Wow! It is finally happening. SiriusXM has broken and closed above $3.50! I have stated several times that this was a critical level. the next trick is to hold above this level, build support below, and test the $3.60. The move up above $3.50 happened on above average volume. The only small glitch is that the volume was a tad bit lighter than the previous session. That being said, this equity is getting bullish.
Support below is impressive. We have strong support at $3.47. That support level is above the 200 day EMA. We want to see this equity maintain a position above this average. By doing this the 100 day EMA can move up and ultimately cross above the 200 day EMA. The 200 day EMA sits at about $3.45 and the 100 day at about $3.38.
The general EMA chart is all green with no caution flags. the 5 Day EMA sits at the $3.47 level. Thus we have the 5 day EMA above the critical 200 day EMA and right at the strong support at $3.47. Simply stated, the technicals are lining up nicely. Is a test of the $3.60's in the cards? I suspect that getting and staying above that will take a couple of attempts. What we want to see is this equity remain above $3.50 and pull up some of the averages below.
Yes, this is exciting. Don't let your excitement get away from you. The upside in the near term is not very distant. This equity needs to earn each dime upward by proving itself again and again. If we get past $3.68, then we have some clearer roads ahead.
Support and Resistance
Exponential Moving Averages