Tải bản đầy đủ (.docx) (28 trang)

Thực trạng việc áp dụng phương pháp phân tích kỹ thuật trên thị trường chứng khoán việt nam

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (205.42 KB, 28 trang )

Đề cương bài thảo luận
I. Lý thuyết
1. 

 !
"#$%&'()*+,-
2. ".
/*0 
• 1 ! (2 
• 3.*0/*0 
 /$
II. Thực trạng việc áp dụng phương pháp PTKT trên TTCK Việt Nam
1. (,455'(,$617"!
2. 7 81,$9,(:7"!
III. Giải pháp
1. ;<  
< 
< !=()-<>81
2. ? ,@,(A!%B=BC
6DE
8E81
9,(:- E61
 LỜI MỞ ĐẦU
9,(:- 7"!'FB'()G>!(
'( B'(H( &#- I!J<!
C7  !&5 (2 I
4CKB#4-,*5,- ,5 ,@9,(:- C
75#--4'.=B*'J=B4 
#$(6&#- CL-4'.M9
,(:- M7"!I !A!NCL2O9,(:7"!
!APO(A' ,@!=Q#'BRI<(M!4!SA


 #'9'(B5#M9,(:- 7"!RI
'@!4C6'B#=B!-   
('()<C
#$TA ,5 ,@9,(:- 7
"!HB#B,M$-B2CU()0'B-9,(:B#
B (A-BH%'!2A9,(:
7"!C"O#'= H(5-4'.HD
-9,(:B#B-BC%A,!-9B0LV6
3H#@*5A==$CKB#HD-
'()W 2C
6H5O=Q-,$$$B*+
B#'()  &#-  B'(B#B!
2C7A*-B9,(:B#BX'9
'(),IB!,Y!5,$!.9,(:!>(7
"!C
I. Lý thuyết
1. 

Z!.,-O!4=AZ=BP@
,-Z[(2-9B-BB-Z[-<:
-9B-C"BP@*+'V9BS-$'(:
T#('B#=B&@A!.(:*+2<5
A!\9,(:(: 2<*S<W+=Q!.0=()
O==VCKB#H=Q<4*-!.(:*+2<
/P@#$B-!.#!.P!]- Z'9C
=B(2  ^YB^TC
"B'(&<!Z>!YO/*04
&Y _'Y_ &B`  - -B&
@=Q#!'(&ZICCC
"O5YY=B @!R5'V9,^AO/*0P

!!*a/A *+ '2<C
&.B- - -BbV&
2<55-4'.-C,-'P B
2<- - -B=B2*M-O'- =)
B,,-`B`!F- CL*0='()
*+,-( - 0=()-9B 
&-9 '%V`^9,(:C
(P@-Z#,@9,(:`'P
, '()5,4P 5Pc9,(:b',Z^W<#,/
D,YB-!.#!.P!]9,(:Z'9CKV:M5!\
9,(:'W#,$2*MO!0BT<
=4O#0d- (2-$'. M!.#
!.P!9,(:B#P@=BO)Q-'-  M!.#!.
*09,(: C
"-B,=Q#IP@W '9:'@!!e 
- B02*-A (2  C
1 !E
OfgdPNP@5!@O 
!2<'(C8'2<=B$ <A
@'V=B&C
;0,^'4%V`#h-i'()
6,=d*h-i ,@-<>!jkllChT%V,# `
#h-iR-V!OZ'2<(<Z
 d-(A  &@'Z<&'F*W B*
[0=()<(M' *\,)e*0'mC7BZ$/*
h-in-d*o*,=pd,dqhnopr=B-'N#h-iC
'PP6,=d*h-i'0'4=B&@
C,&B-*'. - 'F=B!
=$!.(29,(:-B-B!AC
f8=B(2 /B- ^ B0

