Stock market forecast for Wednesday, July 21, 1402 / decrease in Iran’s car production; A new shock to the stock market?
According to Tejarat News, the sales pressure in the market on Tuesday was so high that the positive signal of a 30% increase in the price of Bahman Group products could not stop the downward trend of the company’s shares and the overall index.
The stock market trading on Tuesday took place while the total index behaved in the direction of the previous day. So that the main index of the glass hall faced a sharp drop of 30 thousand and 160 units, which is equivalent to 1.4% of this index. Accordingly, the total index stood at the level of two million and 128 thousand units at the end of Tuesday trading.
The total index dropped by 30,000 units, while the indices were supported in the market on Tuesday. This caused the main image of the glass hall to be much less negative than the reality of people’s portfolios.
Contrary to the previous days when the situation was better in the small and medium stocks of the market, the fall in numbers in this part of the market was more intense; So that the equal weight index reached the level of 746 thousand 586 units with a decrease of 1.88 percent.
Tehran Stock Exchange under the microscope of statistics and figures
The board of the Tehran Stock Exchange shows the volume of Tuesday’s transactions at 14 billion 600 million shares and the value of small transactions at 8 thousand 310 billion tomans, which includes stocks, preemptive rights and mutual funds.
Investigating the ownership statistics of real people indicates the withdrawal of real people’s capital from the stock market. The capital inflow and outflow index at the end of Tuesday’s stock exchange reports the outflow of 1,737 billion tomans from shares, preemptive rights and equity funds.
What is the story of Iran Khodro production reduction?
A few days ago, news about the suspension of production in some Iran Khodro lines was published in several media and cyberspace.
Reacting to this news, Iran Khodro Company announced: “Iran Khodro Industrial Group, while rejecting any false and unreliable news regarding the production stop, emphasizes on continuing the production process with an average of more than two thousand vehicles per day.”
This denial was while the investigation of the production rate of this company in the same time period of last year shows that Iran Khodro produced an average of 3,000 vehicles per day. Therefore, it can be concluded from this denial that the reduction in the production of products has happened. This news may create a new selling atmosphere in the market that pushes the overall index towards lower numbers.
Wednesday stock forecast
The index was the total time spent in the suffering phase. Last week was positive for four days in a row, and this week the indicator has so far returned more than the upward path it traveled. In the technical analysis of the total index, the breaking of the opening triangle pattern (trumpet pattern) is clear from the bottom side. It was mentioned in the previous report, the total index will determine its possible path from any side that deviates from this pattern.
Currently, the total index is on the verge of touching the height of two million and 103 thousand units, which is the ceiling of August 2019. After the total index crossed this ceiling, the mentioned range has become a support level for the total index. Due to the presence of this support, it is expected that the market on the last day of the third week of July will be accompanied by an increase in demand and the appearance of some risky buyers.
Also, if this support range is lost, the level of 61.8 Fibonacci expansion drawn, which shows the range of two million and 75 thousand units, can appear as a potential level.
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