Τεχνική ανάλυση και λήψη επενδυτικών αποφάσεων
Καραβέζης - Καραβεζύρογλου, Κωνσταντίνος
KeywordsΤεχνική ανάλυση ; Επενδύσεις ; Μετοχές ; Διαγράμματα ; Δείκτες ; Ταλαντωτές ; Διαγραμματικοί σχηματισμοί ; Τάσεις ; Όγκος ; Θεωρία του Dow ; Technical analysis ; Investments ; Stocks ; Charts ; Indicators ; Oscillators ; Chart patterns ; Trends ; Volume ; Dow Theory
This papers presents Technical Analysis as a tool for decision making investment. Initially, Dow Theory is presented and the principles on which Technical Analysis is based on. Then a comparison is made between the two known methods of stock assessment, namely Fundamental and Technical Analysis. Furthermore, there is a breakdown of the basic concepts and tools on which technical analysts (chartists) rely on. Likewise, there is an extensive reference to the Chart Analysis and more particularly to the mostly used chart types and to the widely recognized chart patterns in Technical Analysis. Finally, there is an analysis and interpretation of the most widely used indicators and oscillators and their usefulness In the practical part of the paper is implementation of some investment strategies based on methods and tactics of technical analysis. The implementation of these strategies was tested on four general indexes of United States, S & P 500, DOW 30, NASDAQ and RUSSELL 2000, and also on a general index of Japan, Nikkei 225. The results of these strategies were compared with the 'classic' Buy & Hold Strategy for further evaluation of these methods.