Technical analysis of Shepna 1 April 1402 / historical ceiling available to shareholders – Tejaratnews

According to Tejarat News, Isfahan Oil Refining Company was established in January of 1977 as a subsidiary company of Iran’s National Oil Products Refining and Distribution Company. The shares of this company were offered for the first time in the Tehran Stock Exchange on 4/9/2013 at a price of 589 Tomans.

It should be noted that Shapna is traded with a market value of 186 thousand 594 billion tomans in the group of “petroleum products, coke and nuclear fuel”.

The main activity of this company includes refining and processing crude oil and other hydrocarbons, making petroleum products such as gasoline, kerosene, gas oil, fuel oil and other derivatives and by-products.

According to this report, Avai Pardis Salamat Company is the largest major shareholder of Isfahan Oil Refining Company by acquiring 15% of shares.

Also, Refah Capital Development Company and Taban Farda Petrochemical Group Company are considered as Shapna’s other shareholders by acquiring 11.3% and 6.36% of this company’s shares, respectively.

Also, 43% of the shares of this refining company are in the hands of small or so-called floating shareholders.

Technical analysis of Shepna

Isfahan Oil Refining Company experienced a 76% drop in the days of the capital market crash in 2019, from August to the end of December of that year, so that in this respect it is at the top of symbols with the most losses to shareholders.

After this drop, “Shepna” experienced more than 250% growth by being in an upward channel from February 2019 to the last trading day of 2019, but it has not yet reached the peak of the summer of 2019.

A look at the Shepna price chart shows that the upward trend is followed by upward momentum. This means that the slope of the previous rising wave is about 50 degrees and the slope of the last kinetic wave of the symbol is 76 degrees. Therefore, we can expect the share to reach the level of 1.6 Fibonacci extension drawn on the previous bullish major wave. (price 905 tomans)

After this range, this symbol has its historical ceiling, which is the price range of 990 Tomans, as resistance. The intersection of this static resistance with the dynamic resistance of the warning line of the modified fork of Schiff drawn will be the second target of the share.

Read more market analysis reports on the stock market news page.