help me out here guys almost 1b shares traded last 4 days
at pretty much a .91 cent average, and one of those days being over 300m shares that moved siri all of 3 cents to the upside..I mean if you take into account the open & closing price, so I guess my question is for you chartist, is siri about to drop off a cliff again just based on the 5 day chart?or do you think it will go into a sideways trend say upper .80s lower .90s for a few weeks? tia for any sirious opinions! what we're all supposed to be here for..
Since the stock bottomed in early 2009 this is the third time it made a significant surge higher. Each time it pulled back to roughly the first or second leg up and then consolidated for a while. The last consolidation was four months long which is probably why this last surge was so big. Generally when a stock consolidates it is building pent up demand. The longer the consolidation the bigger the demand and the more explosive the climb will be at the breakout. Caveat: This assumes that there is a rational reason for the stock to uptrend.
SIRI has been improving their business since the bottom and most investors believe there is a reason for the uptrend. A lot of investors also believe that there is some manipulation going on. You need to judge that for yourself.
I think going forward from here SIRI could very well consolidate for a while. It's anyones guess how long. I do believe the company has improved and they should do well going forward or I would not be long the stock. I agree with the post above mine that it is holding support and I am not worried about it at this point.