Siemens Breaks Above -27.2% Fib Target & Aims At $150

The Siemens AG (SIEGY) stock is in a strong uptrend after bouncing at the 38.2-50% Fibonacci levels. 

A bullish bounce at the 21 ema zone of the daily chart could confirm another push higher.

Price Charts and Technical Analysis

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The Siemens daily chart is bullish. Let’s review the key price patterns and also potential targets: 

  • The uptrend has all the moving averages aligned for an uptrend. Price is above 21 ema zone, which is above 144 ema, 233 ema, and 610 ema. 
  • Price action made a bearish pullback after hitting the -27.2% Fibonacci target. But the bullish breakout above the resistance (orange dotted line) seems to confirm the uptrend continuation. 
  • As long as price action stays above the support trend line (green), price remains in bullish territory. 
  • The main targets of the upside are the Wizz 8 level and the -61.8% Fibonacci target zone.
  • A bearish break below the support places the uptrend on hold (yellow) and a deeper pullback invalidates it (red circle).

On the 4 hour chart, the strong impulsive price action is probably a wave 3 (orange). The pullback has an ABC (blue) within wave 4 (orange). Therefore, the current upside is probably a wave 5 (orange):

  • Within that wave 5, price is probably building numerous waves 1-2 (blue/green). 
  • The current pullback could be a wave 4 (green) because price action stayed above the top of wave 1.
  • A break below the support (green box), however, would invalidate (red circle) the current wave outlook.
  • A shallow pullback (orange arrow) could just be a simple pullback within the uptrend, if price action makes a bullish bounce (green arrow).
  • A bullish breakout (green arrow) could indicate an immediate upside.

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Disclaimer: The opinions in this article are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit ...

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