SiriusXM did something positive in getting above the 200 day EMA, and did this move on lower than average volume, and lower volume than the previous session. It was good to see the volume dry up on the downward move, but the upward move, while nice, does not me we are out of the woods. We should still be cautious of $3.40.
What we want to see is $3.50 hold. We want to see the 200 day EMA be strong. What could work against that? The overall economy, or a sentiment by the street that the Q4 numbers will be challenging. The upside potential in the near term is quite limited in my opinion. Challenging $3.75 by the end of the year would be a major victory. Realistically, we are looking at an equity that will trade between current levels and the mid $3.60's.
Support and Resistance
Exponential Moving Averages