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5 Consumer Stocks Ready to Push Higher This Week

Sirius XM Radio

Sirius XM Radio (SIRI - Get Report) is another name that's been consolidating after a big leg higher. The satellite radio carrier has been bouncing within a rectangle pattern for the last few months, hitting its head on resistance at $3.25 before finding a floor at $3. Now, shares are testing support again.

>>3 Stocks Spiking on Big Volume

Consolidations such as the one in SIRI are common after big moves -- they give investors a chance to catch their breath and figure out their next moves. And because rectangles are easily defined on the chart, they're very tradable setups. A breakout above $3.25 resistance is a buy signal, while a break below $3 support signals a sell in SIRI.

Momentum adds some extra confidence to this trade. 14-day RSI had been trending lower for the better part of 2013, only to break to the upside in April. Because momentum is a leading indicator of price, the implication is a breakout in SIRI's price action as well. Wait for price to signal a buy before jumping in.
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SYM TRADE IT LAST %CHG
BPOP $29.69 -1.20%
FBHS $46.02 0.11%
SIRI $3.73 -0.53%
WHR $169.72 -0.75%
V $68.24 0.57%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

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