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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 $59.22 and $60.52 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.

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.

Spirit Airlines (NYSE:SAVE) is currently priced 17.9% above its average consensus analyst price target of $49.86. The stock should find initial support at its 50-day moving average (MA) of $56.62 and further support at its 200-day MA of $45.33.

In the past 52 weeks, shares of Spirit Airlines have traded between a low of $34.36 and a high of $65.35 and closed yesterday at $60.75, which is 77% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.4%.

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