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What the measures mean
All graphs show a five year price history current to last night's close on the JSE and appear courtesy of BFA-NET. Bear in mind that these are measures designed for evaluating shares on the stock exchange, as so many may not be directly applicable to the unit trust market.

Bollinger Band Linear regression MACD RSI Stochastic

Momentum Volatility Volume Moving average

BOLLINGER BANDS
Description: Trading bands are amongst the most widely used technical indicators in existence. Basically they lines drawn at fixed intervals (usually a percentage) around a moving average. Bollinger Bands are bands that vary in distance from the moving average based on volatility. The upper band represents a number of standard deviations above the average, the lower band represents x number of standard deviations below the average. By using standard deviations rather than a fixed percentage, the bands adjust for volatility. During volatile periods the bands move further away from the average, while during market lulls the bands move closer to the average.
Conventional Analysis: The closer prices move to the upper band, the more overbought the market is. The closer prices move to the lower band, the oversold the market is.
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LINEAR REGRESSION
Description: The Linear Regression indicator plots a line through the prices of a security in an attempt to minimize the distance between the line and each individual point. The method used to do this is called the "Least Squares" method.
Conventional Analysis: The Linear Regression indicator is based on theory that there is an underlying force that will prices back to the regression line when they stray above or below it.
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MACD
Description: Gerald Appel's Moving Average Convergence Divergence is the difference between a fast exponential moving average (FastMA) and a slow exponential moving average (SlowMA). During rising markets, the fast moving average will rise more quickly than the slow moving average, resulting in a rising differential line or a larger value. During falling markets the FastMA line will fall more quickly than the SlowMA line. The specified length of FastMA must be shorter than the specified length of SlowMA; If not the oscillator will invert (that is, buy signals will become sell signals and vice versa).
Conventional Analysis: Crossover of the FasMA line over the SlowMA line is a buy signal. Crossover of the FastMa under the SlowMA is a sell signal.
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RSI
Description: The Relative Strength Index Indicator is an overbought/oversold oscillator. It is often used in identifying buy oportunities in market dips and sell oportunities in market rallies. The value of the RSI is always a number between 0 and +100.
Conventional Analysis: Most traders regard an RSI value in the 70-80 area as an indication of an overbought market and an RSI value in the 20-30 area as an indication of an oversold market.
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STOCHASTIC
Description: Stochastic is an oscillator that indicates overbought and oversold conditions in the market. It is based on the premise that during periods of price decreases, bar closes tend to accumulate near the low of the bar and during periods of price increases, bar closes tend to accumulate near the high of the bar.
Conventional Analysis: A signal is generated when any plot lines cross.
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MOMENTUM
Description: The Momentum indicator is an overbought/oversold oscillator. It is calculated by subtracting the price of (LENGTH) bars ago from the price of the current bar. If the market has increased by more than x points, the market is considered to be overbought. If the market has decreased by more than x points, the market is considered to be oversold.
Conventional Analysis: A positive value reflects an overbought market while a negative reflects an oversold market.
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VOLATILITY
Description: The Volatility indicator measures market volatility by plotting a smoothed average of true range. As the number increases, the market is more volatile.
Conventional Analysis: The concept of Average True Range can be used in determining how far the market your stops need to be placed so as to avoid whipsaws.
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VOLUME
Description: Plots daily volume, normally shown as a histogram.
Conventional Analysis: Used to confirm strength of a move or breakout. A market move accompanied by increasing volume is generally more likely to continue in the same direction, whereas a move accompanied by decreasing volume is less likely to continue. Decreasing volume indicates decreasing participation among investors and a general lack of conviction, which often precedes a change in trend. In addition, a significant decline in volume for an extended period is characteristic of a bear market.
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MOVING AVERAGE
Description: The Moving Average line indicator is perhaps the most widely used technical indicator in existence. It is a simple moving average of prices over a specified length of time. Many analysts use the moving average in order to determine the direction of the trend. The average is calculated by adding all the prices in the past bars, then dividing the sum by that length.
Conventional Analysis: One moving average is often used to identify the trend of a market. It can be used in conjunction with other averages in order to generate buy and sell signals when the averages cross. Moving averages of all types can also be used as a filter within a trading system in order to reduce 'whipsaws' For example, you may only want to take long trades when the average is moving in an upward direction, or when price is above the moving average.
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Why can't I see the graphs?
These graphs will only be visible to users with a Java-enabled browser. Check the following if all you see is a blank page:

