IAG
IAG share price has fallen for the past five consecutive days, bringing it to the lowest level since February 2. It is the worst-performing stock in the FTSE 100 today, bringing its market cap to £7.23 billion.
IAG news: IAG share price has been under intense pressure as investors wait for the company’s full-year results scheduled for February 26. They are also observing the happenings in global travel as more countries continue their vaccination push. The company, like all airlines, has been hit hard by the pandemic but there are signs that it will start growing as global travel bounces back later this year.
The daily chart shows that the IAG share price has been relatively volatile in the past few weeks. The stock rose to a high of 178p in December and then tumbled by 31% in the same month. This year, it recovered but found strong resistance at 170p. It has been moving sideways since then.
This week, the IAG stock has been dropping after it formed a hanging man pattern on Monday. It has even dropped below the important support at 153.65 and the 25-day exponential moving average. Therefore, in the near term, as I predicted in my previous article, I believe that the stock will tumble to 134p, which is the lowest level since January 26.
However, this trend will be invalidated if the price manages to move above 153p, which is the lowest level on November 30, December 10, 16, and January 12.
