Spirit Airlines Stock Forecast
Spirit Airlines stock upgraded to Hold/Accumulate.
(Updated on Mar 28, 2024)
The Spirit Airlines stock price gained 4.76% on the last trading day (Thursday, 28th Mar 2024), rising from $4.62 to $4.84. During the last trading day the stock fluctuated 6.58% from a day low at $4.64 to a day high of $4.94. The price has fallen in 6 of the last 10 days but is still up by 12.3% over the past 2 weeks. Volume fell on the last day by -78 thousand shares and in total, 6 million shares were bought and sold for approximately $28.52 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -58.64% during the next 3 months and, with a 90% probability hold a price between $0.87 and $2.92 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.
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SAVE Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, March 19, 2024, and so far it has risen 18.05%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 $5.55. On a fall, the stock will find some support from the short-term average at $4.68. 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
Spirit Airlines finds support from accumulated volume at $4.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.305 between high and low, or 6.58%. For the last week, the stock has had daily average volatility of 5.29%.
Our recommended stop-loss: $4.67 (-3.50%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (SAVE) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Spirit Airlines to open at $4.81, and during the day (based on 14 day Average True Range), to move between $4.46 and $5.22, which gives a possible trading interval of +/-$0.383 (+/-7.92%) up or down from last closing price. If Spirit Airlines takes out the full calculated possible swing range there will be an estimated 15.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.60 (4.96%) than the resistance at $5.70 (17.77%), 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: -0.734 Hold/Accumulate Upgraded
Predicted Opening Price for Spirit Airlines of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$4.81 ( 0.723%) | $4.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SAVE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.11 | 5.58 % | |
R2 | 4.99 | 3.17 % | ||
R1 | 4.92 | 1.68 % | ||
Current price: | 4.84 | |||
Support | S1 | 4.69 | -3.13 % | |
S2 | 4.62 | -4.62 % | ||
S3 | 4.50 | -7.02 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.03 | 24.59 % | |
R2 | 5.76 | 19.01 % | ||
R1 | 5.70 | 17.77 % | ||
Current price | 4.84 | |||
Support | S1 | 4.60 | -4.96% | |
S2 | 4.49 | -7.23% | ||
S3 | 4.45 | -8.06% |
SAVE Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 22, 2024 | Feb 22, 2024 | Feb 29, 2024 | $0.100 | 1.55% |
2 | Jan 12, 2024 | Jan 24, 2024 | Jan 31, 2024 | $0.100 | 1.59% |
3 | Dec 12, 2023 | Dec 21, 2023 | Dec 29, 2023 | $0.100 | 0.610% |
4 | Nov 14, 2023 | Nov 22, 2023 | Nov 30, 2023 | $0.100 | 0.675% |
5 | Oct 13, 2023 | Oct 24, 2023 | Oct 31, 2023 | $0.100 | 0.87% |
FAQ
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