=()-9,- '@'- W ,-(2=g
7<Z-,sW-4'.,- *S
WZ=4,-(2=5P@*+W'P-!' -C
"(# A2<!'&<
'@W '9 ,9.4!Bs!'-  (2=- C
6 V&'()*+,-
&`h;61qB-9- r55-9E
t`=-4- B-B9,(:<-9q0
=() B ,99,(:r0=()- ! Z
*0!F- >q-J<!r Zu
&` $!#-9- E*!
 '(-9'&(A-Bu
 !"
# "$ "%&"'( "
)*+*","-./0
2. ".
/*0 
• 1 ! (2 
f6/*0 - qr=B/*0< ! 5
- qr4!.:'@!Z'9*-AB#0gC
6/*0 =B/*0< ! 54!.
B#Z'9*-AB#0C6/*0 < W(A ,@
9,(: 55-9,$9,(:B=B&
'()*+,-C
3\/*0'()W#d-O(2  C3./*09
,(:'()W#0*SZ!.*/R  <
@$C"()=4!./*0W#v!*S/'(,O5
!BP&P'4@C#$@=B'VZ5
!!./*0'()W#v!H-!.Z0W(A
'.PCK@W#!./*0 (:<W '9

=()!R2Z!R(2 B#2*M'@!2*MC
b 1234E!R'()Y<=B!./=PQw0$
@$C"O!R=A(:ZOZ,x
,B2@C"(!R =AB '4*S&
B&ZR B'(#$C
b 5674E!R<P'4-Z< .
@$CT#d-/*0$ qB#-B
.9,(:CCCr!B=Y2Z)C3.!R$
&$/-V!O&#=ACK0A/*0B
<YO&#!BZ<&T,-!.B
cCCC
b 862E(2 =B #0 '.,'
!'.'./*0 CT#d- #$ ,-
!BY(2 Z'9q5*0Y'2
<5#CCCrCCu
6/*0 P@-`B(/*05&<
9&.h-ibn-d*3wqhnopr-JP!B(/*0\
)5h-ibn-d*-J--B9,(:(/*0L*d7"
odWCCC6/*0 '()d-:Bd-9,(:=B!2*M'@*-* 
55W(A9,(:d-:-J&#O T
=F C
• 6 (2 /*0 
869*6
K#=B/*05*0Y'2<&P*!#*0C
,- ,(:) . B#!>0
(:B'/f*0by8
l
g'@'<!<-=$/*0
d-:C6 '/*0'()#'9 M!\9
,(:C

o

z{o
l
o

=B/*0 5
8

=B [$
8
l
=B [0
o
l
=B/*0 2*M(:=BjllC
869:%
8(2 5# ,9 (2 5<'2
M\P*+#*0=B*0=()$!#CKJ'@!(2
 B#=B=-4B-P*0=()$!#B -9B-5P
 '.B=AA/*0 C,- P!T B-
P*0=()$!#2q(:=B &#=At 
R%9,(:r*SP%'.A/*0 2C"O
-9RP<(M&< '()9,(:C
6/*0)'()- ,$  B*0=()
'=(Bq-J'$!# ,$9,(:rC

Tổng GT thị trường kỳ hiện hành
Chỉ số tổng hợp = × 100
Tổng giá trị thị trường kỳ cơ sở

L(2 (:'()T'@/*0 B#=B(2 
=*d#,d*B*d,C
 Q
i0
P
it

I t = x I
0

Q
i0
P
i0
o

E/*0 5=*d#,d*
|
l
E0=()[0-J2Z0=()[0C
}8(2 *d,E,$=()[B
 Q
it
P
it

I t = x I
0

Q

it
P
i0
o

E/*0 5*d,
|

E0=()[ - -#2Z0=()[ - -C
• . 3.*0/*0 .
}6/*0- !E7"odW
 Q
it
P
it

VN Index
t
= x I
0

Q
i0
P
i0


,-'PE8

=B B

|

=B0=()$!#,$9,(:
8
l
=B [0
|
l
=B0=()[0o
l
zjllC
6/*0h-ibn-d*
6/*0h-ibn-d*-B(:3=B6,=d*Ld,#h-iB
~i,hn-d*W#>!j••€C6/*0h-ibn-d*-V!€/*0B
'()d-(2 5<'2C
- ;<=>?-@;>AB=;<=>?-A-%BC?%?D*EF*
%(6-$ )GH'*I1J0
- ;<=>?-C.@;>KBL;<>?-K%-%BC?%?D*EF*
%(6-$2 )MHC.'*I1J0
- ;<=>?-CN@;>OBL;<>?-O?-BC?%?D#*E
F*%(6-$ )PQCN#'*
I1J0
- ;<=>?-RE*EF*%(6-$ )'#SQ
 TU%(0
 /$
"-B/*0 -  BI*+ /
$'@ -^,-(2=9,(:C
- |#!&9,(:
|#!&9,(:'()@&!.*0/$@(E 
,99,(:0=()B ,9-9

