Siemens - Will this double top prevail?

Company description

Siemens is a cross-industry company dedicated to automation, electrification, mobility and healthcare. The three largest geographic regions - the United States, Germany and China - account for more than half of the group's revenue. Siemens holds a 75% stake in the separately listed Siemens Healthineer.

DAX weighting of Siemens

In terms of charts, the share is actually extremely strong in relation to the economic forecasts that are currently affecting us. However, one aspect shows a clear warning sign - the chart structure since mid-March. Since Siemens is weighted at 8.52% in the DAX alongside SAP and Airbus and is therefore one of the biggest drivers of the index, I am monitoring the situation very closely.

Chart technical outlook

But now to the chart structure itself. After the recent record high of EUR 189 in mid-May, Siemens shares are correcting significantly. The current chart formation of a potential double top is a warning to be cautious in the short term. A more significant downward movement to EUR 158 could be on the horizon. Anticyclical levels, where the underlying value could already turn around again, would be favored around EUR 179. This is an important liquidity zone. Above this, however, further upward trends are likely to continue.

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