IAG (LON: IAG) share price has been trading sideways for the past few weeks. In 2023, the shares of International Consolidated Airlines (IAG) rallied almost 24%. This makes it one of the best-performing airline stocks. The latest analysis shows that while the price has broken below the upward trendline, bulls are still in control.
After a minor bounce last week, IAG shares again turned red this week. Till press time, the shares were down 0.54% and changed hands at 156.4p. The benchmark FTSE 100 index also showed minor losses after shedding 5 points. EasyJet shares also showed a similar price action.
Moody’s Improves LON: IAG Outlook
According to the most recent International Consolidated Airlines (IAG) news, top rating agency Moody’s has improved its outlook on the stock and has changed it from ‘stable’ to ‘positive’. However, IAG’s corporate family rating remained Ba2. Moody’s cited the company’s improved margins, passenger volumes, and earnings as the reason for the improved outlook.
Recently, the company announced that it had bought 0.5% of share capital as part of its share purchase program. It has acquired 27 million ordinary shares, representing 0.5% of the CO’s share capital. IAG share price is currently almost 10% down from its yearly highs.
IAG Share Price Targets 8% Upside Move
Technical analysis of LON: IAG chart shows that the bulls have orchestrated a strong bounce from 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. The ongoing consolidation appears to be a healthy accumulation before the retest of 169p.
The invalidation of this move will be a break below 143p level. 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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