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SIRI closes below its opening price unable to hold early session gains


Technical Analysis Report for SIRI - May 17, 2018 [< 1 min read]
Highlights
SIRI breaks key support level
SIRI closes below its opening price unable to hold early session gains
SIRI ends the day on a bearish note closing near the low of the day
SIRI runs into sellers again around 7.01
SIRI closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

SIRI finished Thursday at 6.89 losing $0.04 (-0.58%). Trading $0.08 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SIRI
Volatility

Thursday's trading range was $0.14 (2.02%), that's slightly below last trading month's daily average range of $0.14. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.

Price Action

Even with a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 6.92 today, it is now likely to act as resistance going forward. After having been unable to move above 7.01 in the previous session, Sirius XM ran into sellers again around the same price level today, failing to move higher than 7.01.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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