Technical analysis of Nouri shares in Shahrivar 1402 / Nouri Petrochemical on a fateful crossroads

According to Tejarat News, Nouri Petrochemical Company can be traded with the symbol “Nouri” in the second market of the stock exchange. Nouri shares with a market value of 126,963 billion tomans are in the chemical products group.

The analysis of “Noori” trading board shows that the price behavior of this share takes place with a short pause in the direction of suspicious legal movements of the share. Therefore, whenever the rights start to buy heavily, a little later, the share of floor swings made in its chart has given good returns to the shareholders. Therefore, in order to recognize the validity of the upward wave, it is very important to examine the legal behavior of the share.

Technical analysis of chemical index

In the weekly dimensions, identifying the major structure in the chemical group index chart helps a lot to identify the trend. After the deep reform of this industry, which occurred simultaneously with the collapse of the market in 1999, a new trend started in the chemical group in the middle of March of the same year. The structures specified in the index chart of this industry indicate that the index of this group is bullish.

Also, the emerging structures show that the corrective waves of the mentioned trend are very similar to each other. So that this index ended during the recent correction of the market from the middle of May of this year as soon as it reached the size of the previous correction, and the indicator of the group of chemical symbols started to make higher ceilings and floors.

The pattern of the Andrews fork tool in the pullback style shows that this indicator measured the level of support of the buyers by testing and then re-testing the middle line, and after that it was thrown upwards. If the last floor is maintained in the range of 152 thousand units, the indicator of the group of chemical symbols has the target of reaching the ceiling of the Andrews fork.

Therefore, it can be claimed that the three previous reform waves are from the same family. On the other hand, the slope of the first wave of this upward trend is very similar to the last upward wave of the market, which began in November 1401. Therefore, this point can be used to draw the Andrews fork.

Based on this drawing, if the weekly candle of this indicator closes above the middle line, it has a great chance for the index to grow to a high parallel. This means that the index has crossed its previous ceiling.

Technical analysis of Nori stocks

Analyzing the behavior of the Nouri stock price shows that this stock is very interested in moving in the channel range. The basis for drawing the Fibonacci channel (integer levels only) in this analysis is the MPL (line marked in black). Price interactions with the drawn lines indicate that, the price has well accepted the dynamic frequency of the instrument.

Currently, the price is in the range of the ceiling of the channel. If the power of demand succeeds in pushing the price to the upper channel, the price target of optical stocks will be the ceiling of the higher channel. In another scenario, if the stock market freeze phase continues, it is possible to expect a drop in the price of Nouri stock, at least to the bottom of 11,680 tomans.

Therefore, the mid-term fate of the light depends on the next exposure of the share to the channel ceiling. Also, market participants will carefully monitor indicators such as value, volume of transactions and per capita purchase of real estate in the coming days.

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