It has been an interesting couple of days. We have seen SiriusXM soar to new highs only to see it retreat again to where it was bbefore. The trend of higher highs and higher lows continues. There is certainly good reason for the equity to be bullish, and these retreat=s do not shift it to bearishness. The dynamic is that the turns are happening quicker. We could not wait fo a close to validate the move. What needs to happen is intraday monitoring for the shifts. If you missed this run, do not sweat it. It will happen again. Long term holders are in a good position. Active traders simply need to be active and savvy.
Volume was down to 54 million. A bit below average, but higher than the closer term average of about 45 million shares.The action of the past couple of days put a target on the back of $3.60 and established support just above the 50 day moving average at $3.24. Watch volume closely. Bold moves will happen on volume with breaks in between.
Support and Resistance
Support and resistance is getting interesting. The support level in the $3.30's has not yet materialized. There is a long way down to the next support at $3.24. I suspect that we may well see the equity takeb a break and develop support somewhere in the mid to high $3.30's. Watch the 13 day EMA at $3.37 closely.
Exponential Moving Averages
All bullish. Keep an eye on $3.37 and the volume.