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Siemens Long opportunity

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Hello all!

Here we can see that Siemens is taking constant supports from the supporting trendline since Dec 2020. The stock is now again at its supporting trendline which creates a good opportunity to go long!.

There are three strong reasons for me to take this trade:

1) The support zone at 2150 levels

2) The presence of a strong 50 day EMA

3) The Fib level of 50% which is the level to which a stock usually retraces to before continuing its upward journey

Thus there is a triple confluence. The Reward to Risk ratio is also favorable. Also nifty is extremely bullish which further reduces the risk.

Do let me know your thoughts on this!!

*NOT A CALL*

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