IHG is trading in a strong long term uptrend. The shares have corrected lower in recent weeks but buying support has been found at the previous break out level, which is now support. The correction is also inline with a 38.2% Fibonacci support level adding further weight to the bullish argument. Further upside is expected over the short to medium term.
IHG has outperformed the benchmark index and travel sector over the past 3 months. The shares are in a long term uptrend and have triggered a buy in our model. Buy at the open with a stop at 3186p. Target 3534p