股票外汇技术分析英文版 .pptVIP

Investments: Analysis and Behavior Chapter 13- Technical Analysis Learning Objectives Learn the graphing tools of technical analysis. Identify stock price patterns. Know how trading volume relates to price patterns. Learn technical indicators for measuring market activity. Understand how investor sentiment is measured and used. Inefficient Markets Chapter 6 argues that markets are efficient. Chapter 7 illustrates EMH anomalies. Chapter 8 argues that if investors are not always rational, then markets may not be fully efficient. Supply and Demand Fundamental Analysis: stocks prices are related to the value of the business. Technical Analysis: stock prices are the result of supply and demand forces for the stock. Priced more like a commodity. Technicians try to understand and measure the changing supply and demand. Market Technicians Association () Plotting the Market – measuring trends moving averages Dow Theory Charting Price Patterns Head and Shoulders Market Cycles Economists talk about the business cycle Selling and buying pressure measures Money Flow Dollar value of trades at an uptick less value of trades at a downtick Up/Down Ratio Dollar value of trades at an uptick divided by the value of trades at a downtick Sentiment Indicators Sentiment: The mood of investors drive markets. Investor actions Odd lot trades (contrary indicator) Mutual fund flow Broker account credit and debit balances Short interest Put/call ratio Surveys Stock Rotations Sector Rotation Sometimes investors like, technology, other times they like energy… Value/Growth Rotation Capitalization Rotation Small versus large companies 13-* * ?2008 McGraw-Hill/Irwin If markets are nearly efficient, what tools may be useful for investors to make money? These tools are detailed in Technical Analysis. Price charts: Resistance lines and Support lines Channels and Breakouts Developed by William Hamilton from 1902 to 1929 New primary market trends are confirmed between DJTA a