Technical analysis of Shefan 13th of February 1401 / Will “Shefan” authentic support be lost? – Tejarat News

According to Tejarat News, Fanavaran Petrochemical Company was established in May 1977 with an initial capital of one million tomans.

The company’s shares were offered in Tehran Stock Exchange for the first time in February 2016 with an initial price of 675 Tomans.

Let’s get to know more about Shefan

The main activity of this company is the construction, operation and operation of industrial plants for the production and sale of petrochemical products. It should be noted that this company is the only producer of acetic acid in Iran.

Tamin Oil, Gas and Petrochemical Investment Company is considered to be the largest major shareholder by acquiring more than 50% of “Shefan” shares.

National Pension Fund Investment Company and Taban Farda Petrochemical Group Company are considered as its other major shareholders by taking over 17.33 and 15.42 percent of the company’s shares, respectively.

Comparison of Sheffen efficiency with cohorts

Comparing the performance of Fanavaran Petrochemical Company shares with the total index and chemical group index shows that “Shefan” has performed weaker than its group index in all its time periods.

For example, in the period of three months, while the index of the chemical group has grown by 18.15%, “Shefan” has faced a drop of 0.75%.

What did Shafen do in the summer of 1999?

Examining the history of the price of the “Shafen” symbol shows that this share is very interested in channelized movements. After the collapse of the capital market in August 1999, Shafen started the upward trend by building a reliable floor in the range of 585 Tomans. In this way, it managed to cross its historical ceiling at the price of 1180 Tomans.

Technical review of Shefan

Currently, Shafen’s share is in an ascending channel with a low slope, and on Tuesday, when it hit the bottom of the channel, it saw an increase in demand and a positive candle was registered. Also, the floor of the ascending channel coincided with the floor of 500 tomans, which was the static support of the share.

If the mentioned support for the price is lost, the range of 465 to 470 Tomans is the last considered support for “Shafan”. This is while when the share reaches this range, it leaves its upward channel and the side trend scenario for Shafen is proposed.

Considering the continuation of the upward trend, the goals of the Shafen symbol are to break the range of 630 to 635 Tomans, which has been in contact with this range five times in the last four months and has been unable to break it every time. After that ceiling of the ascending channel, the next target is “Shafen”.

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