Sirius XM (SIRI) Volume Confirms Bullish Technical Indicators
Sirius XM Radio traded up on heavier volume and the Exponential Moving Averages (EMAs) have become more bullish. In addition Sirius XM added a second support level over $1.00. This is welcomed news for investors in Sirius XM Radio in that the walk upward is happening prior to the massive volume spike anticipated with the Russell Reconstitution this Friday after the close.
Over the past few weeks we have been highlighting the EMAs as they shifted from bearish, to convergence, to a mixed bag, and then ultimately bullish (click chart to enlarge). These technical indicators have been published here at SiriusBuzz. One caution we had even with the bullish indicators was the lack of volume. We spoke of how volume relates to technicals, and how we want to see moves happen with authority (volume). Today we saw the volume come into play.
With today’s trading action Sirius XM has now added a new support level at $1.04. While this new support is not very strong, it does represent a stopping point prior to the very strong support at $1.01. The best case situation would be for Sirius XM to continue to walk upward on volume at a good pace, adding a few cents each day. This type of trading behavior will build stronger support levels and remove volatility. The next resistance sits at about $1.11 and is not very strong. If Sirius XM can pass that on volume, we would see yet another support level at $1.08.
The news this week with Sirius XM will be interesting to say the least. Sirius XM investors can get all the information they need right here at SiriusBuzz. In addition, SiriusBuzz will be airing a special edition radio show tomorrow night that will cover the most recent news.
Position – Long Sirius XM Radio
Thanks for the update Spencer!
Not to mention the short covering is going to be vicious leading into Friday.
The plural of book is books, not book’s.
The plural of EMA is EMAs, not EMA’s. Your use of the apostrophe above incorrectly implies possession, as would be appropriate in, “The EMA’s numbers indicate a positive outlook for investors.”
An extremely common mistake, so much so that sites/videos have arisen to “save the apostrophe”.
Now, keep up the good work…
🙂
point taken and corrections made. Thanks for the heads up, and hope you enjoy the content despite the misplaced apostrophe
🙂 one reason I come back here is I appreciate your non-offended responses when people criticize you’s! ”””””””””’
Just a thought ,but shouldn’t all Liberty and Sirius shareholders pay attention to Live Nation.