Sirius XM Radio Inc. (NASDAQ:SIRI) stock has met support for a third time within the past four days of trading, and once again shares have been lofted north. Support is located at the $1.75 price level and not only has SIRI encountered it three times within the past four trading days, SIRI as well touched the 50 moving average and rebounded. Granted, SIRI is poised at this time to close at $1.78 as it did during Monday trading, traders have been reluctant to allow SIRI to drop any further.
SIRI nonetheless is currently consolidating, shares were unable to set a new high on April 6th, the third day in a series of a large bullish drive. The 50 SMA is providing support as well ever since it had been broken above with several close calls however today it was finally touched. There is slight bearish bias with this recent failure to attain a new high as shares slipped beneath support of the $1.63 price level first on March 31st, but it is notable that SIRI has had the same price action scenario with setting a new lower low before pressing onward to new 12-month highs – within the past six months, which is depicted on the provided daily chart.
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. Radio content includes talk shows, and music from jazz to hard rock and everything in between. The company has no natural competitors in its business sector. Currently, it has a market value of $6,963,180,000 at the time of writing with 3,934,000,000 shares outstanding.