$SAVE down 22% after earnings, long entry $43-46+Very short term trade, time 1-2 weeks. Closed my $50 Puts at $44, had a great earnings play betting to the downside. I'm going to use those profits to take a bit of a gamble and attempt to play the reversal.
Objective:
We're near multiple areas of support at $43, $42, $41, and the 1.168 Fib extension. I'm going long calls that have an August 16th expiration $45 strike. If this gets to $41 I'll buy the $42.5 strikes. 22% is overextended to the downside, and this company isn't going out of business anytime soon. I'm confident one of those will make a profit. Targeting $46-47.
Subjective:
I actually recently was looking at plane tickets (unrelated to this play) and Spirit Airlines has a new membership subscription program where you get perks with a $50 a year membership. Anything subscription based has been profitable across industries, airlines have all been screwing customers across the board (things that used to be free, you have to pay for/more now, because "F you what are you going to do about it"), and this company really loves to cut corners after dealing with their ticket buying system.
Spiritairlines
Spirit Airlines Dip Buy in on SupportBuying the dip, Gan Fans show our support / resistance lines.
Earnings have turned around.
$SAVE in a bullish wedge?Great uppward support line since last May, except for when it was oversold in October due to ebola scare. Downward resistence line since December forming a wedge pattern. I believe Spirit Airlines will test 80.00 one more time before eventually breaking through the wedge to all-time highs around 85.00.
