The good news today is that SiriusXM appears to have normalized.  We traded 66 million shares and closed down 2 cents.  Moving down on lower volume is a good sign.  We do not yet have a confirmed bottom, but the signals are apparent that we might.  What we want to look for is below average volume on the downside.  If we closed down at $3.69 tomorrow on 25 million shares, the signal of a bottom, or at least a consolidation, would be very strong.

The support and resistance is now going through its adjustments as well.  In very simple terms, $4.25 has become a longer term goal again, and $4.00 a challenge.  We have strong resistance at $3.84 and another wall at $3.97.  These are two big hurdles to get past before we can begin thinking about $4.25 again.

We closed today just above the 100 day EMA.  The EWMA’s are still in flux, and have a very real potential to get uglier.  We barely avoided a third warning flag in today’s action (the 13/20 day).  We are also in danger of the 5 day EMA passing below the 50 day EMA.  This is bearish if it happens.  The 100 day EMA is not too far below.

Thus, while it looks like a bottom is forming, we still need more technical data to confirm it.  By watching things daily, you will be ahead of the curve.

Volume 

10-28 siri volume

 

Support and Resistance

10-28 siri sr

 

Exponential Moving Averages

10-28 siri ema