SiriusXM held the proverbial line despite being down for the day. The down move happened on lighter volume. While there was risk of adding a second caution flag on the EMA chart, the equity closed at $3.83, just enough to keep the caution flag at bay.
The second big development with the recent action is a shift of the major support up to $3.76 from about $3.71. Despite being down today, this is a positive development. If you think about it, major support just improved by 5 cents.
What we are looking for now is the bottom to form, and then a march upward on volume. We need to watch $3.79. If that breaks, the likely bottom is $3.76 (short term).
I do not see a compelling reason for a jump right now, but not a ton of resistance either. Stay tuned!
Support and Resistance