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With a rational study of price and volume ,we can expect price how it would be.We need the OHLC to estimate the future price movements.The TA plays a major roll in trading decisions.
Pro : The input required is traded price and traded volume which is readily available and transparent in the market.
Cons : Every time what you predict may not be right. The market is unpredictable.
Pros-
Helps follow the market which is largely controlled by strong hands. When done well, reduces risk of trading.
Cons-
Not the best approach when compared to fundamental analysis which is more difficult to do.
Pro: Readily available for retailers, depends on price and volume traded.
Cons: Its not as competitive as fundamental analysis which depends on company strategy and performance in market.
Pros of technical analysis is that one can follow the market by using traded price and volume as input. For this many charts are available like dow theory, gap analysis, candlestick etc.
Cons : It is not always that technical analysis will be right always. If one is doing technical analysis then 51/100 times one may be right.
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