} ,99,(:E=B*00d- ,99,(:
 &#P$!#B'()d-&E
7z
7E ,99,(:
|E0=()$!#,$9,(:
8E; ,99,(:
}10=()B ,9-9-Z#!'.-4'.9,(:B
'();h61L. B-- & -sB#C
6 B(:Wd!Wv!. •O&*0B#5
=9*+-Z#*#'0=()-9P<>R'
 W(A C
- "9'.-4'.9,(:
"9'.-4'.9,(:'()< &‚/$E
}7I#0z
9,(:
}L*0-9z
6$!#
6/*0B#HP@s ,9E
}L*0-9z
$!#
}7I#z

- ƒ*0#Y e#Y!
UBƒ*0@ƒ=O*0#Y A*0#
Y!'=(B,$61C&(:d !=9*+ƒ
*0B#M!„…†=B-*0=Q(MC75 #Y P=),-,(:
)9,(:<! ,-#Y!=4P=)9,(:>
 C3$=Oƒ*09,(:,- :'@! 
*-A-*0„…†'()-=B'-'@ -W(A'.9
,(:CB-,s/*0B#>=BZ-!.

9,(:*%*#<!-#P=BZ< --!.2.!B-C
II. Thực trạng việc áp dụng phương pháp PTKT
trên TTCK Việt Nam
1. (,455'(,$617"!
>!•9B:')B#jjbGbjkk•6'FQ"9
'9*0€•e68B- B61*-9
,(:- 7"!,':C
6TB#6HQ#'9B=,!;-96
- 'J48CL63BLB".C7•9-617",'F-‡ƒ
?6- 7"!,':s"9'9G…e68B#‚•bjjbjkk„C
,!;-96- 8CL63q;h618CL63r'()B
=d-|#'9*0j‚Gejkk•e|KbB#jjbGbjkk•B'B-
-4'.$-9'$B-B#‚•bGb‚lllC
,!;-9- q;h61rLB".'FB-':B-
B#•eˆe‚ll…C1 A;h618CL63q0=B2$!#B-9
-  &#=Ar;h61LB".*S=Bf*2g- h"
]B`qA0'=`…'ˆlƒ'VrC
,-0<AB,-(A(,$9,(:
- 7"!'F<  W 55w!&'B>,(M
  '.* w!&H(^610C
Diễn biến TTCK Việt Nam từ đầu năm 2000 đến năm 2011.
 lGe‚lll9,(:- 7"!'()B=C
!(:>!-4'.9,(:- 7"!'FPO(A 
,@Z'9B'F'4'()!$','=B-4'.-BB
<C7A*M-9- …ˆk&#$!#P!0P'4
-<€l†;h89,(:- 7"!'F'P,I'0
A* ,@ -*>'.B5<
!.7"!B#BV9 ,@B-BA
0C#$-'M'-4'5BB ,@9,(:
- 7"!IM4*2C7V4O4BZ

9,(:,$Z< 4'FPM,$=B'&, ]C?M
#9,(:'FP'.P=(:,-:B'B#
#,&P>- -P,$B7"!
PC
*Giai đoạn 2000-2005E;'-4O'9,(:- 
d-0$‡ƒ6- "B(A'>!‚ll…
 ,99,(:- "!'4€lClllƒ'V!l„k†
0.q;h8rC9,(:- 7"!P€C…llƒ
'Vˆllƒ'V/'(Bˆ…Clllƒ'V, 
, #'9(2D‚•CˆllB-<-9C
,->!‚ll…0'.>,(M9,(:- Z'&*-A
>!‚ll€#'.'()€€„llƒ'V: ,9*-A;h8
<(A'4j†C
* Giai đoạn 2006E ,@'. 617"!
30:@`'>!‚ll„'()-=B!Z ,@f'.
 g4--9,(:- 7"!P!.!4--B-B!A
A-4'.-9*&'.4<ˆf*BgEM-9CLV63
,!;-9LB".B9,(:‰6A!>,(M'4A„l†
`''O>!C,->!B#61P* ,@()/*07b
odW4*B-98CLV63qLp6r>j€€†>!‚ll„4*B
-9LB".qL*r>j…‚€†C
 ,90P'4jˆ•/‡h0>!‚ll„q!‚‚G†;h8r
 ,9- B'((A-B'%!O'4-<€/‡h
!j„€†!0P-B9,(:C
0&#$!#>…=`€j&#>!‚ll…'F=$Ajkˆ&#
*0B-<-9'42jl4Zˆ=>!‚ll…Bˆl=*-A„>!
,(AC,-I!.>!/*07bodW>2…ll'@!`2ˆll'@!
0‚ll…=$•ll'@!0‚ll„C
* Giai đoạn 2007E;'-49,(:- TC
7"odW'4'/jCjGl„G'@!

