Technical analysis of shares of Sharoom Mehr 1402 / Flag pattern is complete! – Tejarat News
According to Tejarat News, Urmia Petrochemical Company is tradable on the First OTC Market with the symbol “Sharum”. Sharum shares with a market value of 3,136 billion tomans are in the chemical products group.
The analysis of the trading board of “Sharum” shows that the behavior of the price of this share takes place with a short break in the direction of suspicious legal movements of the share. Therefore, whenever the right has started 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 show 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 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 Sharoom
Tendotiz Sharum’s upward rally, which started at the same time as the overall growth of the stock market in November of last year, completed the inverse top pattern of this share. Also, this bullish rally helped the price of Sharom symbol to cross its historical ceiling.
With the beginning of the correction of the stock market in the middle of May, Sharum was not exempted from this trend. The price correction formed in Urmia petrochemical stocks was formed in the form of a flag pattern. A closer look at Sharoom’s stock chart on the daily time frame shows that the price has successfully crossed the downtrend line.
Currently, the first price target of Sharum is the level of 1,835 tomans, where the previous ceiling was built in this range. In classical technical, it is believed that a successful breakout of the flag pattern will result in an upswing of the same size as the bar of this pattern. In this scenario, Pattern Parham puts a price target of four thousand and 400 tomans in front of Sharoom shareholders. Meanwhile, maintaining the floor of 1,197 Tomans is necessary to maintain credit.
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