Technical analysis of Sharak stock in October 1402 / Sharak’s technical potential to rise

According to Tejarat News, Shazand Petrochemical Company can be traded on the first market of the stock exchange under the symbol “Sharak”. Shiraz shares with a market value of 25 thousand 393 billion tomans are in the group of chemical products.

The analysis of the trading board of “Sharak” shows that the behavior of the price of this share takes place with a short pause 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 Sharak shares

The price trend of Shazand Petrochemical shares in 1999, unlike the general market, after a deep correction of 52%, soon returned to the upward trend and crossed its historical ceiling.

In the period from October 1400 to November 1401, Sharak is in a downward trend that occurred in the form of three ABC waves. The upward trend of glass hall displayers, which started in November last year at the same time as the country’s high-volume cars entered the stock market, also spread to the price trend of Sharak.

Drawing a fork from the last three pivots of this trend can be used as a road map for shareholders to follow the price of sharak. Multiple collisions of the price with the middle line and its upper and lower parallels indicate that the price fork frequency of this share is accepted.

During this bullish rally, when the price crossed 3,816 tomans as the last confirmed ceiling of the downward trend, the order to change the behavior of the price was issued and the share trend was actually changed to an upward one. Also, the price left its downward trend line.

However, the drastic correction of Sharak shares from the middle of May soured the taste of the shareholders. During this corrective process, the price reached the broken downtrend line. Currently, the price is back on its downward trend line.

The lower parallel intersection of the middle line of the Andrews fork and the downtrend line gives an important POC on the Charak stock price chart, which can be considered a high chance for the end point of the corrective wave. Examining this point from a static point of view, the price level of two thousand and 988 tomans is determined, which the price of the day of September 1 has reached this level and has experienced positive fluctuations since that day.

Positive news pumping, along with maintaining the floor of 2,988 tomans, paves the way for Sharak to reach its targets. In this analytical scenario, reaching the middle line of the first target and the next two targets, respectively, will be the previous ceiling in the range of four thousand and 818 tomans and the upper parallel of the middle line.

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