend. The total share count now consists of 5,198,968,690 ordinary shares, of which 230,306,051 are held in treasury and 4,968,662,639 carry voting rights. This adjustment reflects active shareholder participation in the scrip dividend program and ensures compliance with UK Financial Conduct Authority requirements.

Technical indicators signal robust upside despite overbought readings

GBX 1,191.50 is currently trading well above all key Moving Averages: MA-20 at GBX 1,155.13, MA-50 at GBX 1,149.84, and MA-200 at GBX 1,082.93. This confirms sustained bullish momentum across short, medium, and long-term trends, with dynamic support from the Ichimoku Kijun near GBX 1,148.93 and MA-50 acting as the nearest support level. Momentum signals are decisively bullish: the MACD and ADX both indicate upward strength, while the RSI, Stochastic RSI, and CCI readings show no strong signs of overbought or oversold extremes on the daily chart. Bull/Bear Power registers as overbought, highlighting ongoing buyer dominance within the session. There was a slight gap down at the open (previous close GBX 1,181.00; open GBX 1,175.50), but prices quickly rebounded and pushed near today’s high, suggesting moderate volatility and steady buying pressure throughout the day. While most oscillators and momentum indicators align with the upward move, intermittent overbought signals from Bull/Bear Power warrant some caution about potential short-term pauses.

High consolidation odds as breakout and correction risks diverge

For the next 5 trading days, the expected range is GBX 1,183 to GBX 1,208, with the price likely to consolidate near current levels. The probability of a price increase is very high (more than 80%), making a decrease much less likely. Baseline scenario: the price remains in a sideways corridor around GBX 1,190 – 1,200. Bullish scenario: a breakout above GBX 1,200 could open the path towards the upper end of the typical volatility band relative to current levels. Bearish scenario: failure to hold above MA-20 or Ichimoku Kijun support near GBX 1,150 may trigger a correction towards GBX 1,183, though current signals make this less probable.

Anton Kharitonov, expert at Traders Union, sees National Grid plc maintaining a bullish stance above key support levels but notes signals of temporary overextension. He believes strong technical momentum coexists with active shareholder engagement following the recent scrip dividend capital update. The analyst emphasizes the need for vigilance as intermittent overbought readings emerge, especially if support at MA-20 or the Ichimoku Kijun is breached. "My base case is cautious: as long as GBX 1,150 holds, price looks stable — but I remain alert for a corrective pullback if short-term support fails."

Previously it was reported that National Grid plc is exhibiting sustained bullish momentum, trading above all major moving averages, with technical indicators such as MACD and ADX affirming ongoing buyer strength while RSI and CCI signal underlying momentum without clear overbought conditions. Near-term price action is expected to remain within a defined volatility band, with key support at GBX 1,168 and resistance at GBX 1,194, and an 80% probability favoring continued gains barring a breakdown below support.

Source of Data: NG Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.