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September 16, 2024, 01:20 am ET, BY Quentin W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy SIRI near 20.71 with an upside target of 28.56. This data also tells us to set a stop loss @ 20.65 to protect against excessive loss in case the stock begins to move against the trade. 20.71 is the first level of support below 24.51 , and by rule, any test of support is a buy signal. In this case, support 20.71 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of SIRI as it gets near 28.56 with a downside target of 20.71. We should have a stop loss in place at 28.64though. 28.56 is the first level of resistance above 24.51, and by rule, any test of resistance is a short signal. In this case, if resistance 28.56 is being tested, so a short signal would exist.
If 26.01 begins to break higher, the technical summary data tells us to buy SIRI just slightly over 26.01, with an upside target of 28.56. The data also tells us to set a stop loss @ 25.93 in case the stock turns against the trade. 26.01 is the first level of resistance above 24.51, and by rule, any break above resistance is a buy signal. In this case, 26.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of SIRI if it tests 26.01 with a downside target of 23.56. We should have a stop loss in place at 26.09 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 26.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 26.01 begins to break higher, the technical summary data tells us to buy SIRI just slightly over 26.01, with an upside target of 26.52. The data also tells us to set a stop loss @ 25.95 in case the stock turns against the trade. 26.01 is the first level of resistance above 24.51, and by rule, any break above resistance is a buy signal. In this case, 26.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of SIRI if it tests 26.01 with a downside target of 24.35. We should have a stop loss in place at 26.07 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 26.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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Don't over think it! Trading Sirius Xm Holdings Inc. (NASDAQ: SIRI) or any other stock can be rewarding if the simple rules of technical analysis are observed before making any decisions. This should be an integral part of the investment process.