Well, it was an interesting trading week to say the least. SiriusXM tripped and stumbled, but today seems to be in recovery mode. The big question is whether the recovery is equity driven or driven by SiriusXM buying back shares. We may never officially know that answer.
Volume was high on this move up. That is a good sign. It again raises the question of SiriusXM participation. We did not see the down-trend dry up the volume and instead saw the volume stay about the same while the equity improved in price. Now we want to see it move up on even higher volume. Up on low volume could signal a near term top. Down on low volume would not be an overly concerning event.
Looking at the support and resistance, the $3.24 level is still critical on the down side. To the up-side we want to watch $3.33. Should this equity break above $3.33 it could make a nice run to $3.40 or so.
On the exponential moving averages we added a warning flag. No, the EMA picture is not pretty. However, what we are looking for is the removal of caution and warning flags. If that happens, a run is starting. We are a penny or two away from that happening. We can not call a bottom yet, but the investors that like to gamble a bit might do just that.
Support and Resistance
Exponential Moving Averages