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Thread: Fried day, June 28, 2013

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  1. #1
    Limit5Bass is offline
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    Joined: Nov 2012 Location: TrendyStockCharts.com Posts: 461

    Fried day, June 28, 2013

    So has SIRI broken out of it's downtrend? It is possible…..look at the chart……

    I used a channeling technique…..you start by connecting the high and the low in the current downtrend….(3.63 and 3.04 in SIRI's case). Then for the second channel line, you place it at the widest point in the downtrend between the high and the low from the first channel line


    SIRI 2013-06-27.jpg


    Now, this doesn't mean that SIRI won't pullback just because it has broken out of this channel. Just like how stocks in an uptrend retrace so do stock in a downtrend. Stocks that are in a downtrend typically retrace the same %'s. As you can see in SIRI's case, SIRI has retraced 61.8% of it's current downtrend with yesterday's 3.40 close.

    If SIRI has indeed stopped it's downtrend as the breakout from the channel has indicated, look for $3.04 to hold as the current bottom.
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  2. Ad Fairy Senior Member

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