SiriusXM has broken below the sentimental price point of $3.50. The equity closed at $3.48 on decent volume. The good news is that there is a strong support level at $3.47. The bad news is that it is only a penny away. Should $3.47 break, there is little support down to $3.30 or so. What we want to see is a close back into the $3.50's. SiriusXM is a bit far away from what should be a good quarterly report, so we may need to rely on the company supporting the stock here at these levels through buybacks. There is no guarantee that this will happen though.
If SiriusXM can hold above $3.47, the next real resistance is at $3.57. Could we be in a place where this equity holds a narrow range for a spell? Perhaps, but do not fool yourself... that $3.47 is more critical than it appears. I am not saying that this equity will dip to $3.30 in a heartbeat, but it could start to drift there if we lose this support level. Stay Tuned!