SIEMENS: 5 Months 5-touch Support TL + Interesting Pattern! 👇🏻

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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.