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IAG or when the old resistance of 2 euros turns into support

Despite the significant falls in recent days at IAG, the important thing is that the price structure, since the October lows, continues to build rising lows and highs. And so, as we already know, it does not fall.

Technical analysis
THROW BACKS11.95S21.50R12.22R22.5750

Short term

Medium term

Long term

This Monday we said about the titles of IAG, after drilling the base (support) of the symmetrical triangle in which the price was immersed, which normally would go towards the important support of 2 euros: the ‘crest’ of the previous bullish momentum. Well, this Wednesday the value marked a minimum in the session at 1.95 euros to close at 2.0240 euros. And this Thursday we are witnessing significant increases in value. In short, the support of 2 euros is acting as it should. That said, it is true that today we do not have a figure back as such, but it is true that the falls of the last weeks may fit within what it is. a simple ‘throw back’ to the important support of 2 euros, before resistance. In fact, this price level corresponds to the November highs that were broken at the end of February. And it was there when the stock built a new bullish momentum targeting the yearly highs (2.5750).

All in all, I am left with the impeccable succession of increasing lows and highs relevant values ​​presented by the current price structure since the October lows. Above, on the resistor side, we have the area of ​​approx. 2.20-2.22 euros (the base of the old triangle), the annual highs (2.5750) and the ‘famous’ weekly bearish gap for March 2020 at 2.6160 euros. ‘Gap’ that have closed 80% of the values ​​of our market many months ago.

iag020721IAG weekly chart

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