EDF stock soars amid nationalization plans

EDF(EDF.FR) shares jumped more than 15% on Tuesday after confirmation that the French government will pay €9.7 billion ($9.9 billion) or €12 a share to buy the 16% of debt-laden EDF it does not already own. As a result, politicians will take full control of the power company that would give it a free hand to run the group as the government attempts to tackle the European energy crisis.

EDF (EDF.FR) stock launched today's session with a 15.0% bullish price gap and is currently testing major resistance at €11.80, which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5