SiriusXM Up On Big Volume
SiriusXM saw a nice move up today on big volume. Over 165 million shares changed hands with the equity taking out $3.30 with authority. There was no real test of $3.43, but after the last few months of relative weakness, these signs of life are very welcomed. The action today was consistent and positive. I even like that the equity did not over-reach on this move.
We saw additional caution flags come down today. Long time readers know that there is a good propensity for a move when we see two or more caution flags appear or disappear. Bottom line. This equity is shifting to a bullish stance. The next test is $3.43. The bigger test will be $3.60. Let’s take this a step at a time.
We want to see this equity pass by $3.43 on high volume. If we settle down a bit first, we want to hold $3.30 and build into a move above $3.43. I carry the current risk at about $3.20 and the current potential at about $3.50. If I was on the sideline I would call SiriusXM a cautious buy at this point. The reason I am holding back from a full buyt for a sideline player is that getting past $3.43 could be a process. If we pass that level, the buy signal is stronger.
Let’s not get ahead of ourselves on this new bullish action. Take it a day at a time. There will be some modesty in the quarterly report. We need to see how the company frames the quarter and if the street will be more focused on the near term or the second half of the year.
Volume
Support And Resistance
Exponential Moving Averages
Support and Resistance chart….ARNA??
right. I mean at this point it has been 3 days. I guess you could change the chart to reflect siri and not arna
Ap0ologies for the incorrect chart.
This article was published on 4-2. Today is 4-4.
Within hours of publishing this piece (Wednesday night) I learned of a death in the family. While I did not update the chart right away (I was dealing with a death), it has not been 3 days. In point of fact, it has been less than 2.
I have had a lot of travel. The family member died in Tennessee and will be buried in Vermont. I am still not sure what day the wake and funeral will be, but it will likely be Monday and Tuesday. Please bear with me for a brief period of time
SP GREAT ARTICLE THANKS FOR ALL YOUR INSIGHT!!!!
i mean at what point does this thing reverse course. Its so clearly oversold. If they are not buying back stock at this point i think its safe to say we should ahve no faith in the management. They took on that 4 billion dollars of credit specifically for buy backs. well BUY BACK!
Well said, but I am concerned Siri is not buying back just yet. There is only one thing I am sure of, this continued low share price will work out in John Malone’s favor.
i have no issue with the conversion. This stocks biggest problem is that people love to crap all over Siri. Do a conversation that holds on to your value removes a chunk of the float and then changes the symbol and this stock will preform much better. I think people are getting to caught up on the dollar amount of the conversion. Its a shame. I hope liberty comes back and anything between the original offer and 4 bucks should be taken. people will see the % growth when there is more control over this stock and both the float and peoples perception of it