Sirius and XM merged today and the new combined companies' stock opened 15% lower. Seems like this was the climax of the trend as the stock has been trading higher than the Open price since morning. If it closes above Open price today, it is positive for the stock. If the stock somehow manages to close above yesterday's Close, this is definately a strong Reverse signal.
Investment or trading in the stock needs to be with a stoploss at $1.48.
Profile of the company:
Sirius Satellite Radio, Inc. provides satellite radio services in the United States. It offers commercial-free music channels that provide a selection of music genres, such as rock, pop, hip-hop, country, dance, jazz, Latin, and classical; and channels of sports, news, talk, entertainment, traffic, weather, and data content. As of March 31, 2008, the company offered a programming lineup of 69 channels of commercial-free music; 54 channels of sports, news, talk, and entertainment; and 11 channels of traffic and weather, as well as informational data services. It served approximately 8,644,319 subscribers. In addition, the company sells radios and accessories for use in cars, trucks, homes, offices, boats, or other locations primarily through automakers, consumer electronics retailers, and mobile audio dealers, as well as through its Web site. Further, it provides SIRIUS Internet Radio, an Internet-only version of its service. The company, formerly known as CD Radio, Inc., was founded in 1990 and is headquartered in New York, New York.