IAG shares drop more than 4% in early trade on Tuesday, following flight schedule disruption over the weekend

Shares of International Consolidated Airlines Group, the owner of British Airways, retreated sharply in early hours of trading on Tuesday, as a massive IT failure led to flight cancellation, leaving 75 000 passengers stranded over the past weekend.

IAG shares closed higher for the first time in the past six trading sessions on Friday. The stock edged down 0.32% (2.00 pence) to 614.00 pence, with the intraday high and the intraday low being at 619.00 and 607.03 pence respectively.

As of 9:52 GMT IAG shares were losing 2.36% on the day to trade at 599.50 pence, after retreating 4.5% at some point on Tuesday, the first trading day in London following the holiday weekend.

In the week ended on May 28th the shares of International Consolidated Airlines Group added 3.02% to their market value compared to a week ago, which marked the first gain in the past three weeks. However, the stock has pared its advance to 6.96% so far during the current month, following a 5.86% surge in April. The latter has been the fourth gain in five months, but yet, the smallest one since December 2016. For the entire past year, the shares of International Consolidated Airlines retreated 27.78%.

As reported by Reuters, the airline had to cancel its flight schedule at Heathrow and Gatwick airports on Saturday, as a power surge took its computer systems off-line, while disrupting BAs global flight operations, call centers and website.

A recovery was attempted on Sunday and Monday.

According to the airline, a full flight schedule is to be operated at the two key airports today.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the IAG stock are presented as follows (quotes in British pence):

R1 – 615.10
R2 – 616.19
R3 (Range Resistance – Sell) – 617.29
R4 (Long Breakout) – 620.58
R5 (Breakout Target 1) – 624.43
R6 (Breakout Target 2) – 626.11

S1 – 612.90
S2 – 611.81
S3 (Range Support – Buy) – 610.71
S4 (Short Breakout) – 607.42
S5 (Breakout Target 1) – 603.57
S6 (Breakout Target 2) – 601.89

By using the traditional method of calculation, the weekly levels of importance for International Consolidated Airlines Group S.A. (ICAG) are presented as follows (quotes in British pence):

Central Pivot Point – 609.00
R1 – 624.00
R2 – 634.00
R3 – 649.00
R4 – 664.00

S1 – 599.00
S2 – 584.00
S3 – 574.00
S4 – 564.00