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Company Background
Siemens Limited is a holding company engaged in manufacturing of electric motors, generators, transformers and electricity distribution, and control apparatus; general purpose machinery, and electrical signaling, safety or traffic-control equipment. Its segments include Power and Gas, providing solutions for generation of electricity; Energy Management, supplying services for transmission and distribution of electrical energy; Building Technologies, providing buildings and infrastructures; Mobility, supplying solutions for passenger and freight transportation; Digital Factory, including software solutions and automation technologies; Process Industries and Drives, providing solutions and services across life cycles for industry sectors; Healthcare, providing technology for healthcare industry; Metals Technologies, providing metallurgical plant building technology catering services, and design and engineering, and Others, including services provided to group companies and lease rentals.

Technical Aspect

Weekly chart of Siemens Depicts that price has formed Harmonic Pattern so called as “Bearish Gartley Harmonic Pattern” which is most reliable pattern among all other patterns. Stock faced resistance and witnessed selling pressure from Potential Reversal Zone (PRZ).
The Gartley pattern is a complex price pattern based on Fibonacci numbers/ratios. It is used to determine buy and sell signals by measuring price retracements of a stock’s up and down movement in stock price. Stock has formed perfect text book type pattern which is highlighted in chart. Stock has fulfilled all the conditions required for validation of the pattern.

Gartley forms when the price action has been going on a recent uptrend (or downtrend) but has started to show signs of a correction. Pattern contains a bullish or bearish ABCD pattern, but is preceded by a point (X) that is beyond point D.

The “perfect” Gartley pattern has the following characteristics:

  • Move AB should be the .618 retracement of move XA.
  • Move BC should be either .382 or .886 retracement of move AB.
  • If the retracement of move BC is .382 of move AB, then CD should be 1.272 of move BC.
  • Move CD should be .786 retracement of move XA and 127% retracement of BC , which forms Potential Reversal Zone (PRZ).

As mentioned above, Siemens has fulfilled all the criteria and as per pattern stock can witness correction in coming weeks. Thus if pattern materialize, price can retraced towards 50%-61.8% retracement levels of CD which is placed near 1240-1180 levels.