Technical Analyst, Saxo Bank Group
Summary: Siemens Energy testing key support after Earnings release and continued issues in the wind turbine business.
If support is broken a sell-off could be fueled sending the share price 10-15% lower
Siemens Energy (ENR) is still hit by its Wind turbine issues. The share price is testing the support at EUR14.35. A close below could push ENR lower to the trough from June at 13.78 but could give down side potential to the 1.382 to 1.618 projection of the top to bottom of the past 6 weeks trading range at 12.73-12.09.
For ENR to get some sort of upside traction a close above 16.52 is needed. If that occurs a move to around the 200 Moving Average currently around 18.59 could be seen.
However, RSI seems to rejected once again at the 40 threshold strongly indicating lower levels are in the cards.
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