Lp6bodW4!!0€…kˆ„'@!
"5^9,(:B <- ,- $-
9P'.odW<‚*B-9'P$'.-'.
!4C1D$-90>!7"odW'4k‚Gl‚'@!L*bodW
`M!ˆ‚ˆ……'@!(#*j>!-4'.7"odW'4'()!
>,(M=B‚ˆˆ†ŠL*bodW>ˆˆ‚†*-A!'@!=B-0
>!‚ll„C
'B#‚•ej‚e‚llG;h618CL63'F'()‚€•$-
9A0=()-9'42‚ˆƒ- (2'(2A
 ,9-9-B9,(:'4‚‚€Clllƒ'VZ‚=0=()B
‚•= ,9-9*-A>!‚ll„C?5!\$-9Pk‚
,- '()#@()(2'(2Ak•lƒ'VC
;h61LB".B&‚€•$-9A0=()
-9-B9,(:'4„j„ˆ,- (2'(2A ,9
-9-B9,(:'4„ˆC•…kƒ'V>Z„=0=()Bj…•
= ,9-9*-A>!‚ll„C|#!&-9>,(M!4
!-95>!‚llG'4‚……ƒ'Ve$,->!‚ll„/
'4jkƒ'Ve$C
‹V*MHHWE6T,-W617"!
v=4>!‚ll•A**<!!4CK#=B>!^9,(:
- q61r7"!WZZ,-*02•>!-4'.C6/*0 
- <*B<!!4'JL6bodWM(A!jll
'@!B-B#‚GejjC
1M'>!4!'@!k‚jlG7"odW'F!Z'„l† ,9B,M
B!.,-O9,(:<!'@!!4Z,$A,-+'
>!‚ll•C,-jlˆ$-9'-4B#PAGj$7"odW
<!'@!CK/'@!=B\ˆ€$7"bodW<!'@!=$`O
 l€'' l„e‚ll•Cjlˆ$-97"odW<!!Z
……l…‚'@!b(2'(2…kGG†C?5,-!\$-B9,(:P
•l‚,68Œ66|'()#@()(2'(2-<€•‚ƒ'VC

|')>,(M%4B-O>!5B-0>!9,(:=4,2
,M=4[<!- '.-<-B
K#=B:[7"odW,2,M=4W(A<!!'F m' #=
'(),-'-4'>!‚ll•C<'-4B#7"odW!Z
‚‚ˆ€•'@!(2'(2€j€…†C10=()-9,5'4j…•‚
,68Œ66|(2'(2€kG…•ƒ'Ve$C
Trong năm 2009617"!'F>,(M!4!SC
">!‚llk'F'@=4OZZ,Y,-=9*+k>! ,@
61C"Oƒ=!A.!0,Y'F==()'()=E$
-9B#‚€b‚7"bodW'F,2W0!' #‚ˆ……'@!L"•bodW=T
(A!0jll'@!W0!ZZ,-=9*+=BG•l„'@!C#
$(A* ˆb‚llk B'(q"Kr'F=Z#=4'()!
61P!. >'@!Z()Z@` jjb‚ll•E7"bodW
&/M*%'@!*0!B0=()-9H>!4C'
B#ˆlb„7"bodW'F>jˆ‚„G'@!q€‚lˆ†rL"•bodW>€€…G
'@!q€‚„„†r*-A:'@!D>!‚ll•CK#=B!.(AB
61,-(A7"bodW'F'40'.>=A•,-*0•k/
*0- ,Y,$A>'()€„†*-A:'@!'
>!‚llkC1ƒ=0=()-94*BL‰~'()=B-B#
jlb„AjljCGG€C…‚lB/'()#@()-*0
(24L"•=B…„C…‚‚CjGlC
Năm 2010 - ==4! B=F*Z>-*$-,-
'P>,(M<!*-A>!‚llk$/*0
7"odW'F<!‚l€†C3JT#617"!'4'()O
<,Z,$ !J,YE ,90P'4ˆk†;h8>
jGj†*-A>!‚llkŠ#'.0'4k•G5ƒ'VZˆ=*-
A>!‚llkŠ ,9-95!\$'4‚C€•lƒ'VŠI0
(A-BB-,$jƒ‡hŠ*0=()B-< B'(>ˆ•†CCC
">!‚ljj=B!.>!P>'0A9,(:- 7"!
Ž(M#0,-B-B(A(ƒ==4!  -,-

