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-Moomoo News Team
Check out this amazing tool and start to analyze trends given past information.
Chart analysis is a technical trading method employed to evaluate investments and identify trading opportunities by analyzing statistical trends gathered from trading activity, such as price movement and volume. It helps guide traders to what is most likely to happen given past information.
Analyzing stock charts can be complicated, especially for beginners. Ever since prices first began to be charted, investors have been devising strategies for interpreting their movements. To forecast the future price movements, you have to correctly identify overall trends, support lines, resistance lines, etc. However, there is only one fundamental principle for all technicians: "WHAT is more important than WHY." To make this easier now, we offer a tailored tool — Similar Charts for all beginners.
How to find Similar Charts on Moomoo?
iOS & Android: Tap on the top right corner of a chart, then tap on "Similar Charts"
Mac & Windows: right-click on a chart and click on Similar Charts
What are Similar Charts and how to use it?
Similar Charts is a simple tool that helps you do your chart analysis. You can use it to find stocks with comparable price trends. Moreover, you can autogenerate a forecast baseline chart based on similar price history.
Let's take $Microsoft Corp(MSFT.US)$ as an example. Currently, the 1-day baseline chart looks like this. You might wonder how its prices are going to be in the future.
By tapping Similar Charts, you can check out the following in the Similar History section.
100 stocks' similar price movements data
5 most similar charts
A forecasted chart based on the above
According to the results, 45 stocks with MSFT like chart rose in the next trading day while the other 55 fell. The price range was [-5.88%，17.39%].
The following 5 charts show you comparable stocks' price trajectories are likely to be in a month. We can see that currently, VBIV's performance from Sept 20th, 2019 to Oct 31th, 2019, is most similar to MSFT. And its price rose slowly in the following month. We might assume that if the supply & demand relationship on MSFT is similar to VBIV, they should have similar charts. To check out the details of VBIV, tap "VBI Vaccines Inc", then you will go to its quote page.
If you wonder what the chart of MSFT might look like in the next month, you can simply go back to the top of this page, tap the "Start" button in the orange zone of MSFT's chart.
Then you will get an auto-generated baseline chart popping up. (I always find this quite interesting.) But remember, these features are intended to be used and must be used for informational purposes only. It's very important to do your own analysis before making any investment decisions.
Editor: Nicole