IAG (LON: IAG) share price has performed quite well in 2023. Since the start of the year, the shares of International Consolidated Airlines (IAG) are up 24%. Even though the price has broken below the upward trendline, bears are still pretty much in control.
After a minor pullback at the end of last week, IAG shares opened higher on Monday. However, the price action turned negative as the seller jumped in. As a result, the stock plummeted 0.79% during the first trading session of the week.
As per the latest International Consolidated Airlines (IAG) news, the company has bought 0.5% of share capital as part of its share purchase program. It has acquired 27 million ordinary shares, which represent 0.5% of the CO’s share capital. IAG share price is currently almost 10% down from its yearly highs.
In other news, its acquisition deal with Air Europa could be probed by the European Commission on possible competition concerns. This is the second time that the UK-listed group has attempted to acquire Air Europa.
The following LON: IAG chart shows that the bulls have constantly been gaining momentum since the March 2023 lows. Currently, the shares are 26.6%, up from the lows. The stock appears to be heading for a retest of the 169p resistance which is a major level on its chart.
A clear break above 169p can make the IAG share price forecast bullish. However, a rejection from the 164p-169p region is more likely. This may form a head & shoulders pattern on the daily chart in case of a deeper pullback.
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This post was last modified on May 29, 2023, 12:37 BST 12:37