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Possible Bearish Inside Day Candle Pattern Detected for Spirit Airlines (NYSE:SAVE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spirit Airlines (NYSE:SAVE) based on the price action in the company's shares. Yesterday's price range of $39.14 and $39.58 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Spirit Airlines may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 26.5% for shares of Spirit Airlines based on a current price of $39.42 and an average consensus analyst price target of $49.86. Spirit Airlines shares have support at the 200-day moving average (MA) of $38.61 and additional support at the 50-day MA of $36.95.

In the past 52 weeks, shares of Spirit Airlines have traded between a low of $30.32 and a high of $54.84 and closed yesterday at $39.42, which is 30% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.19% higher over the past week, respectively.

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean, and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

SmarTrend is tracking the current trend status for Spirit Airlines and will alert subscribers who have SAVE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle spirit airlines

Ticker(s): SAVE