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More upside to Drax despite recent rally

Power station operator Drax Group PLC (LON:DRX) has added more than a third in recent weeks after the European Commission approved a key subsidy contract from the UK government at the beginning of December.

Despite the surge, technical analyst Zak Mir tells Proactive that the charts suggest there is more to come from the stock.

“Even though the shares are up already quite a lot over the recent past, it looks like there could be a bit more upside towards the top of a rising trend channel heading up towards £4.25,” Mir explains.

“That target is valid while we’re above the £3.50 to £3.60 area.”

Quick facts: Drax Group

Price: 262.072 GBX

LSE:DRX
Market: LSE
Market Cap: £1.04 billion
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