For today's chart we've chosen to take a look at
XM Satellite Holdings Inc. (Nasdaq:
XMSR) because it is testing the support of a
trendline that has propped up the price several times over the past year. As you can see from the chart below, the price of the stock has been forming a
base since August 2006 and it will be interesting to see if the nearby support will be able to prevent a sharp move lower. We've also added the chart of
Sirius Satellite Radio Inc (Nasdaq:
SIRI), which has been in a sharp downtrend since early 2005. From a technical perspective, XM looks like it has a higher probability of heading upward. However, if the price moves below $10.50 then this outlook will change and we'll take a neutral stance on the sector.
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