According to Tejarat News, Parsan Oil and Gas Development Company can be traded on the first market of the stock exchange under the symbol “Parsan”. Parsan shares with a market value of 157 thousand 140 billion tomans are in the chemical products group.
The analysis of “Parsan” 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, every time the right has started to make heavy purchases, a little later, the stock has given good returns to the shareholders from the floor swings made in its chart. 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 dimension, 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 that started 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 Parsan shares
What the price language of the chart conveys to the shareholders is the long-term upward trend of Parsan shares in the weekly timeframe. Determining the chart structure of this stock by showing higher ceilings and floors is indicative of this importance.
By drawing an ascending channel (blue), this section of the Parsan chart can be framed. The upward rally of the stock market, which started in November last year, helped Parsan to cross the very important range of 2,814 to 2,2980 tomans, which includes its historical ceiling.
After that, when Parsan’s share price hit the ceiling of the channel, at the same time as the correction in the overall market began, the shareholders of this share experienced a deep correction that took the price to the mentioned important range. Currently, the price is targeting the ceiling of the channel by moving away from this static level and the middle of the channel. Also, it seems that except for the previous ceiling in the range of 4,850 Tomans, there is no other important obstacle to reach this dynamic target.
disclaimer: All contents included in this site are research, scientific and news and are not recommended for direct activity in any market.
Read more market analysis reports on the Capital Markets page.