Technical analysis and trade – Tejaratnews
According to Tejarat News, today’s market ended while Vetjarat showed a price of 138 Tomans on the board of the stock exchange with a growth of 1.32%.
Tejarat Bank, with a market value of about 30 thousand 924 billion Tomans, is considered one of the important leaders of the group of banks and credit institutions.
123,495,000 shares were traded in the stock market today, which was about 47 million less than the average monthly trading volume of this share.
The board of Tehran Stock Exchange shows that the value of this number of shares is close to 17 thousand 59 billion Tomans.
Two-year downward trend and trade
Examining the price and trade chart in the last two years shows that this share is fluctuating in an erosive downward trend after an unprecedented rise of about 1000% in 1998.
As can be seen in the chart below, this decline has continued since August 2019, due to which the price of this share has decreased by about 70%.
The downward trend line drawn due to the four times of preventing the growth of price and trade has high credibility.
As a result, the stock has to break this powerful trend line to change this trend and start growing. The resistance levels in front of the share to break this trend line are 161 Tomans.
In the next steps for further growth, in addition to breaking this trend line, breaking the price barriers of 230 and 360 Tomans is of great importance.
Status of the RSI indicator
The RSI indicator is one of the oldest and most famous indicators in technical analysis. In fact, this relative indicator compares positive and negative candles in its time frame. The calculation result of this numerical indicator is between 0 and 100.
When the RSI is above 70, it is in the overbought or overbought area, and it is interpreted that traders have reached the overbought area and the trend may change, and when the indicator falls below the 30 range, it enters the oversold area or We sell the feeling that there is a possibility to change the trend.
By showing the number 47, this indicator informs about the balanced situation in this share. Also, no divergence is observed in this indicator. In this way, business needs money and support to overcome its price barriers.
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