Technical analysis of Shahrak shares in October 1402 / Countdown to change the trend of Shahrak

According to Tejarat News, Khark Petrochemical Company is tradable under the symbol “Shakhark” in the first market (sub-board) of the stock exchange. Shares of Shaharak with a market value of 26 thousand 58 billion tomans are in the group of chemical products.

The analysis of the trading board of “Shaharak” 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 share rights. 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 dimensions, 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 index of the chemical group started building higher ceilings and floors.

The drawing 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 shares of Shaharak

Analyzing the Sheharak stock price chart and identifying the major swings shows that the dominant trend in the Sheharak chart is still bullish. Meanwhile, the price level of three thousand 55 to three thousand 155 tomans can be introduced as the control floor of the share.

In the selected frame of the Shakharek chart, in the weekly timeframe, three kinetic waves and three corrective waves can be clearly distinguished. The drawing of an Andrews fork of the Modify-Schiff type shows well that the sizes of the three modification waves are similar to each other. This shows that these three waves are from the same family and related to each other. Hence, the use of tools based on previous waves can be used as a roadmap for shareholders to follow the price in the coming weeks.

2 scenarios facing Shaharak shareholders

The behavior of the price in the form of tools draws two movement scenarios in front of Sheharak shareholders. In a pessimistic approach, the price has a long way to go to correct. The price contact with the lower parallel of the middle line can be considered as the end point for the corrective trend of Shaharak. The behavior of the price in relation to the drawn fork lines shows that the price of this symbol moves well in the frequency of this instrument.

In the second scenario, drawing an original middle line is a guide to guess the future movements of the skunk. In this case, what can be seen in the chart shows that after the price penetrated to the lower levels of the middle line, the sales orders of some traders were activated, and after that, green candles were registered in the market with a large volume. Currently, the price is above the midline. The failure of the red trigger line can sound the trumpet of the rising price of Sheharak shares.

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.