We saw a little life today. The volume actually picked up a bit with a small (very small) take down at the end of the day. Essentially SiriusXM spent the day just hovering along. At the end of the session there was a small test of support, and that support held. The biggest change today is that the support levels consolidated and we now have very strong support sitting at $3.79. That is directly below current trading levels. The key is watching to see if the company can hold the $3.79 level. This is critical, because that level will be either strong support or strong resistance when the spring coils up.
Below $3.79, the next stop is $3.60. This also happens to be the 50 day EMA. It wont be the end of the world to dip there, but a dip down will put a hamper on a run and test of $4.00. Essentially, if we stay above $3.79, test $4 is much easier. We have one caution flag in the EMA's, but that is not worrisome.
Support and Resistance
Exponential Moving Averages