Technical analysis of Ghakuresh 31 July 1402 / 64% jump in the net profit of Koresh Food Company – Tejaratnews
According to Tejarat News, shares of Koresh Food Industry Company with a market value of 18,816 billion can be traded in the second market of the stock exchange. The performance report of this company reports a net profit of 486 billion tomans in the quarter ending June 1402. Also, the operating profit of this company has reached 725 billion tomans in the mentioned period.
Comparing the company’s performance in the spring of this year with the same period in 1401, it shows a jump of more than 64% in net profit, as well as a 50% increase in operating profit. Therefore, the symbol of “Ghokuresh” has been in the focus of capital market activists.
Technical analysis of food group index except sugar
The upward trend of the stock market since November of last year helped the food group, except for sugar, to well cross the ceilings of its downward trend of two years and two months. The index of this group managed to cross its historical ceiling in the range of 81 thousand and 231 units during its upward trend.
From the middle of May until now, the improvement process of the food group has reduced more than 26% of the index height of this group. What are the potential ranges for the possible return of the food chain industry index?
The drawing of an Andrews fork in the direction of the upward trend shows that after the growth of the index to the middle line of the fork and penetrating to its higher levels, it has entered the corrective trend. Currently, from the point of view of wave counting, we are in the fifth wave of the corrective trend. Accordingly, there is a high probability that with the end of this kinetic lag, the correction process of the index will also end.
On the other hand, with the index moving 26% away from its ceiling in May of this year, the mentioned index is on the lower parallel of the fork. According to the five principles of Alan Andrews, when the price reaches the fork lines, it is more likely to drain energy and turn than if the price crosses these lines. Drawing a sliding parallel also helps to more accurately identify the reversal point.
Also, the correction trend is a channelized food group icon, which can be framed in the red channel. The collision of the bottom of this channel with the lower parallel of the middle line has made an important energy point. Energy points have high attraction and repulsion properties. Accordingly, after the rapid absorption of the price, it can be expected that they will cause a possible jump in the price.
The retracement Fibonacci drawing on the starting and ending point of the big uptrend of this industry’s index shows that the indicator is near the 50% level. The intersection of the mentioned lines has built a strong stronghold for the index of the food group except for sugar in the range of 64 to 66 thousand units.
If this support range fails to maintain the price, there is a static support range of 60,707 to 61,355 units, which was a strong resistance and prevented the index from crossing to higher areas twice.
Ghakuresh technical analysis
Examining the price behavior of the “Ghokuresh” symbol shows that, after being locked in a contraction in the form of a collapsing triangle, this stock suddenly releases its energy and starts a profitable upward rally.
A drawing of an Andrews fork on the first kinetic log shows the share’s long-term uptrend, the price has declined to this line after hitting the upper parallel of the middle line. In this analysis, paying attention to the size of the price’s previous protrusion from the lower parallel of the middle line is key. In fact, the price has completed its correction by repeating the same amount, this time relative to the middle line. In this scenario, crossing the MPL (multi pivot line) line, which is marked with purple color on the chart, activates ambitious targets for the Ghakuresh symbol. Including the repetition of the size of the flag handle that Target puts two thousand and 470 tomans in front of this symbol.
If this scenario does not happen in the symbol (losing the sliding drawn for the middle line), we should wait for the price correction to the range of 1,330 to 1,364 Tomans.
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