O '>!-<)&•<(M!4AWZ
•O#v!,-& <=Qu1D>!‚ljj7bodW>
jl€'@!=$ˆ…j……'@!q}lˆ†rL"•bodW>jjˆ'@!=$…•G€'@!C
"(#>!‚ljj7"bodW<!‚G€„†(2'(2<!2jˆˆ'@!Š
L"•bodW<!€•„†(2'(2<!………'@!
L‰~ ‚ljl ‚ljj
†>e;<!
†o,d*de
hd,d*d
0=()&#$!#
"!d,-•=*d-!d*
‚•l ˆl„ kC‚•†
0=()$!#qƒ
'29r
"!d,-•*,d*q==-r
j…C€k j•C•• ‚‚C€•†
70P9,(:
3,d6=‘-q7"h,==-r
…kjˆ€

€…ˆj•

b‚ˆC‚„†
L"• ‚ljl ‚ljj
†o,d*d
ehd,d*d
0=()&#$!#
"!d,-•=*d-!d*
ˆ„„ˆkˆGCˆG†
ˆ„„

ˆkˆ GCˆG†
0=()$!#qƒ
'29r
"!d,-•*,d*q==-r
„C‚ GCk€C ‚•†
70P9,(:
3,d6=‘-q7"h,==-r
j‚G…€
k
•j••k
bˆ…C•†

3JT=()!A$!#&`>=$(**<!
 'F0P-B9,(:!Z-<‚‚lClllƒ'V'F<!2
jlƒ‡h*-A0>!‚ljlC
2. 7 81,$9,(:7"!
L# 661''FW#-!5!..! #2
<C7B/Pj*0661=A-4'.`:'(E
p6?o?76?6u
8Q=B!.,-&#,-(Z'(
- C75#p6?H(?6B’6'FQ'!,Y
(2 B#$H'J!B B-Ch-'
61(AI4BZ$(2 B#,5
/'*+,-4!Z'9C6 661P,$'FB'
•9O'-*(2 Q
,-:A$@=B (2,5'B-4--$6#
- 'B(- 4,!"61LBK
- #(2,53~p‰61!.(2,5
''() M (A,$AC
|€>!-4'.,$617"!<P-4'.'F

'PP&]--4'.9,(:PP--4'.(
Z- 9,(:B#B#$2C6 B'(P
&'@,#'9'`2*-A9,(:!AB
= '- W&QB#B'()X
'9C?$4O<'4'()-4'.,-
-I,Z4(E '- R(@'.
W IZ $P,$B$!&A
- PR()(<QB
2<'@'(,'9- C
"5#!!!B #- ,$
617"!'*+=B!!3~p‰61
!!B#'()- 9,(:P(2A==$-
'PP,ZZB'.**0- -6147"!C7
!!3~p‰61#P>- $=B!& 
 #- ( -ZZZ
9,(:'0A617"!&P ! -Z Z
Z!B/P ! ,B *BCh-'P!!3~p
‰61'&R'<*=Ch-'P=B$Pj!!
-617"!“
"-B,,5'. $=B!& 4 #- 
#I4C"5=A $4 
#- #(*'()'B-4-#$*,-
'  YR(@'- W 
- IW CK.$IB
2< $B- 4
 #- P,$B B'(- PI
4'F#P>,-,-' <AO
$I!&AO$AB'(
3.Z'<(M'-4'.#=B#!&9
,(:- 7"!#RI]*0=() B'( 

