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IHG Stock Price: Bullish Analysts Proved Right, What’s Next?

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IHG Stock Price: Bullish Analysts Proved Right, What’s Next?
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The hotel industry giant (LON: IHG) is currently in the spotlight as various research firms are covering it. According to a report by MarketBeat. several research analysts have reported on IHG. In a research note during the end days of August, Barclays increased their price objective on the IHG stock price from £5,900 to £6,000. It has now been achieved by the stock back at the start of September. 

The Believers, the Doubters, and the Bulls

JPMorgan Chase & Co. increased their target price on IGH stock price from £6,200 to £6,300 in a report published at the start of August. Another big name in the list, Bank of America, assumed coverage on InterContinental Hotels Group in a report, rating the stock as a “buy” with a £7,200 target price. Looking at the current bullish rally of IHG, this target is also short of the clock. 

However, not all the analysts were bullish. In a report posted in mid-July, Deutsche Bank decreased its target price on the stock from £5,850 to £5,390. Fast forward to the press time, the IHG stock price turned the tables, proving the bears wronged. 

Technical Analysis and Prediction of the IHG Stock Price

Chart provided by Tradingview (weekly time frame)

At the time of writing, the IHG stock price is trading near its all-time high. The stock price took support from £5774 and tried to break the resistance level of £6334 at its all-time high level. As the stock took the resistance, it broke the trendline, but it did not fall back to its support level again, as the bulls took the support from its 50-day EMA. 

The Prediction Will Be with the Strength

The Relative strength index is currently in its neutral territory of 56, which is in an uptrend. This pattern means that the RSI line is likely to go towards its overbought level of 70 before some correction in the stock

It is a clear indication of the bullish strength in the stock price actions. With the current market trends and situations, it is difficult to predict how the stock price will behave soon. However, considering the bullish strength it has displayed so far, it could be safe to assume that the stock price will continue to rise if the bulls can push past the resistance level. 

Conclusion

The IHG stock got into some limelight as the big names in the finance market covered and made price predictions about the stock. The bullish predictions came on top as the stock touched its all-time high at the start of this September. The IHG stock price has currently rejected a bearish movement. It is likely to come near its all-time high once again.

Technical Levels

Support: £5774, and £5318

Resistance: £6334 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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