- Greencoat UK Wind completed the acquisition of Vattenfall Wind Power.
- UKW stock slid 0.07% during the intraday session and is trading at £138.2.
- UKW stock has reflected several downtrend patterns in 2023.
Greencoat UK Wind has acquired the South Kyle Wind farm in Scotland, an onshore wind farm developed by Vattenfall Wind Farm. The transaction was completed in April 2020 with a price tag of £320 Million. The facility consists of 50 turbines with a capacity of 240 Megawatt and will annually reduce 300,000 tonnes of carbon emissions.
Greencoat UK wind (UKW) stock achieved an annual high of £167.1 on 8 February 2023, which is close to the all-time high resistance level at £168.5. However, after attaining the annual high, the stock did not sustain and fell towards the consolidation zone between £163.4 and £153.1.
In the current scenario, UKW stock is hovering near the £138 mark in a bearish trajectory with a loss of 0.07% during the intraday session. The stock has surged about 7.5% in the last week, but long-term shareholders were not satisfied by that move.
The company witnessed its EPS (earning per share) improve by 51% annually. However, it is strange to see UKW stock price down by 9.39% in a year-to-date return despite a robust improvement in EPS. Therefore, long-term investors may be worried and might be looking for a sell-off opportunity in the future.
Furthermore, If the bearish sentiment remains constant, the price might melt towards the previous support level of £135. On the contrary, if the bulls snatch the control from bears, the price might hike towards the £144 level while rejecting the previous resistance level of £142.6.
Will UKW Stock Achieve A New Annual Low?
Recently, the UKW stock price faced rejection from the 50-day EMA, reflecting a bearish trend and the rise of bears in the market. The price has moved far away from the 50, 100, and 200-day EMAs and is currently contesting for the 20-day EMA, suggesting a short-term pullback in the price action.
The RSI is at 46.28 points, indicating slight strength, while the UKW stock price is advancing through a short-term pullback after a downward momentum. Moreover, the RSI suggests that the price is in the oversold zone.
The CMF is hovering below the 0.00 level, which denotes muscular weakness in the market, and the price might drop even lower. The market capitalization of Greencoat UK Wind PLC is £3.244 Billion, with an average volume of 2.605 Million shares.
Conclusion
The market sentiment of Greencoat UK Wind stock price suggests heavy participation of bears in the market. The price is in the oversold region and faces a short-term pullback. Investors should look for short-term buying opportunities as the technical parameters reflect the same.
Technical Levels
Major support: £163.4 and £167.1
Major resistance: £135.0 and £133.4
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
