The PEAD projected a Neutral outlook for $SIRI after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 72.73%.
This is one of the most beautiful weekly candles SIRI has had in months. Volume is increase and call options volume as well.
Huge call buying on 6/18 $8 calls.
If SIRI can break its previous ATH it can easily see $10.
SIRI gives me Blackberry vibes. No one paid attention to Blackberry and thought the bulls were crazy for getting long in the 5s and 6s. You could see some of the comments in this post on BB here from Aug 2020:
Tightness in volatility is what traders look for. Especially multi-year consolidations like SIRI.
In my first year as a stockbroker my boss said......
Look at all those weekly MAs stacked nice and tight just under price. Daily looks to be flagging just above 6.50. Call flow has been strong here lately, something brewing...
something brewing here. Call flow has been heavy. It's heavily shorted but the float is too big for it to squeeze like others. I grabbed some calls yesterday and sold half today when they doubled.
SIRI has a nice head and shoulders pattern today, these patterns appearing after a long bullish trend is a good sign to continue bullish. The ATR is showing price action is leveling out and with all the room for growth in the RSI we think it will keep chugging along.
