Hello new 52 week high! Yes, it was a new 52 week high for Sirius XM Holdings (SIRI) last week. This new high was made on volume that increased over the previous week. That is typically a bullish sign. So is it time to hang tight with Sirius XM Holdings (SIRI)? Or is it time to dump shares?
In my previous article, I was asking if it was a breakout or a fake-out for Sirius XM Holdings. I thought it was a breakout. A new 52 week high seems to be confirming my intuition.
For those that have been sleeping on the stock, yes, I am talking about Sirius XM Holdings (SIRI) with a new 52 week high. With concerns of peak auto at least subsided for now, SIRI may have one more obstacle to deal with, and that would be the manufacturing of autos in the USA rather than abroad.
While this manufacturing issue should not impact them directly, it is something to note and be aware of considering how the president-elect likes to tweet about industries and companies. Car companies have definitely been on the radar. Hopefully SIRI can stay out of it.
Just recently, one astute Trendy Stock Charts member inquired about SIRI and if it appeared to have developed a 3 Weeks Tight chart pattern and if I could confirm the pattern.
After looking at its weekly chart, I noticed there were 5 consecutive closes for SIRI on it that were within a 1% - 1.5% range. This meets the general requirements of a 3 Weeks Tight pattern. But the first two weeks were a little volatile and don't quite fit with one of the guidelines. However, the last 3 weeks of the tight closes do fit in with the requirements and guidelines for the pattern. Let's jump to the charts and see what it looks like.
Hang Tight With Sirius XM Holdings
This first chart is a duplicate of one I posted in the Idea Chamber yesterday. The gray shaded box reflects the area of tight closes that I discussed above.
This is a 2 year weekly candlestick chart for SIRI. A breakout with increasing buying volume on this weekly chart seems to be in progress.
Disregard the support areas marked on the bottom of the chart, it is from an older article.
The new support area for SIRI's share price is around the $......
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