Technical analysis of petrol stocks in Shahrivar 1402 / Has the petrol buying trigger been activated? – Tejarat News
According to Tejarat News, Persian Gulf Petrochemical Industries Investment and Development Company is tradable with the symbol “petrol” in the first market of the stock exchange. Petrol stock with a market value of 20,280 billion tomans is in the chemical products group.
The analysis of the trading board of “Petrol” shows that the behavior of the price of this share takes place with a short break in the direction of the suspicious movements of the shares. 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 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 petrol stocks
November of last year was where the downward trend of gasoline erosion that lasted more than 800 days ended. At that time, the positive sentiment resulting from the entry of the car into the commodity exchange spread to the trading atmosphere of the market as a whole and caused the stock to rotate. The “Petrol” symbol was no exception to this rule. Based on this, the new trend of petrol ended the 77% drop of its shares.
The bullish mood in the price of petrol stocks continued until the middle of May this year, just like the indicators of the glass hall. The rapid upward trend that caused a 201% growth in the value of petrol shares.
After this process, a deep correction of the market as a whole took place in the price of petrol stocks. Currently, the CIB (change in behavior) appearing on the chart promises the end of the correction process to the shareholders of this symbol.
On the other hand, the failure of the maximum extension line (behavior line) is considered another sign of the end of the correction process of the share. In this scenario, breaking the floor of 180 tomans will sound an alarm for shareholders.
The range of 330 Tomans, which is also the previous ceiling, is the target of the petrol symbol in this analysis. Regarding the range of 330 tomans of petrol, it should be said that many sellers are sitting behind the stronghold of this important level. If the price crosses this range, we can expect the growth of Petrol’s share value up to the historical level of 485 Tomans.
Another “petrol” scenario
Another scenario that can be seen in the technical chart of petrol stocks is a further correction of the price to the energy-coil middle. In this scenario, the price will also complete its pullback to the broken downtrend line (red line) and then start the next uptrend.
In this analytical scenario, the previous targets for petrol stocks are also valid.
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.