By : Gino Lattarulo
Looking at the weekly chart of Siri we can see a bullish flag has developed, with the pole starting at .12 and the flag forming from it’s recent peak of .63. You probably can view this chart as a cup and saucer pattern as well, with the handle forming from the .63 peak.
At it’s current point, Siri would need to close above the .40 mark to break the flag line, and a weekly close above previous resistance of .43 would confirm the break. This .43 resistance point is also currently the 30 day exponential moving average which is widely considered to be one of the crucial benchmarks.
If this happens, that would place the stock at a pattern completion of around .80 , which coincidentally is not too far off from the recent price target stated by Barrington Investment . We can also see the Williams % R indicator about to cross up from the -20 line, giving us further confirmation of a possible breakout. It is also important to note that volume has picked up considerably over the last week, no doubt from the AAPLE application and Barrington price target increase.
Again, these are weekly numbers that I am giving you and the stock would need to close above these points on a weekly basis to complete the pattern.
Disclosure: Long SIRI
Remember….This is SIRI your talking about
The “normal” technical rules may not apply
@js643dp I cannot argue with that.
Another reason for the recent high volume was the Russell reconstitution. More then 400 million shares changed hands last Friday(some say more than 500 million), depending on whose counting. But, I’m sure that went without saying as it was very obvious.
Long SIRI