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Recent Pullback in SIRI is a Buying Opportunity

|Includes: Sirius XM Holdings Inc. (SIRI)

Despite the recent weakness in SIRI, mostly due to Howard Stern's court case no doubt, I would view this pullback as a buying opportunity. While the daily is still casting a slightly bearish tone as it broke down from a symmetrical triangle and remains below the lower trendline, the weekly chart is a picture of bullish perfection.

Daily Analysis:

A move back above the apex of the triangle would put the daily back on track and a sign it'll most likely move back to new highs and beyond. The RSI has been between the bullish 40-80 range and recently bounced off the 40 level, which is very bullish.

Weekly Analysis:

Extremely strong RSI action never falling below the 50 level and spends a good amount of time above the 70 level. As long as it remains in this upward channel SIRI will continue to be a star performer. If it falls below the lower trendline it'll most likely suffer a more serious pullback to the $1.40 or even $1.20 level.