The stock of the Anglo-Spanish multinational airline holding company started showing signs of life again. The International Consolidated Airline Group (MC: ICAG), which is floating on the Madrid Bourse exchange, managed to break above the upper side of its range, which was roughly between the 2.097 and 2.721 levels. The range was in play from around mid-March. This move might have sparked some positivity in the eyes of new investors, who could join in to help lift the battered stock a bit higher.
A further push north could bring the share price to the 3.343 hurdle, or even the 3.617 zone, marked by the high of March 16th and the low of March 13th respectively. ICAG might stall near the latter, but if the stock remains attractive for the buyers, another uprise could set the stage for a test of the 4.281 barrier, which is the high of March 13th.
Looking at our oscillators on the 4-hour chart, the RSI and the MACD, both support our view of seeing a bit more upside, at least in the near term. The RSI is above 50 and strongly points higher. The MACD is near zero, while pointing higher and sitting above its trigger line.
In order for us to consider the downside again, a drop below the 2.097 hurdle would be needed. That is the stock’s all-time low and if the share price falls below that area, this would not only confirm a forthcoming lower low, but also place ICAG into uncharted territory. We could then target a level near the 1.500 mark, or even the psychological 1.000 zone.
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