Friday, November 24, 2006

SIRI Making A BOTTOM???


SIRI has been trending down since December of 2005 but now I think SIRI may have bottomed..Notice the 6 month consolidation that SIRI is in right now...Also notice SIRI has made a triple bottom.. During this 6 month consolidation from May until now, the On Balance Volume (OBV) line has been diverging and moving higher..In fact the OBV line made a 5 month high while the price chart has not... This only happens for one reason...There is more volume on the up days than the down days...In my opinion SIRI seems to be in the accumulation phase and buliding a base or bottom.. Right now SIRI is holding the 200 day moving average...If we get 2 closes above the average, that would confirm that the low is in place and that the trend has changed from down to up...

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