Spirit (SAVE) a distressed merger partner with Jet Blue LONG

SAVE on the 50-minute chart reversed a trend down that started on January 23 which was a

continuation of a previous downtrend which corrected. SAVE is in critical condition. There is a

merger with JBLU which has been successfully challenged in court. The two airlines have a

narrow window in which to file a notice of appeal after which briefing and oral argument

will be calendared. This is a slow process. I cannot find a positive piece of news in this

current week. No matter, price crossed over both short and longer moving averages and had

little bit of more volume. Is this a fakeout? Is this a short squeeze without volume to keep

it going? Are shorts buying to cover? Could this turn into something or is it nothing ?

Who knows ! I think it is worth watching.

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Zoomed to 5 minutes TF linked here

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JBLU on watch for early morning entry

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SAVE fell into moving average support and added 25% to the position to average out an unrealized loss. Cannot find any newest news except JBLU has a new CEO.

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A drop in price and then a slow sideways recovery. Full position for now.

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Sideways going into earnings. Loose stop loss awaiting the direction of the momentum after that.

İşlem kapandı: durdurma seviyesi:

Downside hard. Closed to divert cash into crypto and tech earnings plays.