SiriusXM relinquishes gains - Analysis - 19-10-2018

Sirius XM Holdings' stock hit an intraday high at 6.38, bouncing off it lower and turning the gains into losses, marking a loss of 1.44% in the last session, or 0.09 points, with negative pressure from the 50-day SMA, while readying to breach the support of 6.14, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the short term (from 5.17 to 7.70). 

Therefore we expect more losses for the stock, especially if the support of 6.14 was breached, targeting the next one at 5.77, which represents the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bearish