An equity hedge fund that uses technical analysis techniques to identify undervalued shares to buy and overvalued shares to sell short is best described as pursuing a(n):

Quantitative directional strategies employ technical analysis and may have net long or short exposure. A market neutral strategy maintains approximately equal values in long and short positions and is typically based on fundamental analysis. Special situations strategy is an event-driven strategy that involves investing in firms that are selling divisions or assets, distributing capital, or issuing or repurchasing securities.