SIRI Trying to Form an Inverse Head and Shoulders

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Sirius XM Holdings Inc. (NASDAQ:SIRI)

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NASDAQ:SIRI Sirius XM Holdings Inc.

supportandresistance trendline headandshoulders

SIRI might be trying to form an inverse head and shoulders pattern with 6:38 as the neckline. This 6.38 area also served as resistance earlier this year. If price breaks through the neckline on increased volume, one might look for a target of 7.20, about a 12% increase as implied by the height of the head. Good luck; have fun.

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SIRI kissed the 6.38 level exactly at it's high on this overall awful day for US markets.

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There appears to be a mini inverse H&S forming in the right shoulder of the main H&S with a neckline of 6.38.

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I really thought today was going to be the day that SIRI closes above the neckline and triggers a buy signal. It tried but failed and volume was average.

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It appears that the two H&S patterns have proven invalid. We still have a rising wedge with resistance at 6.38 though.

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So much for the wedge and two H&S patterns. SIRI became a short when it broke through the ascending wedge. Reasonable target would be the bottom of the large head. I'm sitting this out still.