MTA Announces New Publication: Technical Analysis, Modern Perspectives

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A publication by the CFA Institute Research Foundation in partnership with the MTA.

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The MTA is delighted to be involved with this project and its goal of dispelling myths surrounding the professional practice of technical analysis.

The Market Technicians Association (MTA) is pleased to announce a thorough review into the evolution, criticism, historical practice, and modern applications of technical analysis was recently published by the CFA Institute Research Foundation in partnership with the MTA. Technical Analysis: Modern Perspectives is now available online at:

Supply and demand are cornerstones of economics and the interaction of these forces is believed to explain price changes in all freely traded markets. Scarcity tends to result in increased prices and abundance generally leads to lower prices. In financial markets, technical analysis provides a framework for informing investment management decisions by applying a supply and demand methodology to market prices. Technical analysts employ a disciplined, systematic approach that seeks to minimize the impact of behavioral biases and emotions that could adversely affect investment performance.

Gordon Scott, Managing Director of the MTA’s CMT Program, the preeminent global designation for practitioners of technical analysis, said, “The MTA is delighted to be involved with this project and its goal of dispelling myths surrounding the professional practice of technical analysis.” Recent research has addressed the role of technical analysis in the broader context of financial markets and begins to trace the linkages among behavioral economics, individual actors in financial markets, and the role of technical analysis in studying the behavior of individual actors.

The CFA Institute Research Foundation, a not-for-profit organization established to promote the development and dissemination of relevant research for investment practitioners worldwide, approached the MTA early in 2016 about the joint-publication. According to Walter “Bud” Haslett, FRM, CFA, Executive Director of the Research Foundation, “sponsoring literature reviews with expert partners enables the Research Foundation to provide an overview of the available research and a description of the existing state of knowledge including major themes and subthemes associated with the specific topic of interest to investment professionals. When it comes to the subject of technical analysis, there is no better informed thought leader to partner with than the MTA.”

In 2015, the Market Technicians Association (MTA), a worldwide professional association of technical analysis practitioners, conducted an extensive survey and analysis of job-related activity. The survey sought to identify how practitioners use technical analysis as part of their financial research activity and particularly what they considered the most critical knowledge and job skills involving technical analysis. This survey was part of the MTA’s ongoing process of maintaining the curriculum readings for the three exam levels of the Chartered Market Technician (CMT), a FINRA (Financial Industry Regulatory Authority)-recognized designation for professionals in financial analysis.

In this literature review, a number of academic and practitioner studies are referenced. A thoughtfully annotated bibliography lists the notable works. The review also discusses the evolution of technical analysis and how that evolution, in the tradition of other social science disciplines, has served to address many of the criticisms of the field. The CFA Institute Research Foundation and Market Technicians Association strive to bring investment professionals together to improve practice in the interests of clients.

For additional information about CFA Institute Research Foundation, please visit For additional information about the MTA and the CMT Program, please visit or email gordon(at)mta(dot)org.

About the Market Technicians Association (MTA)

The Market Technicians Association (MTA) is a not-for-profit member association of over 4,500 investment professionals in 85 countries. The mission of the MTA is to establish and maintain the highest professional standards among technical analysts by educating the investment community about the theory, practice and application of technical analysis.

The MTA is the home of the Chartered Market Technician® (CMT) Program, the preeminent, global designation for technical analysis and the only technical analysis designation recognized by the Financial Industry Regulatory Authority (FINRA) qualifying candidates for a Series 86 exemption upon passing Levels I & II of the CMT exam. The Chartered Market Technician® designation is awarded to those who demonstrate mastery of a core body of knowledge of investment risk in portfolio management settings.

Examinations for the CMT Program are administered twice a year in April and October at Prometric testing centers around the world. For complete information, please visit

About the CFA Institute Research Foundation

For over 50 years, the CFA Institute Research Foundation has been publishing thought-provoking practitioner focused content. Our mission is “To provide independent, high-quality research that helps investment professionals effectively fulfill their duties with prudence, loyalty and care”.

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