Siemens Energy about to breakout?
Siemens energy (ticker ENR) has been through a recent decline, and you can take your pick from the formations but there are some observations of a reversal back up.
The inverse head and shoulders looks to have broken out on Jun 29th, then suffered a one day pullback before continuing up.
Today marks the price breakout of the double bottom also in this formation, with the orange line showing the peak in the double bottoms at around the 26.80 mark. You could also take the more recent peak of 26.31.
RSI is above 50, approaching 60 also indicating an upward move.
So with the inverse head and shoulders, confirmed by a double bottom breakout either way you slide it, and the RSI over the midpoint I'm inclined to take this trade if we're still at above 26.80 at the close. I'll have a a nearby stop in case I'm wrong.
The inverse head and shoulders looks to have broken out on Jun 29th, then suffered a one day pullback before continuing up.
Today marks the price breakout of the double bottom also in this formation, with the orange line showing the peak in the double bottoms at around the 26.80 mark. You could also take the more recent peak of 26.31.
RSI is above 50, approaching 60 also indicating an upward move.
So with the inverse head and shoulders, confirmed by a double bottom breakout either way you slide it, and the RSI over the midpoint I'm inclined to take this trade if we're still at above 26.80 at the close. I'll have a a nearby stop in case I'm wrong.
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