Ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n l\u00e0 nhu c\u1ea7u kh\u00f4ng th\u1ec3 thi\u1ebfu trong \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n. T\u00f9y theo kh\u1ea3 n\u0103ng tr\u00ecnh \u0111\u1ed9, th\u1eddi gian c\u0169ng nh\u01b0 nhu c\u1ea7u s\u1eed d\u1ee5ng, c\u00f3 th\u1ec3 c\u00f3 r\u1ea5t nhi\u1ec1u c\u00e1ch ti\u1ebfp c\u1eadn nghi\u00ean c\u1ee9u, ph\u00e2n t\u00edch v\u00e0 ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 kh\u00e1c nhau \u0111\u1ed1i v\u1edbi t\u1eebng ch\u1ee9ng kho\u00e1n ri\u00eang l\u1ebb ho\u1eb7c \u0111\u1ed1i v\u1edbi c\u1ea3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u00f3i chung.<\/p>\n
C\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t lo\u1ea1i ch\u1ee9ng kho\u00e1n ch\u1ee7 y\u1ebfu c\u1ea7n ph\u00e2n t\u00edch ph\u1ee5c v\u1ee5 \u0111\u1ea7u t\u01b0. \u0110\u1ebfn nay ng\u01b0\u1eddi ta \u0111\u00e3 t\u1ed5ng k\u1ebft l\u1ea1i r\u1eb1ng c\u00f3 hai ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng m\u1ed9t c\u00e1ch ph\u1ed5 bi\u1ebfn t\u1ea1i h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n (TTCK) tr\u00ean th\u1ebf gi\u1edbi, \u0111\u00f3 l\u00e0 ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt. Tuy nhi\u00ean, kh\u00f4ng \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f2n nh\u1ea7m l\u1eabn v\u1ec1 vai tr\u00f2 c\u0169ng nh\u01b0 \u1ee9ng d\u1ee5ng th\u1ef1c ti\u1ec5n c\u1ee7a hai ph\u01b0\u01a1ng ph\u00e1p n\u00e0y. V\u00ec v\u1eady, vi\u1ec7c hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a hai ph\u01b0\u01a1ng ph\u00e1p l\u00e0 c\u1ea7n thi\u1ebft.<\/p>\n
Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u0129 thu\u1eadt hay ch\u1ec9 c\u1ea7n d\u1ef1a tr\u00ean nh\u1eefng th\u00f4ng tin c\u1eadp nh\u1eadt v\u1ec1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u00e0nh c\u00f4ng l\u1edbn.<\/p>\n
L\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o c\u00e1c nh\u00e2n t\u1ed1 mang t\u00ednh ch\u1ea5t n\u1ec1n t\u1ea3ng c\u00f3 t\u00e1c \u0111\u1ed9ng ho\u1eb7c d\u1eabn t\u1edbi s\u1ef1 thay \u0111\u1ed5i gi\u00e1 c\u1ea3 c\u1ee7a c\u1ed5 phi\u1ebfu nh\u1eb1m ch\u1ec9 ra gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i (intrinsic value) c\u1ee7a c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n
Kim ch\u1ec9 nam c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo tr\u01b0\u1eddng ph\u00e1i ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 \u0111o l\u01b0\u1eddng gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u00f4ng ty v\u1edbi c\u00e1c ch\u1ec9 ti\u00eau t\u00e0i ch\u00ednh nh\u01b0: t\u0103ng tr\u01b0\u1edfng doanh thu, l\u1ee3i nhu\u1eadn; nh\u1eefng r\u1ee7i ro m\u00e0 c\u00f4ng ty c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i; d\u00f2ng ti\u1ec1n\u2026 S\u1ef1 ch\u00eanh l\u1ec7ch c\u1ee7a gi\u00e1 tr\u1ecb tr\u01b0\u1eddng so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u00f4ng ty ch\u00ednh l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec1 \u0111\u1ea7u t\u01b0 ho\u1eb7c d\u1ea5u hi\u1ec7u cho vi\u1ec7c b\u00e1n ch\u1ed1t l\u1eddi c\u1ed5 phi\u1ebfu.<\/p>\n
Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n d\u1ef1a v\u00e0o nh\u1eefng gi\u1ea3 \u0111\u1ecbnh sau:<\/p>\n
Gi\u00e1 tr\u1ecb l\u00e0 m\u1ee5c ti\u00eau ch\u00ednh trong ph\u00e2n t\u00edch c\u01a1 b\u1ea3n. M\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch th\u01b0\u1eddng s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n m\u1eb7t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, trong khi \u0111\u00f3 m\u1ed9t s\u1ed1 ng\u01b0\u1eddi l\u1ea1i s\u1eed d\u1ee5ng t\u1ef7 s\u1ed1 gi\u00e1 tr\u00ean thu nh\u1eadp (P\/E) \u2026<\/p>\n
C\u00e1c nh\u00e2n t\u1ed1 c\u01a1 b\u1ea3n c\u1ea7n nghi\u00ean c\u1ee9u bao g\u1ed3m: ph\u00e2n t\u00edch th\u00f4ng tin c\u01a1 b\u1ea3n v\u1ec1 c\u00f4ng ty; ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty; ph\u00e2n t\u00edch ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty; ph\u00e2n t\u00edch ng\u00e0nh m\u00e0 c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng; v\u00e0 ph\u00e2n t\u00edch c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng chung \u0111\u1ebfn gi\u00e1 c\u1ea3 c\u1ed5 phi\u1ebfu. Sau khi nghi\u00ean c\u1ee9u, nh\u00e0 ph\u00e2n t\u00edch c\u00f3 nhi\u1ec7m v\u1ee5 ph\u1ea3i ch\u1ec9 ra \u0111\u01b0\u1ee3c nh\u1eefng d\u1ef1 \u0111o\u00e1n cho nh\u1eefng ch\u1ec9 ti\u00eau quan tr\u1ecdng nh\u01b0 thu nh\u1eadp k\u1ef3 v\u1ecdng, gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu, gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu, c\u00e1c \u0111\u00e1nh gi\u00e1 quan tr\u1ecdng c\u0169ng nh\u01b0 khuy\u1ebfn ngh\u1ecb mua\/b\u00e1n c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n
C\u1ee5 th\u1ec3, c\u00e1c nh\u00e2n t\u1ed1 c\u1ea7n ch\u00fa tr\u1ecdng trong ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u1ec1 c\u1ed5 phi\u1ebfu l\u00e0:<\/p>\n
\u1ede g\u00f3c \u0111\u1ed9 t\u1ed5ng qu\u00e1t, ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng theo ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch t\u1eeb nh\u00e2n t\u1ed1 v\u0129 m\u00f4 \u0111\u1ebfn nh\u00e2n t\u1ed1 vi m\u00f4 c\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 phi\u1ebfu (th\u01b0\u1eddng g\u1ecdi l\u00e0 ph\u01b0\u01a1ng ph\u00e1p top-down) g\u1ed3m 5 c\u1ea5p \u0111\u1ed9 nh\u01b0 sau:<\/p>\n
Trong th\u1ef1c t\u1ebf, t\u00f9y v\u00e0o m\u1ee5c ti\u00eau v\u00e0 kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch m\u00e0 nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u1ed9t trong n\u0103m m\u1ee9c \u0111\u1ed9 ph\u00e2n t\u00edch n\u00eau tr\u00ean. V\u00ed d\u1ee5, trong ph\u00e2n t\u00edch v\u1ec1 c\u00f4ng ty, ta c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch phi t\u00e0i ch\u00ednh; \u0111\u00f3 l\u00e0 \u0111\u00e1nh gi\u00e1 v\u1ec1 b\u1ed9 m\u00e1y qu\u1ea3n l\u00fd doanh nghi\u1ec7p, v\u1ec1 ngu\u1ed3n nh\u00e2n l\u1ef1c, kh\u1ea3 n\u0103ng ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m m\u1edbi, th\u1ecb tr\u01b0\u1eddng v\u00e0 th\u1ecb ph\u1ea7n, kh\u1ea3 n\u0103ng c\u1ea1nh tranh\u2026 C\u0169ng trong ph\u00e2n t\u00edch c\u00f4ng ty, nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1ch ti\u1ebfp c\u1eadn th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ph\u01b0\u01a1ng ph\u00e1p SWOT, v\u1edbi vi\u1ec7c x\u00e1c \u0111\u1ecbnh v\u00e0 \u0111\u00e1nh gi\u00e1 t\u1eadp trung v\u00e0o 04 kh\u00eda c\u1ea1nh sau c\u1ee7a c\u00f4ng ty:<\/p>\n
