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Look for Shares of Spirit Airlines to Potentially Rebound after Yesterday's 2.38% Sell Off

By James Quinn

Spirit Airlines (NYSE:SAVE) traded in a range yesterday that spanned from a low of $32.86 to a high of $34.01. Yesterday, the shares fell 2.4%, which took the trading range below the 3-day low of $33.67 on volume of 1.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Spirit Airlines have traded between the current low of $32.86 and a high of $60.40 and are now at $33.09. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Spirit Airlines on July 21st, 2017 by issuing a Downtrend alert when the shares were trading at $50.03. Since that call, shares of Spirit Airlines have fallen 32.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders spirit airlines

Ticker(s): SAVE