Spirit Airlines Stock (SAVE) Higher on ‘Buy’ Ratings, Technical Outlook

Steve Miller

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

save stock analysis price chart spirit airlines forecast decline over bullish

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.

spirit airlines stock save technical analysis bullish forecast price targets year 2020

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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