M\u1ed9t c\u00e1ch ph\u00e2n t\u00edch nhanh v\u1ec1 c\u1ed5 phi\u1ebfu, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ph\u00e2n lo\u1ea1i c\u1ed5 phi\u1ebfu th\u00e0nh 06 lo\u1ea1i c\u01a1 b\u1ea3n d\u1ef1a tr\u00ean t\u00ednh ch\u1ea5t thu nh\u1eadp m\u00e0 n\u00f3 mang l\u1ea1i l\u00e0: c\u1ed5 phi\u1ebfu h\u00e0ng \u0111\u1ea7u (blue-chips), c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng (\u1ed5n \u0111\u1ecbnh v\u00e0 b\u00f9ng n\u1ed5), c\u1ed5 phi\u1ebfu ph\u00f2ng v\u1ec7, c\u1ed5 phi\u1ebfu chu k\u1ef3, c\u1ed5 phi\u1ebfu th\u1eddi v\u1ee5.<\/p>\n
Ri\u00eang trong m\u1ee9c \u0111\u1ed9 c\u1ed1t l\u00f5i nh\u1ea5t v\u00e0 c\u0169ng kh\u00f3 kh\u0103n nh\u1ea5t l\u00e0 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu, b\u1ea3n ch\u1ea5t c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch c\u01a1 b\u1ea3n \u1edf \u0111\u00e2y l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu nh\u1eb1m d\u1ef1 \u0111o\u00e1n gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3. V\u1edbi m\u1ee5c ti\u00eau n\u00e0y, th\u00f4ng th\u01b0\u1eddng c\u00f3 05 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu l\u00e0:<\/p>\n
L\u00e0 ph\u01b0\u01a1ng ph\u00e1p d\u1ef1a v\u00e0o bi\u1ec3u \u0111\u1ed3, \u0111\u1ed3 th\u1ecb di\u1ec5n bi\u1ebfn gi\u00e1 c\u1ea3 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a c\u1ed5 phi\u1ebfu nh\u1eb1m ph\u00e2n t\u00edch c\u00e1c bi\u1ebfn \u0111\u1ed9ng cung c\u1ea7u \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu \u0111\u1ec3 ch\u1ec9 ra c\u00e1ch \u1ee9ng x\u1eed tr\u01b0\u1edbc m\u1eaft \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ea3, t\u1ee9c l\u00e0 ch\u1ec9 cho nh\u00e0 ph\u00e2n t\u00edch th\u1eddi \u0111i\u1ec3m n\u00ean mua v\u00e0o, b\u00e1n ra hay gi\u1eef nguy\u00ean c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n
Nh\u1eefng ng\u01b0\u1eddi theo \u0111u\u1ed5i tr\u01b0\u1eddng ph\u00e1i ph\u00e2n t\u00edch k\u0129 thu\u1eadt lu\u00f4n tin t\u01b0\u1edfng r\u1eb1ng gi\u00e1 c\u1ea3 bi\u1ebfn \u0111\u1ed9ng lu\u00f4n ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 th\u00f4ng tin, v\u00e0 gi\u00e1 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu s\u1ebd d\u1ecbch chuy\u1ec3n theo xu th\u1ebf chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng, v\u00e0 \u0111i\u1ec1u quan tr\u1ecdng nh\u1ea5t l\u00e0: l\u1ecbch s\u1eed s\u1ebd l\u1eb7p l\u1ea1i. Gi\u00e1 c\u1ea3 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u00e0 2 bi\u1ebfn s\u1ed1 ch\u00ednh c\u1ee7a ph\u00e2n t\u00edch k\u0129 thu\u1eadt v\u00e0 qua nghi\u00ean c\u1ee9u nh\u1eefng di\u1ec5n bi\u1ebfn trong l\u1ecbch s\u1eed m\u00e0 nh\u00e0 ph\u00e2n t\u00edch k\u0129 thu\u1eadt s\u1ebd \u0111\u01b0a ra nh\u1eefng d\u1ef1 b\u00e1o cho t\u01b0\u01a1ng lai.<\/p>\n
