A bullish move is setting up but is frustratingly just out of reach. This has been the case for quite some time. SiriusXM has spent so much time below both the 100 and 200 day EMA's that it seems like a monstrous task just to get above...Yet...We are on the cusp of that now. We sit just below the 100 day EMA at $3.34 and the 200 day EMA is waiting just above at $3.40. If this equity can break through, there is a very real potential that we ca begin to test the next real resistance at $3.61. It has been a long time since we have been there. Interestingly, the short interest has picked up substantially, as if there is a force that wants to hold this equity back.
Volume is still light compared to normal, but that has been the case for a while now. Support below is very strong at $3.28. It is imperative that the equity hold above that level. Real resistance is not until $3.61, but it will take some doing to test that. In my opinion we need 3 or more days above $3.40 to set up that run. The EMA chart is very bullish with just 1 warning flag. We want to see that warning flag fall off today. A close above $3.33 will allow that to happen.
Support and Resistance
Exponential Moving Averages