Aurora Borealis
1 July 1966 Financial Analysts Journal Volume 22, Issue 4

Conceptual Foundations of Technical Analysis

  1. Robert A. Levy

Technical analysis, far from being a mystical approach to security price forecasting, does have conceptual and theoretical foundations. This article will attempt to set forth the principles underlying technical analysis, to present a critique of the intrinsic value approach, and to discuss briefly the implications of the theory of random walks.

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