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EQUITY MARKET Fundamental and Technical Analysis 29th July 2013

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EQUITY MARKETFundamental and Technical Analysis29th July 2013 Technical AnalysisIntroduction Technical analysis is the attempt to forecast stock prices on the basis of market-derived data.Technicians (also known as quantitative analysts or chartists) usually look at price, volume and psychological indicators over time.They are looking for trends and patterns in the data that indicate future price movements.AgendaDow TheoryElliot WaveCharting StocksBar Charts and Japanese Candlestick ChartsPoint and Figure ChartsMajor Chart PatternsPrice-based IndicatorsVolume-based IndicatorsTypical Stock Market CycleDow TheoryThis theory was first stated by Charles Dow in a series of columns in the WSJ between 1900 and 1902.Dow (and later Hamilton and Rhea) believed that market trends forecast trends in the economy.A change in the trend of the DJIA must be confirmed by a trend change in the DJTA in order to generate a valid signal.Dow Theory Trends(1)Primary TrendCalled the tide by Dow, this is the trend that defines the long-term direction (up to several years). Others have called this a secular bull or bear market.Secondary TrendCalled the waves by Dow, this is shorter-term departures from the primary trend (weeks to months)Day to day fluctuationsNot significant in Dow TheoryDow Theory Trends(2)Does Dow Theory Work?According to Martin Pring, if you had invested $44 in 1897 and followed all buy and sell

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