I]*-A*0<(A-'. - ,Z^9
<(MM'.  B'(-J!.P! B'(
 P0=A
P!=4(2,5!!3~p‰61=Bj&
O9,(:-  ,@(PP@ -
617"!C?M5E
K&P"61 ,@-9d-(2A==$I
617"!A=j=jB#; 61(A-B&#
'9$'.-'.I 617"!P$'.-'.C75P
OZ*E
• ‰dE'0A(A-B !M+=B A=$-9
'$,-B#IM7$"!=B 'P+$ -9
,(AC
• LBU-iEM61(A-B(: A=-B
ZZ,-Z< $-9,-B#,-'P617"
 'P+A$'Y-'.C
• 6=-*dE#5 A=$-90((A-B5
=4A B#&!#
K&M,$61 (AY =-4=(E
31U3‰8U3ULp‰"o‰6’‰1p‰p6u,-'PM7"/P
=U3B'#*++!=p‰C
K&G617"#I BPB-< I
PB#I('V'!J /*07bodW(< '()
'4-9,(:C
K&X3.9,(:-9d-!=Q2=Bd-#$!&@
61C
K&Q"V0$ *0=,5B,5P! #
('()'#'BW !BZ'W *0=0$=BR'
,YB4#<!'0A617"L#,$617"(Pj
0$B-P'#'#'PA B'('(,*0=0

$B#C
##,-(2=D*SP!.(2,5!!
'()-BBT)A617"B=D'PO<
*S'd!=4<- B-- B'
(- ,-B'9 - 
III. Giải pháp
9,(:- 7"'FB'()2jl>!('(
 B'(H( &#- I!J<!C7
 !&5 (2 I4C
KB#4-,*5,- ,5 ,@9,(:- C75#
--4'.=B*'J=B4 
#$(6&#- CL-4'.M9
,(:- M7"!I !A!NCL2O9,(:7"!
!APO(A' ,@!=Q#'BRI<(M!4!SA
 #'9'(B5#M9,(:- 7"!RI 
'@!4C6'B#=B!-   
('()<C
#$TA ,5 ,@9,(:- 7"!
HB#B,M$-B2CU()0'B-9,(:B#B
 (A-BH%'!2A9,(:7
"!C"O#'= H(5-4'.HD-9
,(:B#B-B2C%A,!-9B0LV6
3H#@*5A==$CKB#HD-
'()W 2C
6H5O=Q-,$$$B*+B#
'()  &#-  B'(B#B!2C
7A*-B9,(:B#BW 2CK
B#*SD*,Z,-,#'9,-'(- C
Trên phương diện lí thuyết
,-'(- =B!.(2 '() B

'(-,YB*+'@DB'(W '9:'@!! B'(
, #'9'()=Q,-%4C
65#@`,':'#%!% *+,-
(2 =&'() B'(#$'J
!C62*M=Q=<(2 =B<<
- q61r'()#'9MB61C75# & 
,-#=B'   !JZ'9B
C6@ B=@'V /*0B,- 
( <0=()-961/*09,(:- 
q61rCCC
,-(2 w(:<& <'9*
'#
b; ,99,(:61'()#'9M* '.\(2OB
61'PC
b6B'()#'9M!.*0#0Z'9C,-*0'PPO
#0=$'O#'- B><'(,
Wd!'P=B'@!B*]'- --4'.9,(:C
Trên thực tế
8(2 w=Bj(2 '(- 
'2<^!B<*-* P2(2 2<
5'(2$(2 B#*S'()B'(=Y2C
#$$4OB&&<=B&POZ4
: B'(*+wJ<Z
,Y'- 9,(:C"(:!I-,sw
& '()M7"!
7#'=B#$OZ4B#B=w*
&P<
6Pˆ#$=B!(<E'P=B<
&<=DB-H'D*!,^ /*0B*
! #!P(:*+C7#< ',=B5”

