When I saw that the equity closed at $3.44 on volume of over 50 million I was quite pleased. The equity is confirming a bullish trend. Better still, we have positive OEM news, and a quarterly report that should be very nice. Essentially this equity could well be setting up for a nice little run.
On the downside, we want to watch $3.41 and then $3.38. There is very strong support at $3.35, so we would want to bounce off of that. We would prefer to hold above $3.41 so that the strong support level can migrate upward.
On the upside we are wanting to see this equity at least test $3.50. If SiriusXM can do that then we can set our sites on $3.57. We also want to see volume stay above 50 million. That is important. Lower volume would indicate near term peaking.
Support and Resistance
Exponential Moving Averages