Medium term view - IBERDROLA : Weak reaction on resistance.
The trend is still bullish, though slower. The invalidation level is below €5.405.The target is at €7.165.Arguments :
- Prices have reached the upper boundary of the rectangle but they may break out soon.
- The reaction at the resistance is weak, we anticipate its break soon.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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