Technical analysis
In finance, technical analysis is a security analysis discipline for forecasting the direction of prices through the study of past market data, primarily price and volume.[1] Behavioral economics and quantitative analysis incorporate substantial aspects of technical analysis,[2] which being an aspect of active management stands in contradiction tomuch of modern portfolio theory. According to the weak-form efficient-market hypothesis, such forecasting methods are valueless, since prices follow a random walk or are otherwise essentially unpredictable.
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