As covered in last Friday's Airline Sector Analysis & Trade Ideas video, SAVE (Spirit Airlines) broke down below the double top pattern that was highlighted following their earnings report before the bell today, with the stock currently trading exactly where predicted as per the measured target of the double-top pattern. SAVE broke down below the base of the double-top pattern on Monday with additional confirmation of that sell signal as the stock followed through to the downside in the following sessions. Spirit gapped down at the open today & continued to fall very sharply, making a brief 'momentum-fueled overshoot' [...]
The outlook for the airline sector, $XAL, as well as the individual stocks within that index, many of which appear to be offering very objective trade setups with above average gain potential. Note: If you click the settings icon (cog/gear icon), you have the option to increase the playback speed of the video (1.25x, 1.5x or 2x playback speed), effectively shortening the duration of the video.
SAVE (Spirit Airlines) is one of a few short trade ideas that I just noticed was not updated after hitting the final price target on the big August 24th drop in the broad markets. I had taken screenshots of the trade ideas that needed updating in pre-market the following morning but apparently didn't get the time to post SAVE and one or two others. SAVE daily August 24th This is the screenshot taken the morning of the 25th, reflecting prices as of the close on August 24th. SAVE hit the final target (53.16) for a 32% and will now [...]
SAVE daily May 8th From the top of the triangle pattern when mentioned on April 28th, SAVE (Spirit Airlines) immediately gave up the ghost, plunging over 16% to to hit the first target for a gain of about 14.5%. Following the expected reaction off that support level, SAVE is likely to continue to one or both of the additional downside targets once this bounce runs its course. I have been meaning to comment on the potential conflict between my call for a drop in oil prices along with a call for a correction in numerous airline stocks. In fact, [...]
SAVE daily April 29th SAVE (Spirit Airlines Inc) was mentioned as a promising short candidate while trading at the top of the triangle pattern yesterday. The stock is currently trading down over 10% today and has clearly broken below the pattern today. Potential targets (unadjusted for optimal fill) in green with the exact suggested buy-to-cover levels & stops to follow.
Major Airline Index April 28th I have a growing list of short trade candidates on my watchlist which look poised for a decent correction. I plan to refine the list and post some of the more promising trade ideas on the site later today but until then, here are a few that stand out (all daily time frames). (note: I have NOT scrubbed any of these stocks for earnings. Always a good idea to refrain from opening a new swing trade position just before they report earnings.) JBLU- Currently clinging to the bottom of a steep bearish rising wedge [...]