In this week’s Mullooly Asset Management video, Tom and Brendan discuss point and figure technical analysis. Using point and figure charts is advantageous for several reasons. Tom explains what those reasons are in this video. First and foremost, using point and figure charts gives Tom the ability to quiet some of the noise given off by the financial media. Point and figure technical analysis shows us supply and demand. Understanding what is in supply and what is in demand is critical when it comes to making investment decisions.
After relying on recommendations from company analysts for years as a retail broker, Tom had seen enough. He looked for a better way to make investment decisions for his clients. This was when he began using point and figure charts. It takes a lot of practice and charting by hand to fully grasp point and figure charting, but to Tom the time he spent learning this useful tool was well spent. We use point and figure charts from our friends at Dorsey Wright and Associates to help us create the best investment strategies for our clients.