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Identification through technical analysis : a study of the charting behaviour of UK non-professional investors.

Roscoe, Philip and Howorth, Carole (2009) Identification through technical analysis : a study of the charting behaviour of UK non-professional investors. Accounting, Organizations and Society, 34 (2). pp. 206-221. ISSN 0361-3682

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Abstract

The usefulness of technical analysis, or charting, has been questioned because it flies in the face of the ‘random walk’ and tests present conflicting results. We examine chartists’ decision-making techniques and derive a taxonomy of charting strategies based on investors’ market ontologies and calculative strategies. This distinguishes between trend-seekers and pattern-seekers, and trading as a system or an art. We argue that interpretative activity plays a more important role than previously thought and suggest that charting’s main appeal for users lies in its power as a heuristic device regardless of its effectiveness at generating returns.

Item Type: Article
Journal or Publication Title: Accounting, Organizations and Society
Subjects: H Social Sciences > HB Economic Theory
Departments: Faculty of Science and Technology > Engineering
ID Code: 26132
Deposited By: Dr Carole Howorth
Deposited On: 24 Mar 2009 09:20
Refereed?: Yes
Published?: Published
Last Modified: 26 Jul 2012 16:29
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/26132

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