SiriusXM, SIRI , Up Trend
Updated
I am not licensed or certified by any individual or institution to give financial advice. I am not a professional Stock trader.
I believe SIRI is in an uptrend. I'm not going into a lot of detail with this one. I've drawn what I believe to be the Support and Resistance lines. SIRI may not bounce off Support, and that's ok as long as it keeps going up in price. Some trends (up or down) just hug one line or another and may not bounce between the two. Though a bounce would be nice, the overall trend is the important technical aspect to watch. If it bounces, great; if it just crawls along Support for the next week or two that's fine as well. With my lines drawn as they are you may notice the body of the candlestick from Friday, September 07, 2018 doesn't touch the line; but a low wick comes close. That low wick could be all the Stock needs for the price to start rising; but it also wouldn't surprise me if Monday's price action dropped to touch Support. Decide on your own strategy, and set an alert or automated Stop Loss for your safety net.
There are a couple different strategies to use with trends. You can buy at Support and sell at Resistance, and repeat until the pattern changes; or you can buy and hold. Either one will make money as long as the trend continues in the correct direction.
Let me know if you have any questions or comments.
I believe SIRI is in an uptrend. I'm not going into a lot of detail with this one. I've drawn what I believe to be the Support and Resistance lines. SIRI may not bounce off Support, and that's ok as long as it keeps going up in price. Some trends (up or down) just hug one line or another and may not bounce between the two. Though a bounce would be nice, the overall trend is the important technical aspect to watch. If it bounces, great; if it just crawls along Support for the next week or two that's fine as well. With my lines drawn as they are you may notice the body of the candlestick from Friday, September 07, 2018 doesn't touch the line; but a low wick comes close. That low wick could be all the Stock needs for the price to start rising; but it also wouldn't surprise me if Monday's price action dropped to touch Support. Decide on your own strategy, and set an alert or automated Stop Loss for your safety net.
There are a couple different strategies to use with trends. You can buy at Support and sell at Resistance, and repeat until the pattern changes; or you can buy and hold. Either one will make money as long as the trend continues in the correct direction.
Let me know if you have any questions or comments.
Comment
I've updated my lines. I kept the original Support and Resistance in place, but I also added a new Support based off wicks from June 26-28, 2018; and touching the wicks from 15 August 2018 and 07 September 2018, and it also contacts the bottom of the candles from 23-24 August if only barely (which coincides with my original Support). My extra Resistance line touches wicks from 03 August, 09 August, 04 September, 11 September, and 13 September. I don't know if this comment update will update the chart with those changes so you may have to draw those lines yourself if you want to follow this. I did buy in on 10 September at $7.00. I'm still not certain if it will just stick to the Resistance line and follow that up, or if it is going to drop back to Support and ricochet between the two. Let me know if you have any questions, comments, or observations.
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