According to Tejarat News, Quaid Basir Petrochemical Company can be traded on the first market of the stock exchange under the symbol “Shabsir”. Shabsir shares with a market value of 6,762 billion tomans are in the group of chemical products.
The analysis of “Shabsir” trading board shows that the price behavior of this share takes place with a short break 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 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, 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 Shabasir stocks
A look at the price chart of Shabasir shares in the weekly period shows the upward trend of this share in the long term. Now, with the structure and trend of the Shabsir chart, it’s time for tools. The descending wave of the summer of 1999 can be the basis for drawing and framing this chart. Based on this, the drawing of an Andrews Modify-Schiff fork, considering the appropriate encounters and price reactions to its lines, can frame the price movement well.
By connecting point A of the modified-Schiff fork to its point C, a powerful MPL (Multi Pivot Line) appears on Shabsir’s stock price chart. Based on what Andrews said, the multi-pivot line has the property of attraction and repulsion of the price. Therefore, currently, Shabsir’s stock price is in the range close to MPL and is considered low risk.
Taking a closer look at the Shabsir price chart, a reversal bullish pattern is visible on the daily time frame. But this pattern is not complete and the price could not cross its neckline. If the price can cross the high supply range of 3 thousand 130 to 3 thousand 155 tomans, it is conceivable to climb up to the first warning line of the drawn fork. It is worth mentioning that the validity of this analysis depends on maintaining the floor of two thousand and 545 tomans.
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