SAVE Inflection Point- Large directional movement imminent

20 gru 2023

Spirit airlines has trended up for the past week or so in a long term trend I have been analyzing over the past few months. Due to the possibility of a merger with Jet Blue Airlines I could see price breaking out of this trend but until news of this I am bearish. We have not broken this trend for over a year, I don’t see much reason to now unless someone knows something we do not. In terms of technical analysis, my findings back up my bearish thesis technically. We are reaching Overbought in RSI and while we have briefly breached 200 EMA this has happened previously before and fallen back below the EMA line shortly after hitting the ceiling of the trend. Overall bearish stance for the next couple weeks or so.