Well, we have a situation here. SiriusXM is starting off 2014 in a bearish pattern with two big resistance points above the current price and below $4.00. Simply stated, the near term situation is not pretty. No, it is not ugly yet either, but it certainly is not pretty. We are now in danger of testing $3.40. This is a place that we do not really want to be.
What we want to watch for this week is how the equity reacts to auto sales and how it moves with the overall economic environment. It is critical that this equity hold above $3.40, and highly preferable that this equity get itself into the $3.60's.
Support and Resistance
Exponential Moving Averages