Spirit Airlines NYSE: SAVE – Citigroup and Buckingham raise their price targets – technicals suggest that the stock is forming an important base
Citigroup and Buckingham Research both increased their price targets on Spirit Airlines (SAVE) while maintaining a buy rating on the stock.
Citigroup raised their price target from $46 to $48.
Buckingham Research raised their price target from $50 to $53.
Our technical indicators are showing a base may be forming.
Let’s see what the chart tells us.
Spirit Airlines (SAVE) Weekly Chart – annotations by askSlim
At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The current positive weekly cycle configuration suggests that declines will be within the context of an intermediate-term rising phase over the next several weeks, with a likelihood of the stock moving near 46 by May.
On the upside, there are intermediate-term resistance zones from 41.47 – 46.71. On the downside, there is an intermediate-term Fibonacci support at 40.92 followed by a zone of support from 39.40 – 36.94.
Our analysis suggests that for the bears to regain control of the intermediate-term, we would likely need to see a weekly close below 36.94.
Sum of the evidence: SAVE’s intermediate-term condition is positive. The alignment of positive and positive weekly momentum is likely to limit any downside in the stock to the intermediate-term Fibonacci supports beginning at 40.92.
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