Which of the following is NOT an assumption of technicians?

The chosen answer is accurate because one of the foundational principles of technical analysis is that while market prices reflect supply and demand, they cannot be predicted with absolute certainty. Technicians accept that future price movements can be influenced by various factors, but they recognize that unexpected events and changes in market sentiment can lead to unpredictability.

In contrast, the other statements align with key assumptions of technicians. Supply and demand indeed govern pricing, indicating that the interaction between buyers and sellers directly influences price movements. Technical analysts also believe that markets tend to be nonrandom, implying that past price movements can provide insights into future trends. Furthermore, the notion that investor behavior tends to repeat itself reflects the idea that psychological patterns among investors can create recurring market phenomena, which are essential for technical analysis.