SiriusXM – Volume Slowing Down – Bottom?
Volume is still well above average but is drying up each day. Are we near a bottom on this equity? In my opinion the answer is yes. At this point SiriusXM is oversold and undervalued. The company story is not that sweet in the shorter term, but the longer term points to better days ahead.
This equity now will still have a slight “Liberty Overhang” associated with it. That is uncertainty, and uncertainty breeds cautiousness. Unless the company can post massive numbers, there is a ceiling of sorts on this. I know that may not be what you want to hear, but it is what it is.
What we want to see is volume dry up and help to indicate a bottom. I do believe a bottom is pretty much in, but confirmation is always nice. The equity needs a 10 cent move up to take out a caution flag. If two caution flags can come off, we may be seeing a reversal set up. That being said, $3.50 is the near term top.
Volume
Support and Resistance
Exponential Moving Averages
Hello Spencer,
I am so disappointed that you seemed to almost have abandoned Sirius XM stock. This site is called Sirius Buzz and Arena has taken over it seems. I DON’T CARE ABOUT ARENA. Your last piece was on SIRI March was 27th. Most of your comments are negitave about Sirius…see I told you so type. Yes you’re mostly right in the short run…but I want to learn more updated info for us SIRI longs. So, before my next payment date, I’m probably going to cancel my subscription. I just want you to know why now and hope you’ll get back into Sirius Buzz.
Thanks for listening, Ron Armstrong
Ron….
Thank you for the input. There is not a lot that happened between the 27th and the 28th. I am working on an article at the moment…with a bit of a new light. I understand that times can be frustrating. These are the times to pay close attention to subtle changes. You need to do what you feel is best for you.
You may not care about Arena, but some actually are embracing learning about another equity. Best wiishes with whatever your decision may be.