Shanghai Petrochemical - time to buy?

Shanghai Petrochemical, full name Sinopec Shanghai Petrochemical Company Limited, a subsidiary of Sinopec, is one of the largest petrochemical enterprises in mainland China. It manufactures ethylene, fiber, resin and plastics.

It pays very good dividends. This accounting year, the company has finished with losses. The economic recovery should have a very good impact on the company, so we can expect good growth in the coming years.

Now, the company's shares are at the bottom of the upward channel. Locally, stock prices have come out of the falling wedge. We can wait for the reversal pattern to form and start to pick up this asset.