Spirit Airlines (SAVE) Oil Headwinds – July 3rd, 2019
Bearish – SAVE $48.90 – Transportation
The bearish DailyPlay we chose for Wednesday, July 3rd is Spirit Airlines (SAVE). SAVE is part of the Transportation Sector (XTN). XTN has rallied 7.17% higher over the past month and its 1m and 6m trend turned bullish on June 28th but has failed to print new highs and bounced lower off its $62 resistance level.
Spirit Airline’s 1m and 6m trend turned bearish on June 20th and recently bounced lower off its $49 resistance level with weak money flow. With a technical score of 2 (out of 10), SAVE is a bearish stock will likely continue lower.
As a stop loss, if SAVE was to trade above $49 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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