SIRI closes below its opening price unable to hold early session gains
Sirius XM Holdings Inc. (SIRI) Technical Analysis Report for May 17, 2018
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 Candlestick Chart (SIRI as at May 17, 2018):
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.
Even with a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.