Technical analysis of Ghasalem, July 1402 / the year near the important support – Tejaratnews
According to Tejarat News, shares of Salmin company can be traded with the symbol “Ghosalem” in the first market of the stock exchange. “Ghosalem” with a market value of 2,623 billion tomans is currently in the price range of 585 tomans. The main activity of Salmin Company, which is a subsidiary of Shirin Asal Company, is devoted to the production and sale of food.
The major shareholders of Salmin Company are Kish Industries Credit Company, which owns 31.84% of Salmin’s shares, and then Shirin Asal Company owns 20.41% of Ghasalem’s shares. Azarbaijan Khavari Animal Husbandry Company and Mizan Darik Investment Fund are considered among the major shareholders of this company by acquiring 2.42% and 1.53% of Ghasalem’s total shares, respectively.
Ghoslam’s technical analysis
The symbol “Ghosalem” started the falling phase before the whole market and on May 31, 2019. This trend eventually led to an 86% decline in the value of Ghoslam in one year and nine months, which was one of the heaviest falls in the market.
Ghosalem’s technical analysis shows that this share starts its trends with an advantage over the overall index. For example, while the last upward trend of the market started at the beginning of November last year, Ghasalem started its upward trend from August. Based on this, it seems that Ghoslam will return to its major trend before the end of the capital market reform.
Beta coefficient is an index to measure the degree of correlation of the stock with the trend of indicators that show the general trend of the market. This coefficient is a negative value for stocks that move against the direction of the market trend, and opposite to the beta of stocks that move in line with the index, the beta is a positive value. Therefore, Ghoslam, which is currently in a corrective phase in line with the overall index, has a positive beta.
Another point that was considered in the analysis of the shares of Salmin Company is to pay attention to the situation of the share price compared to its historical ceiling. While the total index and the weighted index as representatives of small and medium-sized companies in the market have crossed their historical ceiling in the summer of 2019, “Ghosalem” is 162% away from its historical ceiling.
“Ghosalem” chart in large zoom shows that the share is in a curved trend, which includes two phases, downward and upward. Currently, according to the drawn tool, we are in the middle of the ascending phase. Accordingly, if the stock remains in the drawn corridor, high goals can be imagined for this symbol.
If the share intends to complete its cup pattern, its first target is the historical ceiling range, which shows the price of 1,400 Tomans. After that, using a Fibonacci expansion, a target of two thousand and 200 tomans is obtained for the Ghoslam symbol. It should be noted that the loss limit of this analysis is the price crossing the range of 500 Tomans downwards.
Also, as a long-term goal, using the classic cup pattern, we can expect the price to grow as much as the depth of the cup, which is in the range of 10 thousand tomans. Although Ghoslam’s growth depends on charging the stock market with positive news and the return of funds withdrawn from May 17 until now.
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