Sirius XM Bulls in Charge

Published on Wednesday, 15 August 2012 14:34 Written by TradersHuddle Wire

New York, August 15th (TradersHuddle.com) - Shares of Sirius XM Radio Inc. (NASDAQ:SIRI) booked a new 52 week high today by trading above $2.54, traders are definitely monitoring Sirius XM's price action to see if this move attracts further buying into the stock.

Sirius XM Radio Inc. (NASDAQ:SIRI) 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.

Sirius XM is currently trading -1.19% versus its previous trading session close, and it has calculated support and resistance at $2.03 and $2.51 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.06% from its previous trading close, which means that Sirius XM stock is underperforming the overall market.