We’re using cookies, but you can turn them off in Privacy Settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy.


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.

About the Author(s)

Robert A. Levy