Maverick_777

SIEMENS: 5 Months 5-touch Support TL + Interesting Pattern! πŸ‘‡πŸ»

Long
NSE:SIEMENS   SIEMENS INDIA LTD
Siemens has been respecting this trendline since Nov 2020. Today after touching, it formed a bullish engulfing pattern. This is a clear indication that it has again tried to take support. Also look closely, after checking fibonacci extension levels for the past 5 months, you will see the following pattern.
D = 1.618 * AB
F = 1.618 * CD and
H = 1.618 * EF.
Since, Siemens has been following this interesting pattern 3 times on this trendline, the target K for the next time is 2200 by following the similar process up the trendline. Do check the pattern yourself.

Comments

Superb Analysis. Identification of Very interesting pattern and mentioning clear levels . Also highlighting Bulish engulfing pattern.
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Maverick_777 neelkanthinamdar
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