In the previous look at Sirius XM Holdings (SIRI), we saw a bullish breakout from a multi-week consolidation range. The breakout continues a bullish trend, and we discussed the buying-on-a-dip strategy. Well, we got the dip this week, so let's take a closer look at the pullback.SIRI 1H Chart(click to enlarge)Key Support:- The previous resistance area around 5.20, is now going to be a key support to monitor.- Also note the 100-hour simple moving average. - We discussed the reward to risk of entering at 5.30. - So far, price has found support at 5.25 and is making a push. - However, the price action this week is still bearish, and there is downside risk towards 5.20.- I think as long as price holds above 5.10, and the RSI above 40, the bullish outlook outside of the short-term, remains bullish. Trade Idea from the previous update:Bullish Scenario:- Let's say our target is 6.50, which would be 25% higher than 5.25.- Note that so far this year, price has pretty much gained 25% already. - The projection is therefore an anticipation that a repeat of the run SIRI had in the first 3 months of the year. - The timing would likely not be the same, because, we have seen multi-month consolidations in 2016, which could happen again before price continues to 6.50. Reward to Risk:- Let's say we enter long at 5.30 with a stop at 4.95. - This is a risk of 6.6%. - 25% reward vs. 6.6% risk is attractive. - Let's say we have a conservative target of 6.0, anticipating a period of consolidation- This is still around a 13% potential gain, and around a 2:1 reward to risk ratio with a stop at 4.95.