NEW YORK ( TheStreet) -- There's a lot of buzz surrounding the Pandora (P) public offering today. Shares were well received with the offering price being bumped higher in recent days. A stock that has suffered in the run up to this offering is Sirius XM Radio (SIRI), whose paid subscription revenue model potentially finds some increased competition from this upstart.
Many newer model cars have sound systems that integrate with various handhelds. The thinking is that there will be an increase in choices when it comes to where you get your music.
Although the fundamental side of the equation is interesting, what's more interesting to me is the charts I see on Sirius and the potential for a larger retrace in the stock price. Let me share those charts with you.On the intermediate-term time frame, Sirius currently has worked higher on a suspect bullish trend. Those trends typically retest the area where the initial break higher occurred and with this chart, one could argue that this has already occurred.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV