XMSR surged more than 15% Monday after the company reported a narrower third-quarter loss and issued a better than expected forecast for 2006. However, stock price of the satellite radio service company has been in a steep decline over the past 14 months shedding some 236%. Today’s news has broken-out from the downtrend and may signal a trend-reversal. A close above $14 may complete a double-bottom formation for an initial price target of $17; from then on, seek a price target towards the 38.2% Fibonacci advancement level at around $20.50. Stop-loss close below $11.
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