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. 



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.