It was a precarious dip for sure. SiriusXM touched $3.00 today. The equity did bounce and recover, but the confidence of investors has to be shaken at this point. Just 3 months ago some were clamoring for Liberty Media to up its offer to something over $4.00. As frustrating as the current price is, it is still less than 20% down from the $3.68 that was represented by the offer.
The question of the moment is whether or not SiriusXM will dip into the $2's. You may not want to hear this, but I think it is quite possible. If the quarterly report is not a big positive (the last one was not), then we could see downward pressure continue. perhaps even beyond what we all feel is a bottom. The important thing here is this equity staying above $3.00. Personally I think holding through this conference call takes a lot of bravery.
The charts speak for themselves at the moment. Caution is warranted.
Support and Resistance
Exponential Moving Averages