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.
Support and Resistance
Exponential Moving Averages