Sirius XM Radio (NASDAQ:SIRI) stock continues to sustain a defined uptrend which originally formed during trading of February, 2008
Sirius XM Radio (NASDAQ:SIRI) stock continues to sustain a defined uptrend that is nearly as picture perfect as any trader is going to witness. SIRI has been in this uptrend since February of 2009, however hindsight is always 20/20. At that time, SIRI looked like it was in an out of control downward spiral. However, that is not the case today.
Aside from the rampant amount of consolidation channels that SIRI enters before moving on to the next gradient, there is a defined upward channel that makes perfect technical sense. This can be seen in the provided daily chart. Essentially the same setup can be found on the weekly, and monthly charts as well from February, 2009 onward. Price action volatility has been heightened the past few days of trading, so unless SIRI’s trading characteristics dramatically change it is a matter of time until shares ease into another consolidation channel.
SIRIUS XM Radio (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, regularly 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 $6,320,699,000 at the time of writing, and there are also 3,925,900,000 shares outstanding.