SIRI breaks back above 50-day moving average
Sirius XM Holdings Inc. (SIRI) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
SIRI finished the week -0.75% lower at 5.30 after gaining $0.10 (1.92%) today, notably outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Closing above Thursday's high at 5.23, Sirius XM confirmed its breakout through the prior session high after trading up to $0.11 above it intraday.
Daily Candlestick Chart (SIRI as at May 22, 2020):
Friday's trading range has been $0.17 (3.26%), that's below the last trading month's daily average range of $0.21. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SIRI.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 50-day moving average at 5.25. When this moving average was crossed above the last time on May 15th, SIRI gained 3.18% on the following trading day. Prices are trading close to the key technical resistance level at 5.38 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 5.06 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Sirius XM. Out of 96 times, SIRI closed higher 57.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.54% with an average market move of 1.58%.