Stock Chart Analysis for Sirius XM Holdings (SIRI)

This stock chart analysis for Sirius XM Holdings (SIRI) will take a quick look at shorter-term and longer-term charts. SIRI, like a lot of other stocks, has been going through a consolidation period of sorts. Let’s see how it is developing and if SIRI’s share price is ready to run again.

SIRI – Falling Window Candlestick Pattern Resistance

This first chart for SIRI is a 3 month daily candlestick chart. This chart is to review SIRI’s short-term price action. Specifically, the price action occurring after the Falling Window candlestick pattern developed.

On SIRI’s first rebound attempt, it stopped just short of the Falling Window candlestick resistance area. SIRI is now in the process of its second attempt to “close the window” or close the gap-down.

The buying momentum has been slowly increasing the last few weeks along with increases in buying volume. SIRI’s share price sits right below its price before its most recent earnings report.

The supporting trendline can be used to make additional purchases or to repurchase shares previously sold. The trendline currently sits at $7.01; let’s make sure the long-term chart agrees with this assessment.

SIRI – Fibonacci Extension Tools

This next chart for SIRI is a 5 year weekly candlestick chart. While the Falling Window candlestick pattern may not be specifically visible, let’s review what affect that candlestick had on SIRI’s long-term trend. The Falling Window candlestick pattern is part of the sharp decrease after reaching the $7.70 high.

SIRI’s share price spent a lot of time slightly below and now slightly above the $7 support area I previously identified. The MACD Histogram is now showing selling momentum that is decreasing. SIRI’s share price has been[s2If !current_user_can(access_s2member_level1)]…….

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I calculate price targets for SIRI using Fibonacci Extension Tools, a favorite of mine.

Are you not a Trendy Stock Charts member? Then consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)] consolidating in a tight range. These are both signs that the consolidation may finally be over. A $7.30 print will be confirmation of a new uptrend and also to purchase any pullbacks that ensue after the $7.30 print.

The 6 different Fibonacci Extension Tools I placed on the chart show a confluence area around the $7.50 price level. That is most likely why SIRI sold off so hard from that area. Once SIRI breaches the $7.50 confluence area, it should have smooth sailing towards the $8.50 level. There is another confluence area at that level.

The Golden Ratio for the current long-term uptrend is represented by the blue 161.8% Target Line. Right now though it is not exactly clear from an Elliott Wave perspective how that will occur. Maybe after a couple more weeks the wave count will clarify.

Stock Chart Analysis for Sirius XM Holdings (SIRI) Summary

In summary, this stock chart analysis for Sirius XM Holdings (SIRI) confirms that SIRI’s long-term uptrend is still intact. Use any pullbacks towards the short-term supporting trendline around $7 price level to purchase or repurchase shares.

On deck: Whirlpool

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