The good news today is that SiriusXM closed on the right side of a key support and resistance level. The bad news is that volume is still quite light, and until this equity can confirm the move with a bit of volume we are still not out of the woods. The key thing to watch for is remaining above $3.61 and building volume. The near term EMA's are still bearish, but consolidating. Half of the battle will be maintaining a position above the converged EMA's.
SiriusXM responded well to the overall news of the day, but was not making a powerful technical statement. We still need to be cautions of a dip down, and can not yet say that this will spring up. The day of a bigger move is coming. The EMA's are all now within 4 cents of each other. Watch things closely!
We want to see volume now on an upward trend. Even a penny or two on progressively more volume is positive.
Support and Resistance
Exponential Moving Averages