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Stocks & Commodities V. 33:02 (60-62): Does Technical Analysis Work? by Stella Osoba, CMT
Stocks & Commodities V. 33:02 (60-62): Does Technical Analysis Work? by Stella Osoba, CMT
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Does Technical Analysis Work? by Stella Osoba, CMT
Art Meets Science
Yes, it can work, but it depends on how well you understand it and how you use it.
I remember talking to a fundamental investor once about technical analysis. The next day he sent me a line chart and asked me to predict what the market would do. He gave no more information; was it a stock, an index, a commodity, or some other market? Was it a tick chart, a minute chart, an hourly chart, a daily chart, a weekly or monthly chart? Was it a randomly generated line on a chart? Maybe, I said, the market would do what it was already doing, which was rising, or then again, it could fall. How was I to know what would happen the next day from a rising line on a chart? This was probably his way of proving to himself that technical analysis was nonsense. But in doing what he did, he proved nothing.
Art Meets Science
Yes, it can work, but it depends on how well you understand it and how you use it.
I remember talking to a fundamental investor once about technical analysis. The next day he sent me a line chart and asked me to predict what the market would do. He gave no more information; was it a stock, an index, a commodity, or some other market? Was it a tick chart, a minute chart, an hourly chart, a daily chart, a weekly or monthly chart? Was it a randomly generated line on a chart? Maybe, I said, the market would do what it was already doing, which was rising, or then again, it could fall. How was I to know what would happen the next day from a rising line on a chart? This was probably his way of proving to himself that technical analysis was nonsense. But in doing what he did, he proved nothing.
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