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Technical analysis has been used by traders and analysts for centuries, but it has only recently achieved broad acceptance among regulators and the academic community. This chapter gives a brief overview of the field, compares technical analysis with other schools of analysis, and describes some of the main tools in technical analysis. | Chapter 12 Technical Analysis Presenter Venue Date Technical analysis has been used by traders and analysts for centuries, but it has only recently achieved broad acceptance among regulators and the academic community. This chapter gives a brief overview of the field, compares technical analysis with other schools of analysis, and describes some of the main tools in technical analysis. Some applications of technical analysis are subjective. That is, although certain aspects, such as the calculation of indicators, have specific rules, the interpretation of findings is often subjective and based on the long-term context of the security being analyzed. This aspect is similar to fundamental analysis, which has specific rules for calculating ratios, for example, but introduces subjectivity in the evaluation phase. DISCLAIMER: Candidates should understand that this presentation is NOT a substitute for a thorough understanding of the CFA Program curriculum. This presentation is also NOT . | Chapter 12 Technical Analysis Presenter Venue Date Technical analysis has been used by traders and analysts for centuries, but it has only recently achieved broad acceptance among regulators and the academic community. This chapter gives a brief overview of the field, compares technical analysis with other schools of analysis, and describes some of the main tools in technical analysis. Some applications of technical analysis are subjective. That is, although certain aspects, such as the calculation of indicators, have specific rules, the interpretation of findings is often subjective and based on the long-term context of the security being analyzed. This aspect is similar to fundamental analysis, which has specific rules for calculating ratios, for example, but introduces subjectivity in the evaluation phase. DISCLAIMER: Candidates should understand that this presentation is NOT a substitute for a thorough understanding of the CFA Program curriculum. This presentation is also NOT necessarily a reflection of all the knowledge and skills needed for candidates to successfully complete questions regarding this topic area on the CFA exam. 1 The Logic of Technical Analysis LOS: Explain the principles of technical analysis, its applications, and its underlying assumptions. Page 516 Technical analysis is a form of security analysis that uses price and volume data, which is often graphically displayed, in decision making. Technical analysis can be used for securities in any freely traded market around the globe. A freely traded market is one in which willing buyers trade with willing sellers without external intervention or impediment. Prices are the result of the interaction of supply and demand in real time. Technical analysis is used on a wide range of financial instruments, including equities, bonds, commodity futures, and currency futures. 2 Assumptions of Technical Analysis LOS: Explain the principles of technical analysis, its applications, and its underlying .
