Banking on Sirius XM Radio?


New York, Aug 8th ( – Shares of Sirius XM Radio (NASDAQ:SIRI) closed the trading session at $1.05 fractionally to the downside last Friday, still holding above its resistance breakout of $1.03 this places the stock on posture for probable continuation of push higher.

Sirius XM stock is a subscription based satellite radio broadcaster.  The Company provides its services throughout the continental United States for a subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of news, sports, weather, talk, comedy, and public radio.

The company continues on a steady long-term trend that continues to place higher lows, the current macro wedge formed in the daily chart has resolved to the upside by breaking above the $1.03 resistance area.

{reg} I will be looking for additional upside, in Sirius XM stock, if it manages to close above the $1.06 area.

See the below chart for details.

Short term support is at $1.00, which coincides with the 20 day moving average, long term support is at the 200 day moving average around the $0.90 area. Reference for the stop loss placement is just below the 20 day moving average or $1.00. {/reg}

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