Technical analysis of Shepaksa shares in September 1402 / Shepaksa’s open wings for the next wave of ascent

According to Tejarat News, Paksan company can be traded on the first market of the stock exchange under the symbol “Shepaksa”. Petrol stock with a market value of 2,809 billion tomans is in the chemical products group.

The analysis of the trading board of “Shepaksa” 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 legal rights 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 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 Shepaksa shares

The bearish cycle of the stock, which experienced a sharp drop of 74%, has ended with a 5-wave period. In the weekly time frame, by identifying the structures of Paksan stock price chart, the upward trend of “Shepaksa” symbol can be clearly seen. At the beginning of the upward trend, in November of last year, the price showed a change in behavior (CIB) by crossing the level of 214.8 Tomans.

On the other hand, the wave count of the upward trend that started last year indicates that the price is currently in the fourth wave. Breaking the level of 325 Tomans and stabilizing the price above this range means that the chart officially enters the fifth wave of this cycle of the upward trend.

In a closer look at the Shepaksa stock price chart, price compression can be seen in the shape of a rectangle. Drawing an Andrews fork, using the last three swings of the stock’s previous trend, the price of this stock can be framed. The previous roof has rotated well after hitting the upper parallel of the center line.

At present, after hitting the middle line and penetrating to its lower levels, the price has activated the traders’ possible loss limit orders and then the movement has started. Also, the washing of sell orders with the shadow of the candle, which is registered in the compression floor box, is another point of the chart that gives a vote for the most likely ascent for the future of the “Shepaksa” symbol.

In this scenario, it is important to maintain the upward trend line (green line) in order to maintain the strength of this trend. Buyers can, depending on their risk appetite, set their loss limit if this line is broken or if the price penetrates to levels lower than the compression floor.

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