What is Technical Analysis and Why Use It?

Most people start off accepting the basic premise of what is called "fundamental analysis", that a financial security (share, option, warrant, futures contract) has what is called an "intrinsic value". However, a little experience in the markets soon shows that this intrinsic value is difficult to determine and that expert analysts are often in disagreement about it. The reason is that such valuation is very subjective.

Anyone with any experience with takeovers will know about "independent expert" valuations that vary wildly. A more important problem is that the market often prices financial securities at prices at variance with commonly agreed value. While it can be shown that there is a long term correlation between value and market price, in the short term (months or years), market prices differ substantially from value.

So, while one can profit by buying securities that the market is undervaluing and holding them until the market adjusts, our capital could be better employed ... more.

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