Technical Update - Vestas Wind jumping but still struggling for uptrend. Orsted in tight range. Siemens Energy building on its rebound Technical Update - Vestas Wind jumping but still struggling for uptrend. Orsted in tight range. Siemens Energy building on its rebound Technical Update - Vestas Wind jumping but still struggling for uptrend. Orsted in tight range. Siemens Energy building on its rebound

Technical Update - Vestas Wind jumping but still struggling for uptrend. Orsted in tight range. Siemens Energy building on its rebound

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Vestas Wind jumping at the open but struggling to stay up. Vestas has a long way to move before cancelling top and reversal patterns both short-and medium-term. Down trend could resume as indicators are inconclusive

Orsted in a tight trading range and needs to break out for trend direction

Siemens Energy has bounced strongly after the 2023 collapse. The troubled stock seems set for further rebound

Vestas Wind is jumping at the open after better than expected earnings. However, the technical picture is still fairly bearish and the  indicators are inconclusive. 

On the Daily chart Vestas formed a Bearish Engulfing candle on the first trading day of 2024 (circled) taking back the last two day’s gain of 2023, followed by a closing of the bullish gap. A strong signal of weakness.
For Vestas to cancel that top and reversal picture a close above 219.15 is needed.

On the weekly chart an even more clear Bearish Engulfing candle was formed (than on the daily). Vestas also failed to close above resistance at around 217.45 which is a sign of weakness.    

However, RSI is on both daily and weekly in positive sentiment and if daily RSI can close back above 60 threshold it would an indication of buyers could have the strength to test the January peak around 219.15

If Vestas is closing the opening gap of today the support at around 186.50 is likely to come under pressure. A close below and Vestas will resume downtrend

Source all charts and data: Saxo Group

Orsted is trading in a tight range between 401 and 369 but with a strong support at around 352.
A close above or below is decisive for the trend direction.

A close above 401 could very well give energy to a move towards 500 with resistance at around 447.40. IF RSI is also closing back above 60 threshold it will confirm a bullish break out.

A close below 352 will confirm downtrend has resumed with potential to push Orsted down to around 300.

If Orsted is closing below 352 RSI is most likely closing back below 40 threshold i.e., in negative sentiment further confirming a bearish trend.

Medium-term Orsted is still in a bearish trend despite bouncing strongly from support at round 276.
A weekly close above 419.90 is likely to establish a bullish trend

Energy has over the past 4 months bounced strongly after the total collapse starting back in June 2023.  
Currently testing the 200 Daily Moving Average and resistance at around 14.55.

RSI is in positive sentiment with no divergence indicating likely higher Siemens share price. A close above 14..55 could pave the road to resistance at around 16.52
A close below 13.18 will demolish that bullish picture. A close blow 12.42 and Siemens Energy is likely to enter in to a bearish trend

Author is a holding a position in Siemens Energy


The Saxo Group entities each provide execution-only service, and access to analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular, no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Trading in financial instruments carries risk, and may not be suitable for you. Past performance is not indicative of future performance. Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.