Trong khi gi\u00e1 tr\u1ecb kh\u00f4ng \u0111\u00f3ng vai tr\u00f2 ch\u00ednh trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u00ec c\u0169ng c\u00f3 nhi\u1ec1u con \u0111\u01b0\u1eddng \u0111\u1ec3 nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p y\u1ebfu t\u1ed1 gi\u00e1 tr\u1ecb v\u00e0o ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh. V\u00ed d\u1ee5 nh\u01b0 gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c d\u00f9ng quy\u1ebft \u0111\u1ecbnh \u0111\u01b0\u1eddng h\u1ed7 tr\u1ee3 ho\u1eb7c kh\u00e1ng c\u1ef1 tr\u00ean bi\u1ec3u \u0111\u1ed3 gi\u00e1.<\/p>\n
M\u1ed9t trong nh\u1eefng th\u1ebf m\u1ea1nh l\u1edbn c\u1ee7a ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt l\u00e0 s\u1ef1 th\u00edch d\u1ee5ng c\u1ee7a n\u00f3 trong b\u1ea5t k\u00ec ph\u01b0\u01a1ng th\u1ee9c giao d\u1ecbch n\u00e0o v\u00e0 v\u00e0o v\u1edbi b\u1ea5t k\u00ec kho\u1ea3n th\u1eddi gian giao d\u1ecbch n\u00e0o. Kh\u00f4ng c\u00f3 m\u1ed9t ph\u1ea7n n\u00e0o trong giao d\u1ecbch ch\u1ee9ng kho\u00e1n hay c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh m\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt kh\u00f4ng th\u1ec3 \u1ee9ng d\u1ee5ng \u0111\u01b0\u1ee3c.<\/p>\n
M\u1ed9t nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ed3 th\u1ecb c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ed3 th\u1ecb trong b\u1ea5t k\u00ec v\u00e0 bao nhi\u00eau th\u1ecb tr\u01b0\u1eddng t\u00f9y th\u00edch, nh\u01b0ng \u0111i\u1ec1u n\u00e0y l\u00e0 kh\u00f4ng th\u1ec3 v\u1edbi m\u1ed9t ng\u01b0\u1eddi s\u1eed d\u1ee5ng ph\u00e2n t\u00edch c\u01a1 b\u1ea3n. \u0110i\u1ec1u n\u00e0y l\u00e0 do v\u1edbi m\u1ed7i th\u1ecb tr\u01b0\u1eddng m\u1ed9t ng\u01b0\u1eddi \u00e1p d\u1ee5ng ph\u00e2n t\u00edch c\u01a1 b\u1ea3n s\u1ebd ph\u1ea3i x\u1eed l\u00fd m\u1ed9t kh\u1ed1i l\u01b0\u1ee3ng\u00a0 d\u1eef li\u1ec7u kh\u1ed5ng l\u1ed3, n\u00f3 c\u0169ng n\u00f3i l\u00ean t\u1ea1i sao m\u1ed9t ng\u01b0\u1eddi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n ch\u1ec9 c\u00f3 th\u1ec3 chuy\u00ean v\u00e0o m\u1ed9t hay m\u1ed9t nh\u00f3m nh\u1ecf ch\u1ee9ng kho\u00e1n nh\u1ea5t \u0111\u1ecbnh \u2013 nh\u1eefng \u01b0u th\u1ebf n\u00e0y c\u1ee7a ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt l\u00e0 kh\u00f4ng th\u1ec3 b\u1ecf qua.<\/p>\n
V\u00ec v\u1eady, nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ch\u1ee7 y\u1ebfu d\u1ef1a v\u00e0o nghi\u00ean c\u1ee9u bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu, v\u00e0 t\u1eadp trung nh\u1ea5n m\u1ea1nh v\u00e0o h\u00e0nh vi bi\u1ebfn \u0111\u1ed9ng v\u1ec1 gi\u00e1 v\u00e0 v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u0169ng nh\u01b0 c\u00e1c xu h\u01b0\u1edbng c\u1ee7a h\u00e0nh vi gi\u00e1 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng \u0111\u00f3.<\/p>\n
\u0110\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt, c\u1ea7n c\u00f3 c\u00e1c gi\u1ea3 \u0111\u1ecbnh m\u1ea5u ch\u1ed1t l\u00e0:<\/p>\n
