SIE Daily TF Considerations
On the daily time frame, SIE adheres to a rising wedge pattern. The chart shows higher highs and higher lows with bearish divergence on MACD and RSI. Volume seems stable but leans on the stagnant side as well. There's also a gap to be filled at 125€ to 130€. The stock can also be considered overvalued from a financial/business standpoint (e.g. see Morningstar's or Sven Carlin's analysis) and Siemens is certainly not a sexy growth stock.
On the positive side, we're still within the channel and above the 200 MA. A bounce could happen from here towards the 145€ to 150€ region since price still respects the channel and has rejected lower levels multiple times. However, it's not a buy in my book at this level because of the poor risk reward ratio since the price could break down at any point now. Selling at these levels without confirmation is also a poor decision since I expect support at the 200 MA where the gap is to be filled.
For now this stock goes onto the watchlist. If it makes another push towards 150€, it's a sell at that point. If the wedge pattern breaks down now, a short term buy at the 200MA could be an interesting proposition before the wedge is retested for a larger breakdown of structure (levels to be determined at that point).
On the positive side, we're still within the channel and above the 200 MA. A bounce could happen from here towards the 145€ to 150€ region since price still respects the channel and has rejected lower levels multiple times. However, it's not a buy in my book at this level because of the poor risk reward ratio since the price could break down at any point now. Selling at these levels without confirmation is also a poor decision since I expect support at the 200 MA where the gap is to be filled.
For now this stock goes onto the watchlist. If it makes another push towards 150€, it's a sell at that point. If the wedge pattern breaks down now, a short term buy at the 200MA could be an interesting proposition before the wedge is retested for a larger breakdown of structure (levels to be determined at that point).
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