Sirius XM Radio (NASDAQ:SIRI) stock finally exits consolidation and dips under support
Sirius XM Radio (NASDAQ:SIRI) stock has finally broken out of consolidation slightly but not to the fortune of long positioned traders of the company. Shares of SIRI slipped to the south under support of the $1.32 price level during today’s trading session and have so far reached a low of $1.31 towards the end of intraday trading. SIRI has been trading within a lengthened consolidation pattern but it’s not entirely out of the ordinary for the satellite media company, as the last stint of the same occurred during August trading.
The next support level is found at $1.24 which investors are surely not wanting to see approached because the area of support underneath that is all the way down to $1.10 dollars a share which is decent support as it has been tested twice already. Fortunately, SIRI is not likely to get there, anytime soon as volatility generally leaves more to be desired. Although, that is not necessarily going to have a shareholder feel better about things but SIRI usually moves with the velocity of a turtle in a 4k pound car with a motor that has the displacement of 250 cc’s.
SIRIUS XM Radio Inc. (SIRI) is a satellite broadcasting company, delivering radio content from orbit down to Earth for residential and business subscribers of the service. The company has no natural competitors in its business sector, frustrating investors with a severe lack of price action volatility compared to other prominent NASDAQ listed companies. Radio content includes talk shows, and music from jazz to hard rock and everything in between.
The company has a market value of $5,133,041,760 at the time of writing, with 3,888,668,000 shares outstanding.