Siemens reaches near trendline resistance

Siemens Limited is engaged in electrification, automation and digitalization sector. The company is a leading producer of technologies for combined cycle turbines for power generation, transmission and distribution. The company is also involved in Smart City infrastructure solutions for automation, transportation and software services. Siemens Limited reported revenue of Rs. 12,293 crore, as of September 30, 2018. 

Siemens Limited is currently trading at Rs. 1,043.35 per share. The stock reached near its downward sloping trendline resistance formed by connecting swing highs from September 2017, on the weekly time frame. A breach of this trendline resistance will allow the stock to scale towards the zone of Rs. 1,100- Rs. 1,120. 

The stock is trading above its 20-day EMA of Rs. 980.70 and 50-day EMA of Rs. 959.40, 100-day EMA of Rs. 966.70 and 200-day EMA of Rs. 1,012.35, which indicates that the stock is in a medium to long-term uptrend. According to a MACD analysis on the daily time frame, there is a centreline bullish crossover, which is a positive signal. For any further upward momentum, Siemens Limited needs to form sizeable bullish candle along with strong volumes above the trendline resistance.