SiriusXM is once again exhibiting bullish signs. We saw the equity erase 2 warning flags yesterday, and today we saw the equity hold that all important $3.35 and remove two more caution flags as well as a warning flag. Hopefully readers are now in tune with how to see the signals early.
SiriusXM closed at $3.40 on volume slightly below average but higher than the previous session. The action was good, but SiriusXM did tail off at the close from a high of about $3.45.
On the support and resistance, we saw the equity test high into the $3.40's. This is bullish. There is little technical resistance all the way up to $3.57. That is my short term target. In my opinion, $3.45, and $3.50 will develop into resistance points if the equity does not test them quickly. Watch support at $3.37 closely. If the equity can hold that line the bullish stance we are in will not be broken.
Support And Resistance
Exponential Moving Averages