We saw a little life today.  The volume actually picked up a bit with a small (very small) take down at the end of the day.  Essentially SiriusXM spent the day just hovering along.  At the end of the session there was a small test of support, and that support held.  The biggest change today is that the support levels consolidated and we now have very strong support sitting at $3.79.  That is directly below current trading levels.  The key is watching to see if the company can hold the $3.79 level.  This is critical, because that level will be either strong support or strong resistance when the spring coils up.

Below $3.79, the next stop is $3.60.  This also happens to be the 50 day EMA.  It wont be the end of the world to dip there, but a dip down will put a hamper on a run and test of $4.00.  Essentially, if we stay above $3.79, test $4 is much easier.  We have one caution flag in the EMA’s, but that is not worrisome.

Volume

8-13 siri volume

 

Support and Resistance

8-13 siri sr

 

Exponential Moving Averages

8-13 siri ema