SIRIDiminishing volumes.....diminishing rsi power....diminishing ADX power....previous highs....could retrace
SIRI trade ideas
SIRIUS XM RADIO : POSSIBLE CORRECTION WITH 3.9 REWARDS Price is showing weakness in the uptrend after 3 attempts which failed to reach fibo 0.382 trendline.
This looks like possible fake buying before a big correction downwards.
Over big trend is still up unless the purple line is broken.
Move your stops religiously is the best advice for this trade.
Bullish on SIRIUS XM RADIOSIRI has broken it 's resistance around 2.50 . Although there 's more resistance level to be broken, I'm bullish on the stock.
Another reason I like this stock, is the insider buying action during the month of August by Liberty Media Corp. For the month of August , the bought the following
Aug 10 -14 - 89.9 million shares
Aug 24 - 28 - 4.2 million shares
Aug 29 -31 - 24.3 million shares
The company currently hold 3.1 billion shares of Sirius , which represent 48.6 % stake. They have intention to increase this stake to 50 % + .
Q2 showed revenue was up by 13 % , and the number of subscribers reached a all time high of 23 million. Most analyst have a target of 4.50 - 4.75 for the stock, I'm a bit conservative with a target @ 4.01. I have a stop loss@ 2.10.
There ' s a lot of activity on this stock, on Aug 9th, someone bough 35,000 JAN2014 calls option contract at 0.24............
