Stock of the day: Siemens

By Tomasz Wisniewski |

Published: August 05 2022, 07:52 GMT+0

Stock of the day: Siemens

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Some stocks enjoy a relief rally more than others and that’s normal. The stock we’re mentioning today is one small step from a major buy signal, so its good times are still ahead.

Siemens created a very handsome inverse head and shoulders pattern (yellow), which in general, promotes a move to the upside. The one crucial thing we need for a buy signal is the breakout of the neckline (red), which may be happening as we speak. It’s a challenge, because the neckline is simultaneously a strong resistance coming from March and May lows. Also, not far away, there’s a long-term down trendline (black), which also needs to be broken if buyers want to spread their wings and fly high.

In my opinion, Siemens has a great chance of continuing the rise. As long as we stay above the green area, the sentiment is positive.

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