- Summary:
- The IAG share price action shows that the stock continues to face bearish pressure as the surging COVID-19 delta cases take a toll on the travel industry.
IAG share price is down on the day as travel stocks take a hit from the surge in the COVID-19 Delta cases. As new lockdowns are being put in place in several countries, the prospect of a return of summer travel due to vaccinations continues to dim.
This month, the IAG share price has been under pressure as the consolidated airline company continues to smart from the $2.44billion H1 2021 loss. The company also reported that its second-quarter passenger capacity remained at 22% of its 2019 levels. Despite plans to ramp up capacity in the third quarter, the company was unable to provide guidance.
IAG shares top the losers’ chart on the FTSE 100, down 2.47%.
IAG Share Price Prediction
The active daily candle is testing support at 156.40. If this support gives way, a slide towards 143.94 (12 February low) seems almost inevitable. A further decline makes 136.64 the next available support level.
On the flip side, a bounce from the present support level targets 167.08, with 177.46 and 187.24 lining up as additional targets to the north. The breakdown move of the double top of 28 July and 5 August has attained the measured move at the current support. This scenario provides a hopeful outlook in this direction,
IAG Share Price: Daily Chart
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