The Siemens-Aktie (WKN: 723610) had formed a higher double bottom above the bear market low recorded in July 2022 at EUR 93.67 and completed it in November. The ensuing bull market carried them all but one in June EUR 167.00 posted all-time high. However, the associated breakout above the old historic record from January 2022 at EUR 157.96 did not prove to be sustainable. Instead, one started medium-term downtrend, which is still intact. As part of a second downward wave, the share slipped below his 200-day line and subsequently on August 18th slightly violated the last corrective low from March at EUR 134.66. The one formed there bullish doji candlestick triggered a rally that led to the dynamic recapture of the March low level. The one triggered by it Long setup in the short-term timeframe remains intact as long as there is no daily close below the low at EUR 133.50. Potential recovery targets and next hurdles are located at EUR 138.89-140.04 and EUR 142.22-145.98. If the bulls can’t break the latter zone by the end of the day, that’s it Risk of subsequent continuation of the downtrend elevated. Immediate bullish signals in the medium-term time window would only arise once the resistance areas of EUR 148.94-152.20 and EUR 156.32 were removed. Looking at the bottom, a slide below EUR 133.50 would focus attention on possible next downside targets at EUR 130.78/131.04 and EUR 122.55-127.08. In addition, this would also long-term chart picture significantly cloud.