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In the early years of the market fundamental analysis (alpha, beta, PE ratios etc.) was king and trading was considered much like gambling. In the past few decades the tides have begun to turn and technical analysis has become a major tool for active traders and is used heavily by the large trading and hedge fund companies. And trust me they wouldn't be doing it if it didn't work. One of the major reasons for the rise of technical analysis as the primary tool for traders is the easy access to computing resources.
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