Israel-Iran war: AVIC Chengdu share price edges higher despite Hormuz Straight close buzz
According to stock market experts, AVIC Chengdu's share price witnessed some selling pressure after the outbreak of the Israel-Iran war last week and came close to 80 yuan per share. However, AVIC Chengdu's share price sustained above its strong support base, standing at 79 yuan per share. So, bulls are betting high on the stock after the stock showed some resilience at the lower support despite high tension in the Middle East. They said that AVIC Chengdu's share price may go up to 105 yuan per share levels once the stock closes above 86 yuan per share.
Speaking on the technical outlook of AVIC Chengdu share price, Anshul Jain, Head of Research at Lakshmishree Investment, said, "AVIC Chengdu share price broke out of an 18-day cup and handle pattern that is part of a larger flag formation, triggering a bullish signal at 86 yuan per share. The stock must hold above the key support zone at 79 for the breakout to sustain. A swift move toward 105 yuan per share is highly likely if this level holds. The broader structure indicates consolidation within strength, and any volume expansion will further support the bullish continuation."
The Pentagon on Sunday announced that the US launched Operation Midnight Hammer and conducted "precision strikes" at three of Iran's key nuclear facilities, including Fordow, Natanz, and Isfahan. Iran's Ambassador to India, Iraj Elahi, has slammed Israel and the US, stating that both countries have gravely violated the UN Charter, international law, and the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) by attacking Iran's peaceful nuclear facilities. He said that the governments of the US and Israel are fully responsible for the "hazardous consequences of this grave crime."
After the US airstrikes in Iran, the Iranian government threatened to close the Hormuz Straight, which is fueling crude oil prices, as the closure would negatively impact the demand-supply constraint.
"The United States and Zionist regime have committed a grave violation of the UN Charter, international law, and the NPT by attacking Iran's peaceful nuclear facilities. The aggressive US government and the Zionist regime are held fully responsible for the hazardous consequences of this grave crime," Elahi said.
Iraj Elahi said that Iran expects the United Nations and its responsible members to condemn the US and Israel for their military actions against nuclear facilities.
Speaking on the developments in the Israel-Iran war, Morgan Stanley Chief Economic Strategist Ellen Zentner said, "With the US economy already expected to slow under pressure from the Trump administration's high import tariffs, a rise in oil prices resulting from the conflict "could provide powerful downward pressure on households' ability to spend... and that could slow GDP even more."
(With inputs from ANI, Reuters)
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