Technical analysis of Lotus April 9, 1402 / Lotus reaches its historical ceiling? – Tejarat News
According to Tejarat News, the shares of Parsian Lotus Capital Supply Company are traded with the symbol “Lotus” in the glass hall of the Tehran Stock Exchange.
The major shareholders of this company are: Parsian Financial Group with 42% of Lotus shares, Iran Telecommunications Company with 15.98%, Tadbir Investment and Saipa Investment with 15% of Lotus shares.
In the early positive days of 1402, Lotus is also experiencing favorable conditions and now it is at the threshold of the price of 500 Tomans, which is considered psychological resistance for the share.
Lotus technical analysis
Before the collapse of the capital market in the summer of 1999, the explosive growth of Lotus in just the first five months of this year had marked an increase of 608% for the funding of Lotus Parsian. The historical ceiling of Lotus was also registered on July 24, which was 755 Tomans.
The length of the fall, but this symbol was not excluded from the market as a whole, and until June 1400, it was in a sharp and sharp fall, which led to a 60% drop in the share and the price of this share fell to around 200 Tomans.
A look at the Lotus price chart shows that the ups and downs of this symbol during the fall period and after that, the reverse head and shoulder pattern has been revealed in its price-time chart.
At the beginning of 1401, exactly one year ago, the neck line of this pattern was broken. By converting the neck line to the center line, the goal of this pattern is achieved, which is the black dynamic line, and the price reached it on March 27 of last year.
Lotus Canalization Movement in 1401
Last year, Lotus was placed in an ascending channel with a gentle slope and it moved by observing the ceiling and floor of this channel.
In the last days of the year, however, the power of buyers broke this channel (blue color) upwards and the price succeeded in crossing it. By doubling the width of this ascending channel, the next moving channel is obtained.
Therefore, for the initial purpose of the Lotus symbol, the intersection of the green channel ceiling with the important static resistance of this stock, which has prevented it from climbing to higher prices twice in the past, is considered for this company.
The range of 550 Tomans is the initial target of the share and after that reaching the historical ceiling of the share at the price of 755 is the price target of Lotus.
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