Jayant ManglikReligare Broking
Siemens has been trading with a corrective bias for almost five months now, after retesting its record high. It has recently witnessed 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’s formed a fresh shorting pivot and likely to see a fresh decline. We advise creating fresh shorts in the given range.
Disclaimer: The author is President, Religare Broking. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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