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Published on Nov 10, 2016
International
Airline Group’s (LON:AIG) post-Brexit rally has stalled in recent weeks
and chartist Zak Mir thinks the stock could well fall a little more to
test support.
IAG – like a lot of UK stocks – was hammered in the wake of the referendum result, which wiped almost 200p off of its share price.
Mir tells Proactive: “We had the break down that was typical of many leading stocks at the end of June.”
“We retraced around half of those losses but failed just below the 200-day moving average of £4.65.”
Although Mir doesn’t think the stock is in bad shape, he does think a slight fall back to re-test support levels is possible.
“The risk now is that we’ll have a test of support at the due uptrend line at £3.70, but at this stage that is the worst that it appears that IAG will go to.”
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