Once the software is installed, you can select two options to view the PDF resources. If you would like to see the resource immediately, simply click on “Open PDF file in browser using Acrobat plug-in”. This will automatically launch the Acrobat reader programmeme within your browser. If you would like to download the PDF resource for use at a later date, please click on “Download compressed PDF file” and save the file to your hard-drive. Please note that the file is compressed using the PKZIP protocol which is available for downloading from the internet.

Adobe Acrobat Step-by-Step

1. First, create a temporary directory or folder anywhere on your hard drive. In a few steps, you'll save the Acrobat installation programme into this folder. (On a PC, people normally save programmes to the c:\temp folder.)

2. If you have a printer, you might want print these instructions for easy reference (go to "File" above and choose "Print.")

3. Next, go to Adobe's download page. You may have to select your operating system and language using the pull-down menu and press "OK."

4. The next screen has a number of links that you can click to download the reader -- click any of them. Your browser might ask you what to do with the file; choose "save to disk." When it asks where to put the file, choose the temporary directory on your hard drive. Write down the name of the installation file and its location (on a Windows 95 computer, this might be c:\temp\ar32e30.exe).

5. When the file has finished downloading, you'll need to close all Windows programmes, including Netscape Navigator.

6. Open the temporary directory or folder where you saved the installation programme (On Windows 95, this programme will be called ar32e30.exe.) Click that programme twice to run it. Follow the instructions from Adobe on your screen. The programme should find a place where it would like to be installed. You can go along with its choice, or select another location by clicking "Browse." Just make sure to remember which directory you install it to (write it down), since you'll need to find it later.

You still need to tell Netscape to use the Acrobat Reader when it comes across .pdf files. To accomplish that, do the following:

1. Try downloading our Domestic Labour Contract.

2. Since this is a kind of file Navigator doesn't recognize, it will ask you what to do with it. If you're using Navigator 2.0, click "Pick App" and "Browse," and select the acrobat reader programme in the directory where you installed it. (If you are using Navigator 1.2, click "Configure a Viewer.") Choose the file that starts with "acro."

3. Click OK and wait for the Acrobat reader to open. In a few seconds or minutes, you should be able to see the contract. To print it out, go to the programme's "File" menu and choose "Print."

If you still cannot see the Acrobat file, the most likely reason is that Navigator haas been previously cofigured to open .pdf files with some other programme. Here's how to re-introduce it to the Acrobat Reader:

1. Select "General Preferences..." from the "Options" menu and click on the "Helpers" tab.

2. Look for an entry for "application/pdf." If you see it, select that line by clicking it once with your mouse. Then skip ahead to step 4.

   If you don't see this entry, click "New" or "Create New Type." On a PC, enter the following:

   Mime Type: application
   Mime Subtype: pdf

   On a Mac, enter the following:

   Description: Portable Document Format Mime Type: application/pdf
   Suffixes: pdf

   Then skip to step 6.

3. Click the large "OK" button to keep your changes to Netscape's settings.

4. Click on the "Browse" button, which will open up a window showing part of your hard drive's contents, and go to the folder where you installed the Acrobat Reader. Click on the reader programme, then the "Open" button.

5. Click the large "OK" button to keep your changes to Netscape's settings.

6. If you're using Navigator 2.0 or 1.2, make sure you go to the "Options" menu and choose "Save Options" to make them stick.