Siemens Energy - Weekly

Siemens Energy stock has slumped over 30%.

Taking a look at Siemens Energy as its stock has slumped over 30%, crashing through all the support levels including the supportive trendline (white ascending) on the weekly timeframe. Late on Thursday, the company released its 2023 earnings forecast, noting more serious than anticipated issues with its wind turbine segment that will likely result in expenses of more than 1 billion euros. Now its share price sits at €16.00 a share compared to €23.41 only yesterday. We are now looking towards support levels at €13.36 followed by €10.23 (red trendline), which is the key level and also the low of last year. A break and close below the red trendline could see the price slide even lower, but this would have to be evaluated at that time. The bias now has turned strongly bearish, but a slight pullback may occur if profit-taking takes place. Looking at the technical indicators, both have turned negative with RSI now reading 34.