SiriusXM is edging up. In my opinion we are seeing the direct result of SiriusXM in the market conducting share buybacks. This is good, and hopefully it can get even better. Stay tuned for a valuation article that SiriusBuzz readers will see first later this evening. The equity is in bullish territory supported by share buybacks. The action lately has, temporarily, erased all support levels going down to $3.18. Resistance is at $3.61. That being said, the moving averages all represent support levels in their own way. Bear that in mind.
What we want to see is the equity continue to work on getting higher volume on these moves. The worry here is that if the company stops buying shares (for whatever reason and even on a temp. basis) we will see that very quickly in the share price. I think the 13 day EMA represents the downside risk, while the near term upside potential on a spike is $3.75. Stay tuned for the valuation article later.
Knowing that there will be share buybacks for quite some time, this equity becomes a buy at the 13 day EMA and a sell on new moves upward that happen on volume lighter than average. Bear in mind, this trading range is narrow.
Support and Resistance
Exponential Moving Averages