The pullback in the stocks of the European airline sector continues as the shares of the most career extended their losses on Thursday. Therefore, IAG share price also tumbled and was down 2.87% till press time.
At press time, the shares were trading at 154.25, which was well below their weekly high of 165.45. This resulted in an overall weekly decline of 5.19% in the stock of International Consolidated Airlines Group.
Technical analysis shows that the ongoing downtrend was triggered by a clear rejection after a downside retest of the previous upward trendline. This is clearly visible in the following chart, and this move has turned the IAG share price forecast in the bears’ favor.
Due to this rejection, a retest of 144p seems very likely if the bulls fail to hold the 150p level. However, this is too soon to say as the local bullish structure is still intact and bears still have some time to make a comeback.
This bearish outlook can also be attributed to the weakness in the FTSE 100 index which is lagging behind its US counterparts.
This post was last modified on Nov 23, 2023, 17:26 GMT 17:26