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The latest IAG rises: a simple 'pull back' and nothing more

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Within strong background downtrends, prices can rebound strongly without actually changing anything. Action-reaction phase.

Technical analysis
DOWN TRENDING VALUES
S1
0.977
S2
0.77
R1
1.21
R2
1.68

Short term

Medium term

Long term

Often times, prices can move strongly up and down without actually changing anything. And much more when we are talking about a very strong downward trend in the background, or primary, as it happens with the titles of IAG. The stock remains unapologetically bearish. And for the moment, the increases of over 20% in recent weeks, fit within what is a simple 'push back' towards the first of the resistances, before support: the area of ​​1.20-1.22 euros. There the rebound has stopped. Let's say that to leave the door open for something to be changing in the title, what less than to build a first rising maximum. Which would imply jumping over the resistance it presents in the September highs: 1,684 euros. And meanwhile we will have nothing, simple bounces against trend and little else.

IAG weekly chart

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