SIRI has had a rather stable support line at 3.63 but when it was violated, market tumbled down till 3.30.
This has created an over-sold market with a trend in an upward direction. Past support has now become resistance at 3.63. This is a very important line taking into account past structures: market is giving us signals.
Therefore, taking into account the power of the resistance line and all three strength indicators, one should short SIRIUS XM HLDGS INC. We have entered an over-bought market and hit a strong resistance line, all implying a decrease in the price.
This has created an over-sold market with a trend in an upward direction. Past support has now become resistance at 3.63. This is a very important line taking into account past structures: market is giving us signals.
Therefore, taking into account the power of the resistance line and all three strength indicators, one should short SIRIUS XM HLDGS INC. We have entered an over-bought market and hit a strong resistance line, all implying a decrease in the price.