The technical picture of the Siemens AG (ETR: SIE) stock on our 4-hour chart shows that the share price managed to overcome a short-term downside resistance line, drawn from the high of April 21st. The stock is currently trying to move again above the 116.92 barrier, marked by the high of May 10th. At the same time, SIE is trading above a short-term tentative upside support line taken from the low of May 12th.
If the share price moves above the 116.92 barrier again, this may invite more buyers into the game, this way helping the stock to drift higher. SIE could then travel to the 120.14 zone, marked by the current highest point of May, where a temporary hold-up might occur. That said, if the buyers continue to dictate the rules, they may drag the price further north, possibly aiming for the 124.86 level, which is the high of April 21st.
The RSI and the MACD are both pointing to the upside. Additionally, the RSI is slightly above 50 and the MACD is near zero, while sitting slightly above the signal line. Overall, the two oscillators seem to be in support of the scenario discussed above.
Alternatively, a break of the previously mentioned upside line and a price-drop below the 114.50 hurdle, marked by the current low of today, may scare off some buyers from the field temporarily. SIE could fall to the 112.00 obstacle, or even all the way to the current lowest point of May, at 108.15.
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