By Jeff Pierce

The last time I was a guest on the weekly Playground Radio program (October 19th, 2011) I thought Sirius XM (NASDAQ:SIRI) had the potential to pullback all the way back to the $1.00 level, but given how well it’s held up over the last 6 weeks I think we’re about to move in the opposite direction. That is if we can break above the key resistance I’ve noted on the chart below, preferably on some news event with high volume.
Essentially SIRI has been consolidating the big move of the last 2 years during the last 6 months and I see this as very positive from a technical perspective. It could just as easily sold off, but instead it churned as shares of stock went from weak hands to strong hands as they anticipate the pending rally back to last years high. Read More
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