The airline industry and sector could be poised for another move upwards as oil prices stay low. Several airline company stocks have pared well recently with positive price action.
A particular airline though, one that has always been a Trendy Stock Charts member favorite, seems poised and setting up for an excellent trading opportunity. That airline is Spirit Airlines (SAVE). My previous article on SAVE was "12/6/2016 – Spirit Airlines (SAVE)".
In that article, I had mentioned that I was anticipating a pullback of SAVE's share price back towards the $50 area, $52 to be a little more specific. Let's get a progress update on the previous article and examine some indicators to watch for and confirm the probable success of the trade.
Save With Spirit Airlines (SAVE)
This first chart for Spirit Airlines is a 2 year weekly candlestick chart that has 2 different Fibonacci Extension Tools overlaid on the chart. One is black and the other is blue colored. You can learn more about the Fibonacci Extension Tools here.
Any pullback on light selling volume towards the $.......
If you would like to continue reading this article and see the trade set-up I see taking place for Spirit Airlines (SAVE) and the risk reward the trade will offer, you must first login. That includes what sort of price activity you should be watching for in the gray shaded box on the chart.
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SAVE starting to move back up after pulling back from my projected top area….time to go long and stay strong!