Introducing Technical Analyst Lesley Beath
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I have been involved in the field of technical analysis for almost 25 years. I began working as a technical analyst at AMP in 1986 and in those days the role was limited to the study of Australian equities and a handful of commodities. All of the charts that I used were hand drawn on a daily basis. How life has changed!
The role evolved over the years and I was responsible for developing the position of technical analyst from one restricted to Australian equities to one that encompassed global and domestic equity and bond markets, currencies, commodities and the asset allocation process at the macro and micro level. It wasn't an easy task, but I think that it was my practical and integrated approach that won the respect of those analysts and fund managers who had previously been highly sceptical of what they termed "chartists".
After leaving AMP in 1998, I was a co-founder and part owner of a boutique funds management business that specialised in global resource stocks. I was involved in the portfolio management on a daily basis, providing views on all aspects of the global resource universe, from stock selection to currency hedging. Since the sale of that business I have consulted to Aegis Equities, providing a weekly report on the technical aspects of various financial markets.
I am of the belief that the best way to communicate is to involve the reader or audience in the analytical process, highlighting the fact that technical analysis is much more than just the study of lines on a page. It involves such things as human behaviour, which is reflected in price patterns, intermarket relationships, comparative analysis, seasonality and cycles. By taking the mystique out of the technical approach, and by educating the reader as to what to watch and why, I believe the technical or market analyst can have valuable input into the investment process.