Trading Idea: Spirit Airlines Inc
Inna Rosputnia | Nov 28, 2017 05:45AM ET
This week I am looking for companies basing technically on a daily chart but also companies that have strong fundamentals to back up the bullish investors. So instead of looking for short squeeze events in stocks that appears to be basing, I am “going fishing” for strong companies on the balance sheet as well. The “Let’s go Fishing” alert is giving us Spirit Airlines Inc (NASDAQ:SAVE). Additionally, SAVE is looking solid on the 10 day and the 20 day range breakout filters.
The Trade in SAVE is considered to be live above 38.48 which is not only the high of last Friday but a significant resistance level going back on the daily chart if you look left. The suggested stop for this idea will be 35.40. The suggested upside target is 48.00. So roughly we are risking 3 dollars to make over 9 dollars on this position. As always use only the amount of shares you are willing to risk down to 35.40 should the price action fail.
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