ITM Power’s 6.38% Rally Puts 173p in Play as Macro Risks and 650 GW Forecast Take Centre Stage
24.05.2026 - 18:33:25 | boerse-global.de
The London market’s Spring Bank Holiday has left ITM Power investors with an extended weekend to digest a sharp pre-break surge. By the close on Friday 22 May, the hydrogen stock had jumped 6.38% to 170.20 pence, with 8.5 million shares changing hands and the session stretching from 152.90 pence to an intraday peak of 173.00 pence. The gain was notable not for any fresh corporate announcement — the last regulatory filing dates from 18 May and concerns only a director’s shareholding — but for the momentum it builds ahead of a data-heavy week.
Technicians will watch Tuesday’s reopening closely. The 173.00 pence mark now acts as the first resistance level; a sustained break above it would bring the 52-week high of 179.50 pence into view. On the downside, two consecutive up days have established support at 160.00 pence (21 May) and 150.90 pence (20 May), providing a floor should profit-taking set in. A close above 173 pence on Tuesday would strengthen the bullish picture, while a drop below 160 pence would recast Friday’s move as a fading bounce.
The macro calendar from 26 May is laden with inflation data that directly feeds into the interest-rate expectations shaping growth stocks. The US core PCE deflator, eurozone consumer prices and several GDP releases are all due, with the S&P Global PMIs already flashing a mixed signal for the green energy sector. In May, both UK and eurozone economic activity contracted, while manufacturing input price inflation hit a four-year high — a double-edged sword for industrial suppliers such as ITM Power that straddle the energy transition. UK-specific releases include business energy cost data on Tuesday and household cost indices for the first quarter of 2026 on Thursday.
Further out, the corporate calendar offers few near-term catalysts. The next firm dates are annual results in August 2026, the annual report in September, the AGM in October, and half-year numbers in January 2027. That leaves the next few months for market sentiment to dominate.
Should investors sell immediately? Or is it worth buying ITM Power?
Yet the long-term narrative remains powerful. A new market study from IndexBox projects that global electrolysis capacity will rocket from the current 20 gigawatts to 650 gigawatts by 2035, representing annual growth of roughly 20%. Green hydrogen is expected to hold the largest market share, underpinned by ambitious climate targets in Europe, China and the US. The hydrogen market index currently stands at 510 points, reflecting a sector that is accelerating from pilot plants toward industrial-scale deployment.
A fresh demand driver is emerging from the artificial intelligence boom. Competitors such as Ceres Power and Plug Power are already positioning themselves to supply hydrogen fuel cells for backup power at AI data centres, whose enormous electricity requirements are still largely met by fossil fuels. Analysts see this as a lucrative niche for hydrogen technologies as technology companies hunt for carbon-neutral energy security.
Support on the home front is also firming. In the UK, Masdar and RWE recently received regulatory approval for the Dogger Bank South offshore wind project, a 3-gigawatt installation capable of powering around three million homes. Large renewable projects of this kind are essential for supplying the clean electricity needed to run the vast electrolyser arrays that ITM Power and its peers aim to build.
ITM Power at a turning point? This analysis reveals what investors need to know now.
The gap between near-term price action and the structural thesis could widen if macro headwinds intensify. However, the forecast that global capacity will multiply thirty-fold over the next decade provides a long-term foundation — one that Friday’s 6.38% advance has once again brought into traders’ focus.
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