\u0110\u1ec3 th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt, nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i d\u1ef1a v\u00e0o h\u00ecnh \u1ea3nh c\u00e1c \u0111\u1ed3 th\u1ecb, trong \u0111\u00f3 tr\u1ee5c tung bi\u1ec3u th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 tr\u1ee5c ho\u00e0nh bi\u1ec3u th\u1ecb \u0111\u01b0\u1eddng th\u1eddi gian, v\u1edbi nhi\u1ec1u d\u1ea1ng nh\u01b0 \u0111\u1ed3 th\u1ecb \u0111\u01b0\u1eddng th\u1eb3ng (line chart), \u0111\u1ed3 th\u1ecb d\u1ea1ng v\u1ea1ch (bar chart), ho\u1eb7c \u0111\u1ed3 th\u1ecb h\u00ecnh n\u1ebfn (candlestick chart). Th\u00f4ng qua \u0111\u00f3, nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 b\u00e1o ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u00f4ng d\u1ee5ng nh\u01b0 \u0111\u01b0\u1eddng xu th\u1ebf, k\u00eanh xu th\u1ebf, m\u1ee9c h\u1ed7 tr\u1ee3, m\u1ee9c kh\u00e1ng c\u1ef1, \u0111i\u1ec3m \u0111\u1ed9t ph\u00e1, \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng, ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i, d\u1ea3i Bollinger\u2026<\/p>\n
C\u00e1c ph\u01b0\u01a1ng ph\u00e1p v\u00e0 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n v\u00e0 tr\u1edf n\u00ean th\u1ecbnh h\u00e0nh ch\u1ec9 t\u1eeb \u0111\u1ea7u th\u1ebf k\u1ef7 tr\u01b0\u1edbc v\u1edbi s\u1ef1 n\u1ed5i b\u1eadt c\u1ee7a l\u00fd thuy\u1ebft Dow (c\u1ee7a \u00f4ng Charles Dow) v\u1edbi c\u00e1c \u00fd t\u01b0\u1edfng ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c \u0111\u0103ng t\u1ea3i l\u1ea7n \u0111\u1ea7u ti\u00ean tr\u00ean t\u1ea1p ch\u00ed Wall Street Journal. L\u00fd thuy\u1ebft Dow \u0111\u1ebfn nay v\u1eabn \u0111\u01b0\u1ee3c coi l\u00e0 n\u1ec1n t\u1ea3ng cho ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o quan tr\u1ecdng nh\u1ea5t.<\/p>\n
Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n nh\u01b0 n\u00eau tr\u00ean ho\u00e0n to\u00e0n d\u1ef1a v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o v\u00e0 kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch mang t\u00ednh ch\u1ee7 quan. V\u00ec v\u1eady, c\u00f9ng m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 c\u00f3 nhi\u1ec1u k\u1ebft qu\u1ea3 nh\u1eadn \u0111\u1ecbnh v\u00e0 ph\u00e2n t\u00edch kh\u00e1c nhau, v\u00e0 ph\u00e2n t\u00edch c\u01a1 b\u1ea3n th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 b\u1ecf qua y\u1ebfu t\u1ed1 t\u00e2m l\u00fd \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 ph\u01b0\u01a1ng ph\u00e1p h\u00e0ng \u0111\u1ea7u v\u00e0 kh\u00f4ng th\u1ec3 thi\u1ebfu \u0111\u01b0\u1ee3c trong ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 l\u00e0m c\u01a1 s\u1edf t\u01b0\u01a1ng \u0111\u1ed1i v\u1eefng ch\u1eafc cho vi\u1ec7c ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. Ch\u00ednh v\u00ec v\u1eady m\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e0o t\u1ea1o n\u1ed5i ti\u1ebfng th\u1ebf gi\u1edbi v\u1ec1 ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 l\u00e0 CFA (Chartered Financial Analyst \u2013 th\u00f4ng d\u1ee5ng \u1edf M\u1ef9) v\u00e0 CIIA (Certified International Investment Analyst \u2013 th\u00f4ng d\u1ee5ng \u1edf ch\u00e2u \u00c2u) c\u0169ng ho\u00e0n to\u00e0n ch\u1ee9a c\u00e1c n\u1ed9i dung ph\u1ee5c v\u1ee5 cho ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 kh\u00f4ng bao g\u1ed3m n\u1ed9i dung ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt.<\/p>\n
