SIRI closes higher for the 2nd day in a row
Sirius XM Holdings Inc. (SIRI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SIRI finished the month 0.86% higher at 5.87 after gaining $0.17 (2.98%) today, significantly outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 5.73, the market confirmed its breakout through the prior session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (SIRI as at Jun 30, 2020):
Tuesday's trading range has been $0.24 (4.22%), that's slightly above the last trading month's daily average range of $0.21. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SIRI.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on April 27th, SIRI actually gained 2.67% on the following trading day.
The share managed to close back above the 100-day moving average at 5.80 for the first time since June 23rd. Prices are trading close to the key technical resistance level at 6.03 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the nearby swing high at 6.07 where further buy stops could get activated.
Among the 10 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 95 times, SIRI closed higher 58.95% 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 65.26% with an average market move of 1.82%.