IAG Share Price Catches A Bid After 3 Days Of Decline

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Written By: Abdullah Sarwar

Nov 28, 2023, 19:44 GMT 19:44

Summary:

IAG Share Price Forecast: LON: IAG has turned bearish after a textbook rejection and a breakdown below 200 MA.

IAG share price is up 0.89% on Tuesday despite a bearish sentiment in the UK stock market. The negative sentiment in the markets is driven by the above forecast UK PMI data. This suggests that today’s price action could just be a dead cat bounce.

The shares of the British Airlines owner failed to break back into the uptrend earlier this month as they faced a rejection from the 165p level. As a result, the price is now trading below its 200-day moving average which lies at 154.4p.

The most likely scenario now seems to be a retest of the 144p support level where lies a demand zone. However, nothing goes down in a straight line and there could be a few bounces on its way down.

Technical analysis backs this IAG share price forecast as there is no visible resistance before the 144p level. The only way to avoid this bearish outlook is to find strength above 200 MA which seems very difficult under the current market conditions.

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LON: IAG Technical Analysis

This post was last modified on Nov 28, 2023, 19:44 GMT 19:44

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.