Update of the technical analysis of the car on April 11, 1402 / Where is the target of the new rising wave? – Tejarat News
According to Tejarat News, the symbol “Khodru” managed to get 101% return for its shareholders in three months after the beginning of the upward phase of the stock market in November of this year. In the future, however, with the events of the withdrawal of high-volume cars from the stock market, the symbols of this industry were involved in correction.
Iran Khodro Company was registered in 1341 with the original name of Iran National Industrial Industries. This company started working in October 1342 with the aim of producing all kinds of cars and related parts, and its shares were listed in the Tehran Stock Exchange in late 1371 with the symbol “Khodro”.
Currently, the main activity of Iran Khodro is the production of body parts, engines, production and assembly of passenger cars and vans. The shares of this company are currently traded in the second market of the stock exchange and in the automobile and parts manufacturing group. Iran Khodro is the largest company of this group with a market value of about 55 thousand 323 billion tomans.
Update technical analysis of the car
The technical analysis of the “car” symbol was done on February 6 last year. Where the car price chart was like this. In the continuation of this analysis, it was noted that despite the relatively severe falling candle that has formed in the weekly time frame in the “Car” chart, the intersection of the middle line and the ceiling of the broken channel is considered a valid support to maintain the price.
It was also mentioned that the return of the price from this range will increase the chance of the price growth to the upper parallel of the drawn fork.
Currently, the “car” symbol is on the verge of breaking the ceiling of 360 tomans, which it registered in January and before its correction. The power of demand did not allow further correction for the country’s automobile giant, and after a short period of time, the loss limit orders of traders and investors, who had placed their loss limit on the re-entry of the price into the channel, started to grow.
For the targets of the car symbol, the previous targets are still maintained. But for a more accurate prediction of the moving trend of this symbol, it can be helped by its correlation with the car industry chart. The peak that was formed during the downward trend of the car in December 2019 corresponds to the level of 127% of the “car” kinetic wave. Therefore, we can expect the price target to reach this resistance, which is the price range of 430 Tomans.
On the other hand, if this range is crossed, the stock price of Iran Khodro can be expected to grow up to the range of 550 Tomans, which is the intersection of the ceiling of the doubled channel and the upper parallel of the middle line. Also, the level of 161.8 percent of Fibonacci correction (Retracement) is also in the same range.
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