tailieunhanh - BUY, SELL, OR HOLD: MANAGE YOUR PORTFOLIO FOR MAXIMUM GAIN phần 7

bất kỳ sự chênh lệch giữa số lượng người mua và người bán được hấp thụ bởi các giao dịch chứng khoán hoặc Ban. Đầu tư khách quan. Khi các cố vấn tài chính làm việc với khách hàng để xác định loại đầu tư mà họ cần và muốn, một trong những cái gọi là mục tiêu có thể được ghi là "duy trì thanh khoản." | ONE ASPECT OF PRICE HISTORY 139 I I I I I I I I I I I I I I I I I I I I I I I I I Week FIGURE Chart pattern with breakout. I I I I I I I I I I I I I I I I I I I I I I I I I Week FIGURE Chart pattern without breakout. 140 VOLATILITY AND ITS MANY MEANINGS In this case the trading range is established over the entire period on a gradually increasing basis with a 26-week low of 49 and a high of 56. Note that the 26-week trading range in both of these examples is between 49 and 56 however the significance of that trading range is quite different given the two patterns and in the fact that one example had a breakout pattern while the other showed a trading range that was moving over time. These recent histories are significantly different than one another. Such comparisons can take place on the down side as well with breakout going down in price or with a trading range that is declining over time. The point worth making here is as follows Volatility by itself does not always tell the whole story. Merely comparing one stock to another in terms of price volatility is not going to reveal a valuable conclusion until you also compare the actual price changes patterns and current status. Using this information to predict future price changes the usual reason why charts are used to analyze stock prices is a troubling idea for several reasons 1. Price is a short-term indicator. The recent price history of a stock is not a reliable indicator for long-term growth prospects. While the study of price over many years might indicate the long-term trend in a stock s price the immediate price study is far from reliable. Price is not only a technical indicator not directly related to the fundamentals but it can be deceptive as well. Many companies with exceptional long-term growth prospects are likely at various times to go through a one- to two-year price slump. In such cases their short-term price trend and recent history will appear dismal. In such times these stocks might .