IAG (LON: IAG) share price is gaining strength with each passing day. The shares of the owner of British Airways are currently 29% up from the yearly lows. The technical analysis reveals that the stock of International Consolidated Airlines is heading for a critical retest.
After a minor pullback at the end of last week, IAG shares turned green on Monday. At press time, the shares are trading at 159.7p after rising by 1.56% during the first trading session of the week. There appears to be more upside for the stock.
IAG Attempts Air Europa Acquisition
According to the most recent International Consolidated Airlines Group (IAG) 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.
In other news, the investment giant Liberum Capital is bullish on IAG share price. The investment bank has also raised its price targets for EasyJet and Ryanair. The new targets for both airline shares are 690p and EUR19, respectively.
IAG Share Price Targets 169p
Technical analysis of the LON: IAG chart shows that the bulls have constantly been gaining momentum since the March 2023 lows. Currently, the shares are 24% up from the lows. The next possible target could be the 169p resistance which may result in another rejection.
A clear break above 169p can make the IAG share price forecast bullish. However, under current market conditions, such a move seems to be highly unlikely. Therefore, the higher likelihood is of a pullback from the 164p-169p region.
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