Technical analysis of Shabriz 10 April 1402 / Is the line to buy Shabriz continue? – Tejarat News
According to Tejarat News, shares of Tabriz Oil Refining Company are traded with the symbol “Shabriz” in the glass hall of Tehran Stock Exchange.
The major shareholders of this company are: Parsian Oil and Gas Development Group Company, which owns 49.5% of Shabriz shares and is considered its largest shareholder. After that, Saderat Bank and Tejarat Bank are among the major shareholders of this company with 5% and 4% of Tabriz Oil Refining shares, respectively.
In the positive days of the beginning of 1402, “Shabriz” is also experiencing favorable conditions and on the last trading day of the week, it ended its work with a purchase queue of 9 million and 7% positive fluctuation.
Technical analysis of Shabriz
Tabriz Oil Refining Company is one of the few companies in Tehran Stock Exchange that have successfully crossed the price peak of August 2019 after the fall of the capital market in the summer of 2019, before the total index reached its historical ceiling.
In fact, the upward trend of Shabriz, contrary to the market as a whole, began in January 2019 after five months of excruciating decline for its shareholders and a nearly 70% drop in the price of the symbol.
A look at the Shabriz price chart will contain a special point for the technical experts of the capital market; Repeating the size of the major correction wave in the uptrend.
In the upward trend that Shabriz Oil Refining Company has experienced in this period of two years and three months, it has gone through three kinetic waves and three corrective waves. The size of Major’s correction equals the seal of approval to the classic wave count in this technical analysis.
The important static resistance that prevented the price of “Shabriz” from rising to higher prices twice before was in the price range of 1,750 to 1,780 Tomans. The good strength of demand in the transactions of the first days of the year, especially on Wednesday, when “Shabriz” market ended its work with queues. It played an important role in breaking this resistance and crossing the price.
Currently, we are in the fourth wave of a movement whose goal is to first reach the historical ceiling of “Shabriz” in the price range of 2,165 Tomans, and in the second step, the level of 127 and 161.8 Fibonacci of the previous upward wave is its target.
The aforementioned static range has changed polarity at the price level of 1,750 and will play a supporting role in the chart of this symbol after this.
On the other hand, the profit distribution in the July 29 meeting of last year has created a gap in the Shabriz chart. Although the gap resulting from the dividend distribution of the assembly has a lower technical validity, but the upward conditions of the overall market in 2018 and the first half of 2019 showed that if the overall market is in the direction of growth, filling any type of gap can be a target for the stock.