It appears that we did indeed bounce off of $3.60.  The equity closed at $3.67 on light volume.  The good news is that we are not in danger of an immediate test of the $3.50 level.  The bad news is that we are still on the wrong side of the strong resistance level at $3.75.  That could change, but as things look now, we will likely see the consolidation happen between $3.65 and $3.75.

Watch the volume, and watch the news flow.  Not just SiriusXM, but the macro-economic news as well.  We want to hold the line at $3.65, and when we test $3.75, we want it to happen on a minimum of 40 million shares.  Be aware that summer is coming to an end and market activity will pick up.

Volume

8-20 siri volume

 

Support and Resistance

8-20 siri sr

 

Exponential Moving Averages

8-20 siri ema