Siemens Bouncing From Pullback

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Targets : 1385-1450 Buy range : 1305-1325 Stoploss : 1215 Duartion : 4-5 weeks

Outlook :
The share price of Siemens has been consolidating around the support level of Rs .1290-1300 for the last three weeks signalling base formation at the major support level being the confluence of:
The long term trend line support joining the major highs of Rs .1396.45 (October 2015) and 1356 (July 2016).
38.2% retracement of the previous major up move from Rs .1012 (November 2016) to recent highs of Rs .1471.35 placed at Rs .1295.
Currently, the stock prices have corrected which resulted as a pullback after a breakout from a “Symmetrical Triangle” pattern occurered on (April 2017 at above Rs .1315).
Previous session showed a sharp surge in prices with a decsent amount of volumes from or near major support levels, indicates stock to resume its uptrend in coming month.
Moreover, as per EMA analysis, 20-days EMA has crosssed above 50-Days EMA which is a bullish indication,
On the Daily charts stock witnessed a “Bullish harami” candlestick pattern as on 29/06/2017 and a” Three inside up” candlestick pattern was formed till closing of previous session.
14-DAY RSI is heading above 60 levels which indicates a sharp move in prices in mid term.
We believe the stock has the potential to move Higher in the coming weeks as it attempts to test its previous intermediate Highs of Rs .1471. We therefore recommend a Buy at CMP or at (price range 1305-1325). Our entry levels, along with stop loss and targets have been mentioned above.
Trade closed: target reached
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