Do you know what are the various assumptions of Technical Analysis?

I was stuck in understanding this while I was preparing for the examination. Kindly provide some Technical Analysis assumptions.
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"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 3. Disregarding minor fluctuations, the prices for individual securities and the overall value of the market tend to move in trends, which persist for appreciable lengths of time 4. Prevailing trends change in reaction to shifts in supply and demand relationships and these shifts can be detected in the action of the market. Source: http://in.docsity.com/en-docs/Technical_Analysis_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"
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"Technical analysis of stock trends is a method associated with evaluating investments simply by inspecting the stats developed by industry action, for example previous charges and also volume. Specialized experts don't attempt to determine a security's inbuilt price, but alternatively employ graphs as well as other resources to distinguish patterns that may advise long term exercise. "
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