SIRI Bounce
By Johns Wu on Aug 08, 2005
is SIRI (Sirius Satellite Radio) ready for a bounce? its trading at the bottom of the price channel right now and it is touching the 25EMA which has served as a support in the last few months. also, if you look at the yearly chart, you’ll see that it has recently filled a gap from janurary. what will SIRI do now? will we see a price channel breakdown? or will the stock solidly run back $7.50, a price that it tested briefly back in july?
in the past, a lot of people have gotten rich off this stock, so there will definitely be a lot of people watching this stock in the weeks to come.
This entry was posted on Monday, August 8th, 2005 at 1:46 am and is filed under Annotated Analysis.
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let me try my hand at this charting stuff:
i think you definitely picked a good one here because it is completely ambiguous. you make some great comments about the 25dma and the channel, not to mention the pattern that the price is making looks almost identical the the on that occurred during june, right before the breakout.
however, this chart can also appear very bearish: the price action could be interpreted like it is rounding off and heading south, with the macd indicating a downtrend. also consider this in terms of general market direction, company news, etc. the fact that there does seem to be a clear price channel and a support point means that if the stock does break down, it is more likely to be in for a real beating.
i suggest looking at volume in conjunction with the price to get a feel for the supply/demand of the stock. it may be especially helpful in this instant…:-)