a) Tập trung vào chiến lược phản ứng lại thị trường

6P!.W(A*!4!S,-:'#&/M 9
,(: ,@!B#<M7"!=BBw'
B#BDQ2'=()<=4A9,(:#5/'2
 -'.9,(:
•7"!,-:'#D(:#d'O 
@(E–—,->!#7"bodW*S'4'•˜™'@!——C6P@'B#
!Qw(B'((:('B*!
'=()<2=BO -!Z!#,CK
'P*S-vY*S&<JOZ: =A,- ,5'(
7B'B(p -,s9,(:*S>!4,-O 0
>!‚ljlC1'P*S!4T€Glb€k…'@!'@'P'B-!.
5!AC#$=B!.(:D,Y2'=()B
'B(B#*S<=-!5O'@!W-##@=()#
!B4'P*SP=()B'.@T)A5,4
!
#5/w'!\=B9,(:*S> ,-B4B#Œ
-=B'(B#*S=-!5(m%=\4!€Gl'@!'V
:B- !\,)w!4P@!B-=4M!T€€…b€……
'@!u"PP!=4'@!W-##@=()9 m=()*S#
'
"B#B'9(A2
6P =:Wv` B'(=Bw!
$P!. ,.,FC7B(:(O(:
wH,'B#C75#B#BP(:w
 ,@*2d-(A'9=()CLY=O!&5- 
YAO&'()=`,(ABO,Y*0- 'F
'()%w=(m
#$!0=B!'()O'B#'I](:<P(#

=-H(*@<Z & **%Cš'@!
B#=BP*SD=-4],-b!.()'@!
!BO(:w47"!^!%<
6HwB#'F!M,'-=w'9=()C?M=S
'9=()=B,$2*M(2O *0=
,$!.,=B'.9,(:CU-45B#
w*S)A *02<'@'(,O< -
!. W B 2

b) Thông qua giá cả của cổ phiếu phải phản ánh được hành động của thị
trường

; - 4!\:'@!< !.)!=Q,Z 
B'(,$9,(:C6 B'(B#-V!<OB'- 9
,(:]Z-'&Dd-*C
!=QY@*[Y#ZY- A W(A
B,$9,(:C"#<O0Z:('()'
PW<#,H'()9,(:< #B- - C
; -94!\:'@!=&=B*sOB,$9
,(:C"P< Z<B'.9,(:CK#=B<2<=Q
#h-iBH=B<,YZC

49,(:7"!'@ - < '#'!0
OB<<#‚Z'*E

}rZ!M,.#!&-9'@=&V4B'(A 
#=), ()'()'<!<-C
}r<P!.$'.'@ P@#'!. =-4CK2
<=B1-J '<- => -J<! =B,Z=ACh-A
4 , B'(&@> !'@' [Y!-')

$ WZ5,4(B &'4'()*sO
BC
1 '<- =<! =ACh-A4 *B B'(
&@<! !'@' [Y!-')$!WZ5
,4(B &'4'()*sOBC
7'(, s@=B!.'&P5P>C,-')
> `jje„e‚ll•'‚…eGe‚ll•9,(:'F,<< E,
 B,!C
c) Các chỉ số kỹ thuật phải được được cung cấp kịp thời cho các nhà đầu tư
6 /*00'()W#(=B &\,)-=()
-9B'(C6D&<=B'C
KJ=B /*0(:!2*'. C
•9,(:- 7"! &<  B'.
9,(: /*09<(MBI],!42C<(M
@ Z'*EZ'0=()-9Ed-
0=()-9>*S0-W(A4q >-J<!
!4- B'(-4'.!42q! 2rv-d-0
=()-9>rC
19,(:>-J<!!4(:=B:'@!,!-J, 
0=()-9PW(AcC'P0=()-9>
!4(:=B:'@!0qW<-J-!BrP'J,Z-*
V4W(A,(A'Pq=P!.*'<->”r(-Z#Q
w*0W(AC
L<5,4B#=B /*0W#,$*) 
B0=()-9'94C6 /*0‰?=d7-=!d3-d#
’=-iodWCCC&' #,-,(:)C
1 M7"!  q*d==*=r!q#*=r
!BB-9(:d-,-!.*0
,(:)'F=B ,^'@!e C9,(:,!-J,
 B&I2.-B'(d-*C

d) Chúng ta phải có niềm tin vào sự hiệu quả của phương pháp PTKT
;<*+!.Y*,Y,s!5P@''4Y*S5!
!Y B0%!'@'C7Z'H(2(# 
C"4&,sP<5
4*SX-:*+'()P!. <B=4B&@,M
B#$,-=wB#C3.]!BD(:J` 
B'(gUB!B-'@D&P'()!”g6,<=:=B
C
=BT&#&.5 &#-  

×