2 Setups For SIEMENS AG
Alexandros Yfantis | Aug 24, 2018 08:12AM ET
Greetings everyone. Another stock I closely monitor and is in my portfolio is Siemens AG Class N (DE:SIEGn) traded in Germany. I have two contradicting setups in this stock and only the bullish so far looks activated. Although there is a bearish setup that we are going to talk about, the good thing is that one cancels the other. So if the bearish setup gets activated, we forget the bullish view at least for short-term.
Bullish setup
The rise from 100€ looks impulsive while the pull back is so far in 3 waves and has reached a bit lower than the 50% Fibonacci retracement. Price has started rising upwards. We could be at the very early stages of a new upward wave that will bring price towards 130€.
On the other hand if we take a closer look at the 2 hour chart we observe a bearish flag pattern.
Price has support at 110€. A firm break below it and a sequence of lower lows and lower highs will open the way for a decline towards 100€ at least. So if someone chooses to go long, the risk would be around 2% as bulls do not want to see price below 110€. On the other hand bears need to be patient in order for their bearish pattern to be confirmed with a break down move below 100€.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.