Technical Update - Siemens Energy strong uptrend to continue. Any road blocks ahead? Technical Update - Siemens Energy strong uptrend to continue. Any road blocks ahead? Technical Update - Siemens Energy strong uptrend to continue. Any road blocks ahead?

Technical Update - Siemens Energy strong uptrend to continue. Any road blocks ahead?

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Siemens Energy is extending uptrend after raising outlook. Short-term uptrend is a bit stretched but medium-term uptrend looks strong. Resistance around EUR25.29.

Siemens Energy is trading higher after upbeat Earnings release and raising its outlook.
There is divergence on RSI however, indicating uptrend is weakening but remember the trend is your friend, and for now it is still up supported by higher traded volume.
To reverse the short-term bullish picture a close below EUR21.55 is needed.


Source all charts and data: Saxo Group

Medium-term Siemens Energy is facing resistance at the 0.618 retracement at around 25.29.
Uptrend is strong supported by higher RSI levels and no divergence. An indication of likely higher Siemens levels. Expect a correction at the resistance level but if Siemens can keep itself above the lower rising trendline it is likely to be a minor one.

A close above 25.30 is likely to give way towards 2020 peak around 34.59.
To reverse the medium-term bullish picture a close below 17.77 is needed 

Author is holding a long position in Siemens Energy

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