《投资分析与组合管理 Frank K. Reilly》ch16.pptVIP

Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 16Technical Analysis Questions to be answered: How does technical analysis differ from fundamental analysis? What are the underlying assumptions of technical analysis? What major assumption causes a difference between technical analysis and the efficient market hypothesis? Chapter 16Technical Analysis What are the major advantages of technical analysis compared to fundamental analysis? What are the major challenges to the assumptions of technical analysis and its rules? What is the logic for the major contrary opinion rules used by technicians? Chapter 16Technical Analysis What are some of the significant rules used by technicians who want to follow the smart money and what is the logic of those rules? What are the breadth of market measures and what are they intended to indicate? What are the types of price movements postulated in the Dow Theory and how are they used by a technician? Chapter 16Technical Analysis Why do technicians consider the volume of trading important and how do they use it in their analysis? What are support and resistance levels, how are they identified, and how are they used by technicians? What is the purpose of moving average lines and how does the technician use one or several of them to detect major changes in trends? Chapter 16Technical Analysis What is the rationale behind the relative strength line for an industry or a stock and how is it interpreted? How are bar charts different from point-and-figure charts? What are some uses of technical analysis in foreign security markets? How is technical analysis used when analyzing bond markets? Underlying Assumptions of Technical Analysis 1. The market value of any good or service is determined solely by the interaction of supply and demand 2. Supply and demand are governed by numerous factors, both rational and irrational Underlying Assump