SIRI closes above its opening price after recovering from early selling pressure
Sirius XM Holdings Inc. (SIRI) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
SIRI finished the month 0.17% higher at 5.88 after gaining $0.01 (0.17%) today on high volume, notably underperforming the Nasdaq 100 (1.78%). Trading up to $0.10 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SIRI as at Jul 31, 2020):
Friday's trading range has been $0.18 (3.08%), that's slightly above the last trading month's daily average range of $0.16. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SIRI.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on July 24th, SIRI gained 1.35% on the following trading day.
Prices are trading close to the key technical resistance level at 6.02 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.