V\u1ec1 ph\u00eda ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt, do ph\u01b0\u01a1ng ph\u00e1p n\u00e0y d\u1ef1a v\u00e0o di\u1ec5n bi\u1ebfn h\u00e0nh vi c\u1ee7a c\u1ed5 phi\u1ebfu, n\u00ean \u0111\u00f3 l\u00e0 nh\u1eefng c\u00f4ng c\u1ee5 ng\u1eafn h\u1ea1n v\u00e0 kh\u00f4ng n\u00ean \u0111\u01b0\u1ee3c d\u00f9ng cho ph\u00e2n t\u00edch d\u00e0i h\u1ea1n. Tuy nhi\u00ean, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u0169ng thu h\u00fat \u0111\u01b0\u1ee3c m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng \u0111\u00e1ng k\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 tin d\u00f9ng. \u1ede nhi\u1ec1u n\u01b0\u1edbc, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch theo tr\u01b0\u1eddng ph\u00e1i ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u01b0\u1eddng h\u1ed9i t\u1ee5 trong Hi\u1ec7p h\u1ed9i c\u00e1c nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u1ecb tr\u01b0\u1eddng (Market Technicians Association) v\u00e0 c\u0169ng t\u1ed5 ch\u1ee9c c\u00e1c k\u1ef3 thi chu\u1ea9n h\u00f3a ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt theo c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c g\u1ecdi t\u00ean l\u00e0 CMT (Chartered Market Technician)<\/p>\n
M\u1ed9t s\u1ed1 h\u1ecdc gi\u1ea3 cho r\u1eb1ng, ph\u00e2n t\u00edch c\u01a1 b\u1ea3n nghi\u00ean c\u1ee9u c\u00e1c nguy\u00ean nh\u00e2n d\u1eabn t\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 tr\u1ea3 l\u1eddi c\u00e2u h\u1ecfi \u201ct\u1ea1i sao x\u1ea3y ra v\u00e0 x\u1ea3y ra \u0111i\u1ec1u g\u00ec trong gi\u00e1 c\u1ed5 phi\u1ebfu\u201d, c\u00f2n ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt nghi\u00ean c\u1ee9u c\u00e1c hi\u1ec7u \u1ee9ng c\u1ee7a n\u00f3 \u0111\u1ec3 tr\u1ea3 l\u1eddi c\u00e2u h\u1ecfi \u201ckhi n\u00e0o thay \u0111\u1ed5i gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd b\u1eaft \u0111\u1ea7u v\u00e0 khi n\u00e0o k\u1ebft th\u00fac\u201d. N\u00f3i c\u00e1ch kh\u00e1c, nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ch\u1ec9 c\u1ea7n bi\u1ebft hi\u1ec7u \u1ee9ng l\u00e0 g\u00ec m\u00e0 kh\u00f4ng c\u1ea7n quan t\u00e2m t\u1edbi nguy\u00ean nh\u00e2n t\u1ea1i sao l\u1ea1i d\u1eabn t\u1edbi t\u00ecnh h\u00ecnh \u0111\u00f3; c\u00f2n nh\u00e0 ph\u00e2n t\u00edch c\u01a1 b\u1ea3n ph\u1ea3i lu\u00f4n c\u1ea7n ph\u1ea3i bi\u1ebft nguy\u00ean nh\u00e2n t\u1ea1i sao.<\/p>\n
D\u01b0\u1edbi g\u00f3c \u0111\u1ed9 \u0111\u1ea7u t\u01b0, vi\u1ec7c k\u1ebft h\u1ee3p c\u1ea3 hai ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt d\u01b0\u1eddng nh\u01b0 c\u00f3 th\u1ec3 \u0111em l\u1ea1i nh\u1eefng k\u1ebft qu\u1ea3 ph\u1ed1i h\u1ee3p t\u1ed1t nh\u1ea5t. \u0110i\u1ec1u \u0111\u00f3 \u0111\u00f2i h\u1ecfi s\u1ef1 th\u1eddi gian, s\u1ef1 am hi\u1ec3u v\u00e0 tr\u00ecnh \u0111\u1ed9 ph\u00e2n t\u00edch \u0111\u00e1ng k\u1ec3 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t c\u00f4ng vi\u1ec7c kh\u00f4ng th\u1ef1c s\u1ef1 d\u1ec5 d\u00e0ng.<\/p>\n
