SiriusXM rebounded today on lower volume. It has held all bullish indicators and remains in a slightly bullish uptrend. There appears to be strong support at just above $3.50 and the resistance at $3.60 seems to be gaining strength. In my opinion, the equity is seeing what is almost a forced consolidation. SiriusXM's buying pressure is supporting the stock, but there is not enough outside buying pressure to propel the stock to the next high. When we see 10 cent moves it is when the outside pressure and the SiriusXM pressure combine.
We want to see volume of over 70 million shares on a move above $3.60. We want to see this happen and then hold. I think a test of $3.75 could happen if we get the doubled up buying pressure combined with something as innocuous as a positive jobs report or anything along those lines. The EMA's remain in tact at all green. We avoided a caution flag today, but a close lower than current levels could bring one on.
Support and Resistance
Exponential Moving Averages