Technical analysis is a tool that every active trader should keep in their toolbox. Serious investors in SiriusXM enjoy very regular technical and fundamental reporting on what drives SiriusXM from SiriusBuzz Premium. Support and Resistance is just one tool that we look at, but there has been a dynamic so compelling that I thought it would be good to share with all SiriusBuzz readers.
Yes, Premium members get additional insight beyond this, but that’s the perk of being a member. The support and resistance chart on SiriusXM has developed a very interesting dynamic. Essentially we have a massive amount of support below. Why is this important? How often does an equity challenging multi-year highs have such impressive support?
I gauge support and resistance in terms of strength. A “1” is the weakest level, and a “10” the highest. SiriusXM closed on Friday at $3.95. The next four support levels below offer four walls of support. Strong support is down-side protection. Out of a possible score of 40, these four support levels score an impressive 34.
Meanwhile, resistance above, from a technical standpoint, is almost non-existent. There are psychological resistance points, but those can be overcome. The Support and Resistance chart above is combined with volume analysis and exponential moving Average analysis on SiriusBuzz Premium to give a technical perspective that allows assessment of the near, mid, and long term prospects of SiriusXM.
On SiriusBuzz Premium we offer regular technical and fundamental insight that gives a serious investor insights that simply are not available anywhere else. You could wait weeks for this formation or that, or you could get the tools that help you assess this equity DAILY and ON-THE-FLY.
If you have not already done so, consider giving SiriusBuzz Premium a try. We cut through the clutter and give you what you want… USABLE INFORMATION. It is great to see strong support below, but what will it take to get to the upside, and what potential exists up there in the near, mid, and long term. SiriusBuzz Premium members get that insight. Stay Tuned!