Stronger technical forecast for Spirit Airlines stock price after Monday trading.
(Updated on Nov 27, 2023)
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The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $14.64 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -29.46% during the next 3 months and, with a 90% probability hold a price between $5.51 and $10.33 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
SAVE Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, November 10, 2023, and so far it has risen 53.30%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Spirit Airlines stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $13.47. On a fall, the stock will find some support from the short-term average at $12.62. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Spirit Airlines stock
On the downside, the stock finds support just below today's level from accumulated volume at $12.43 and $11.48. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Spirit Airlines finds support just below today's level at $12.43. If this is broken, then the next support from accumulated volume will be at $11.48 and $11.20.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $1.17 between high and low, or 9.13%. For the last week, the stock has had daily average volatility of 7.03%.
Our recommended stop-loss: $12.95 (-3.78%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (SAVE) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Spirit Airlines to open at $13.42, and during the day (based on 14 day Average True Range), to move between $12.53 and $14.39, which gives a possible trading interval of +/-$0.93 (+/-6.93%) up or down from last closing price. If Spirit Airlines takes out the full calculated possible swing range there will be an estimated 13.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.43 (7.65%) than the resistance at $16.01 (18.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Spirit Airlines stock A Buy?
Spirit Airlines holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.836 Open Broker AccountHold/Accumulate Upgraded
Predicted Opening Price for Spirit Airlines of Tuesday, November 28, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 28, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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