Technical analysis of Shabandar on April 3, 1402 / has the upward trend ended? – Tejarat News
According to Tejarat News, Bandar Abbas Oil Refining Company was established in 1375 by changing the name of Iran’s National Liquefied Gas Company. The name of Bandar Abbas Oil Refining Company was included in the list of companies admitted to the Tehran Stock Exchange at the end of 1990, and four months later, the shares of this company were listed with the symbol “ShabandarAnd the price of 114 Tomans was offered for the first time.
The capital of this company at the time of initial offering was 1,380 billion tomans, which reached 13,434 billion tomans after several stages of capital increase. Refah Kargaran Bank is considered to be the largest major shareholder of Bandar Abbas Oil Refining Company by taking over 30% of Shabandar’s shares.
Parsian Oil and Gas Development Group and Saderat Bank of Iran are other major shareholders of this company. So that each of them has taken 15.42 and 4.8 percent of Shabandar’s shares under their ownership, respectively. It should be mentioned that 32.14 percent of the company’s shares are also in the hands of small or so-called floating shareholders.
Technical status of petroleum products
The group of oil products, which has the symbol “Shabandar” in this industry, is moving towards its historical ceiling in the summer of 2019 in a logical upward trend from a technical point of view.
By drawing a Modifi-Schiff fork, we notice that the crude oil group’s chart has just broken the ceiling of the fork to the upside. This event provides a great chance for this industry to reach the target specified in the image.
Opportunities to buy shares of Bandar Abbas Oil Refining Company
Unlike the oil products group chart, Shabandar’s price chart indicates that the share price has crossed its historical ceiling, which was formed in August 1999.
Shabandar share has given perfect entry opportunity to stock exchanges twice. For the first time at the end of September, by repeating the size of the previous major correction and placing it on the level of 50% Fibonacci correction drawn on the upward step, it has given investors a low-risk opportunity to enter the market.
The second opportunity to enter with this setup is related to the last days of last year, where “Shabandar” after exiting its static phase, where the side trend is rectangular, hit the rectangular roof, and once again the shareholders got a good opportunity to enter. has done
At the moment, however, Shabandar has an important resistance around the price of one thousand 150 tomans, approaching the first warning line of the Modifi-Schiff fork, as well as the 100% level of the Fibonacci extension drawn on the previous upward and corrective step (major).
It goes without saying that the level of 936 Tomans, which was recently broken by the power of buyers of the “Shabandar” symbol, has now become a powerful support for this symbol.
You can also read the fundamental analysis of Shabandar in the report “Fundamental Analysis of Shabandar / Balanced production and sales in Bahman 1401”.
Read more market analysis reports on the stock market news page.