Sell Siemens January futures, target Rs 980: Jayant Manglik

Jayant Manglik

Siemens: Sell January Futures |Target: Rs 980 | Stop loss: Rs 1080| Return 6.2 %

Siemens has been trading with a corrective bias for almost five months after retesting its record high. It has recently witnessed a rebound but couldn’t surpass the resistance hurdle of long term moving average i.e. 200 EMA on the weekly chart.

After spending nearly a month in consolidation, it has formed a fresh shorting pivot and likely to see a fresh decline. We advise creating fresh shorts in the given range Rs 1045-1055. It closed at Rs 1037.45 on January 21, 2019.