Sirius and XM Cross 50 Day Moving Average
April 6, 2006
After both companies have seen 52 week lows over the past month, Sirius satellite radio and rival XM satellite Radio both made substantial share price jumps and both crossed their respective 50 Day Moving Averages. From a technical standpoint this is significant for both equities. The fact that they BOTH crossed the 50 day moving average is perhaps the more impressive event. For over two months the satellite radio equities have been trudging along in a downward direction.
Sirius Satellite Radio:
The 50 day moving average was $5.29. Sirius went passed this milestone, and closed well above that figure on high volume. Sirius now sits right between support at $5.24 and resistance which is at about $5.61.
XM Satellite Radio:
The 50 day moving average was $23.06. XM passed that price point and had a strong day closing well above that figure on nice volume. XM’s current support is at about $23.50 and resistance is at about $26.05
If both companies can maintain their recent gains, and those standing on the sidelines decide to get back in, the sector could see some nice upward movement.
The link to this write up is:
http://tinyurl.com/ppo7rSatellite Standard Group is not a Financial Advisor. SSG fully encourages everyone to research equities and consult a Certified Financial Planner prior to making investment decisions.4/06/2006 10:34:00 PM
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