Signal Says Buy Puts on This Airline Stock

SAVE's mid-September rally took the stock right into a historically bearish trendline

Deputy Editor
Sep 28, 2023 at 12:46 PM
facebook X logo linkedin

The shares of Spirit Airlines Incorporated (NYSE:SAVE) were last seen down 2.2% at $16.15 today. A 5.5% weekly pop 10 days ago was stopped short at a key trendline. Now down 13% year to date, this historically bearish trendline could send SAVE even lower on the charts.
Spirit Airline stock is now within one standard deviation of its 50-day moving average, which guided it lower at the beginning of the year and reemerged as pressure earlier this month. Per a study compiled by Schaeffer's Senior Quantitative Analyst Rocky White, SAVE saw seven similar signals in the past three years, and was lower one month later 57% of the time, averaging an 3.3% loss. A move of similar magnitude from their current perch would put the shares at around a familiar floor near the $15.50 region.


SAVE Chart September 282023

Now looks like a good time to weigh in on the security's next move with options. The security's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 94 out of 100, meaning SAVE exceeded option traders' volatility expectations during the past year. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI