A TSC member request came through Sirius XM Holdings (SIRI). Specifically on SIRI & its $5.50 pivot area I mentioned in the Idea Chamber. I stated the this $5.50 area was an important area to monitor.
A stocks share price tends to use pivot areas to gauge supply and demand. The resulting breakout or breakdown is a result of the activity around the pivot area.
When a stock sticks around a pivot area, it is going through a consolidation period. That is what seems to be happening with the share price for SIRI at the time. But let's review some charts since there is more activity to review than short interest totals that I discussed in the previous update for SIRI.
SIRI & Its $5.50 Pivot Area
This first chart for Sirius XM Holdings (SIRI) is a 3 year weekly candlestick chart that illustrates the $5.50 pivot area. SIRI's share price has been trying to keep its closing share price for the week above this pivot area.
On a break below the $5.50 area, then look for SIRI to find support at its main supporting trendline for its uptrend.
SIRI's share price has spent more than 3 months around this pivot area…...
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I review support areas for SIRI's share price in case of a drop below the $5.50 area develops.
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