Gi\u00e1 c\u1ea3 l\u00ean xu\u1ed1ng ph\u1ee5 thu\u1ed9c v\u00e0o th\u00f4ng tin v\u1ec1 c\u00f4ng ty. Nh\u00e0 \u0111\u1ea7u t\u01b0 ra quy\u1ebft \u0111\u1ecbnh mua\/b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty d\u1ef1a v\u00e0o nh\u1eefng th\u00f4ng tin c\u00f4ng b\u1ed1 c\u1ee7a c\u00f4ng ty \u0111\u00f3, mua v\u00e0o khi c\u00f3 tin t\u1ed1t v\u00e0 b\u00e1n ra khi c\u00f3 tin x\u1ea5u. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 n\u00e0y y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i c\u00f3 \u0111\u01b0\u1ee3c th\u00f4ng tin (d\u1ef1a tr\u00ean c\u00e1c m\u1ed1i quan h\u1ec7 \u0111\u1ec3 n\u1eafm b\u1eaft th\u00f4ng tin m\u1edbi ho\u1eb7c t\u1ef1 d\u1ef1 \u0111o\u00e1n th\u00f4ng tin) v\u00e0 \u01b0\u1edbc l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c ph\u1ea3n \u1ee9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n
\u0110\u1ed1i v\u1edbi nh\u00e0 kinh doanh d\u1ef1a v\u00e0o th\u00f4ng tin th\u00ec vi\u1ec7c nghi\u00ean c\u1ee9u m\u1ed1i quan h\u1ec7 gi\u1eefa th\u00f4ng tin v\u00e0 s\u1ef1 thay \u0111\u1ed5i gi\u00e1 l\u00e0 quan tr\u1ecdng h\u01a1n vi\u1ec7c nghi\u00ean c\u1ee9u gi\u00e1 tr\u1ecb. Do \u0111\u00f3, nh\u00e0 kinh doanh n\u00e0y c\u00f3 th\u1ec3 mua m\u1ed9t c\u00f4ng ty c\u00f3 gi\u00e1 v\u01b0\u1ee3t qu\u00e1 gi\u00e1 tr\u1ecb th\u1ef1c d\u1ef1a tr\u00ean ni\u1ec1m tin r\u1eb1ng th\u00f4ng tin k\u1ebf ti\u1ebfp l\u00e0 nh\u1eefng th\u00f4ng tin t\u1ed1t, v\u01b0\u1ee3t m\u1ee9c mong \u0111\u1ee3i v\u00e0 s\u1ebd \u0111\u1ea9y \u0111\u01b0\u1ee3c gi\u00e1 l\u00ean.<\/p>\n
B\u00ean c\u1ea1nh 3 tr\u01b0\u1eddng ph\u00e1i \u2013 \u0111\u1ea1i di\u1ec7n cho 3 c\u00e1ch ph\u00e2n t\u00edch l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u1ea7u t\u01b0 ch\u00ednh n\u00e0y th\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ef1a theo m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c. Ch\u1eb3ng h\u1ea1n nh\u01b0 l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean s\u1ef1 hi\u1ec3u bi\u1ebft c\u00e1 nh\u00e2n v\u1ec1 c\u00f4ng ty (nh\u00e2n vi\u00ean mua c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh c\u00f4ng ty m\u00ecnh), mua c\u1ed5 phi\u1ebfu theo xu th\u1ebf chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng,\u2026\u00a0 v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean tham kh\u1ea3o nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 c\u00f3 th\u1ec3 tr\u00e1nh nh\u1eefng sai l\u1ea7m khi ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p>\n
(S\u01b0u t\u1ea7m)<\/p>\n","protected":false},"excerpt":{"rendered":"
Ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n l\u00e0 nhu c\u1ea7u kh\u00f4ng th\u1ec3 thi\u1ebfu trong …<\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","class_list":["post-2194","ysedu","type-ysedu","status-publish","hentry","lesson-huong-dan-giao-dich"],"acf":[],"_links":{"self":[{"href":"https:\/\/hdsd-uat.ysvn.com.vn\/zh-hant\/wp-json\/wp\/v2\/ysedu\/2194"}],"collection":[{"href":"https:\/\/hdsd-uat.ysvn.com.vn\/zh-hant\/wp-json\/wp\/v2\/ysedu"}],"about":[{"href":"https:\/\/hdsd-uat.ysvn.com.vn\/zh-hant\/wp-json\/wp\/v2\/types\/ysedu"}],"author":[{"embeddable":true,"href":"https:\/\/hdsd-uat.ysvn.com.vn\/zh-hant\/wp-json\/wp\/v2\/users\/1"}],"wp:attachment":[{"href":"https:\/\/hdsd-uat.ysvn.com.vn\/zh-hant\/wp-json\/wp\/v2\/media?parent=2194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}