IAG - 3 year Weekly Chart
Observation:
1) Green lines - IAG movement trend - History repeats itself. Based on historical movement - Expected target $6.00
2) Fib Retracement from August 2019 high to low - 38.2% level expect at $6.05
3) Twiggs Money flow suggesting money has been flowing into IAG. Respect of trend line above zero will give a good move higher
4) RSI - moving from oversold levels
5) 3 year Down turn trend line maybe broken here
Daily Chart
6) On the daily there is a gap left behind on 24th July 2020 - between 5.65 & 5.59 - This will get covered.
Short Positions as at 04/10/2021 - Not much to report here - but only 23 Million shorts outstanding - less then 1% of overall stock
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| 4/10/2021 |
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| 1 | Company Name | Code | Reported Short Positions | % of Total Product in Issue Reported as Short Positions |
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| 2 | INSURANCE AUSTRALIA ORDINARY | IAG | 23023185 | 0.91 |
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My thought process is that we open with a gap on Monday - once we break the rangebound high of 5.50ish (strong resistance since November 2020), 5.65 gap should get covered.
(20min delay)