Stock Market Ideas For Monday, January 31
Stock Market Ideas For Monday, January 31
By Antonio Costa on January 30, 2011
I have been following Sirius XM Radio Inc. (SIRI: 1.615 -0.0035 -0.22%) for a while and bought some after the major resistance level around 1.41 was broken. Honestly, the stock looks like it could go to $2 or even higher by the end of year. Nice growth, good expansion and management team. I believe the current uptrend is sustainable and I do expect that we will have a quick upward movement. Overall, the flux of news have been in favor of Bulls. I prefer to keep with my long position on stock respecting the breakout mode. After a strong runup since its August 2010 bottom, SIRI looks poised to rally again from this small pullback. Present technical indicators are in favor of Bulls.
A quick look at the technical chart :
- The bias is bullish in nearest term testing $1.69 but remains unclear in medium term.
- The stock still trading above 50 day and 200 day moving average, also a bullish sign.
- Back above the 20 day average.
- Volume increases on support levels (good sign)
- RSI back above 50 level.
- Money Flow-Index still climbing
- The +DI crossed up through the -DI last week – Bullish.
- Call Options Still going Strong.
http://www.dailymarkets.com/stock/20...ay-january-31/