Technical analysis of Shepna symbol / Where is the next goal of Isfahan oil refining? – Tejarat News
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 mentioned that Shapna is traded with a market value of 130 thousand 530 billion tomans in the group of “oil 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, furnace oil and other derivatives and by-products.
It should be mentioned that Avai Pardis Salamat Company is the largest major shareholder of Isfahan Oil Refining Company by taking possession of 15% of the shares.
Also, Refah Capital Development Company and Naftji Oil Refining Company are considered as Shapna’s other shareholders by acquiring 11.3% and 4.99% of the 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
A review of Isfahan Oil Refining Company’s stock price chart shows that this share managed to rise to 747 Tomans after breaking the strong resistance barrier of 677 Tomans.
With Shepna pullback to the level of 677 Tomans, this level changed its function and as an important support line, it prevented further correction of this share.
As it is clear in the chart, this level supports the share well and plays the role of a turning point for the rise or fall of this share. If this support fails, the levels of 628 and 583 Tomans are other important supports for Shepna.
It started by drawing a retracement Fibonacci in the last upward move of the Chahar Mehr share, two important support boxes are obtained from the levels of 0.38 and 0.61 retracement Fibonacci and the mentioned static support lines.
The first box is very strong in terms of support, and as long as the stock is traded above this box, there is no need to worry about the stock falling.
In case of breaking the static resistance of the share at the price of 818 Tomans, Shepna can attack its historical ceiling at the price of 168 Tomans by pulling back to this level and increasing the value of transactions.
By drawing a Fibonacci EXT at the beginning of the mentioned process, important lines are obtained that determine the path ahead of Shepna.
In case of breaking the historical ceiling of the share, the next target of Shepna is 1,413 Tomans, which is determined from the EXT fib.
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