Www.elana.net Using Technical Analysis in Securities Trading Ivaylo Penev, CFA Portfolio Manager, ELANA Fund Management.

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TECHNICAL ANALYSIS PART 1

Presentation transcript:

Using Technical Analysis in Securities Trading Ivaylo Penev, CFA Portfolio Manager, ELANA Fund Management

What is Technical Analysis? Method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Market action is defined by:  Price action  Volume  Open Interest

What is Technical Analysis? Price action – price dynamics during a period Volume – the amount of shares/contracts traded for a period Open Interest – the number of options/futures contracts that are not closed or delivered on a particular day

Premises of Technical Analysis  Price movements represent all the information available  Prices move in trends  History repeats itself or as Mart Twain said – History does not repeat itself, but it often rhymes

Chart Types  Line charts  Bar charts  Candlestick charts  Dot charts  Point and figure charts

Chart Types - Line

Chart Types - Bar

Chart Types - Candle

Candlesticks

Technical Analysis in Practice  Trend lines  Support and resistance level  Chart patterns – continuation and reversal  Indicators  Other tools

Trend lines - upward

Trend lines - downward

Support and Resistance levels - Definition  Support level – in a down move support is the level where price tends to stop it’s fall at least temporary  Resistance level – the opposite of support, in an up move this is the level where price tends to stop it’s rise at least temporary  Once broken support levels turn to resistance levels and vice versa

Support and resistance levels

Reversal Patterns - Doji

Reversal Patterns - Doji

Reversal Patterns - Doji

Reversal Patterns – Head and Shoulders

Reversal Patterns – Double Tops

Reversal Patterns –Double Bottoms

Indicators – Moving Average

Indicators – Bollinger Bands

Fibonacci Retracements

Final Words  Technical vs. Fundamental Analysis or Technical + Fundamental Analysis  Combinations of Indicators  The Trend is Your Friend  A triple top or bottom is a failed double top or bottom

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