Bounced exactly where it should have. Horizontal trendline + rising trendline support. Closed over 10dma. Closed on highs as well. Nice R/R to go long at current prices (a tad lower better) with a stop under 38.00.
Great uppward support line since last May, except for when it was oversold in October due to ebola scare. Downward resistence line since December forming a wedge pattern. I believe Spirit Airlines will test 80.00 one more time before eventually breaking through the wedge to all-time highs around 85.00.
For the first time since late September, I'm getting bearish. Here are 4 charts that should be benefiting from lower oil, and commodity costs. Instead, they are rolling over. I am also worried about the action in BABA,AAPL.
On one of my other posts today I looked at LUV - another airline. LUV offers both a long-term and near-term buy opportunities. For SAVE, however, I would only consider a near-term opportunity.
SAVE had a good breakout and retest after breaking above the September high. It has now gapped above the more recent ...
Spirit Airlines, although not a constituent of DOWT, is considered a transportation/airline sector which is part of the stock that contributed to sector all time high.
Having such a nice ticker name "SAVE" doesn't mean it can be saved and withstand the bear tide.
It is in my potential right shoulder forming list.