Market Efficiency and the Returns to Technical Analysis
Can technical analysis be used to forecast price changes in fianncial markets> Until 1992, that question was answered with a resounding "no." This paper presents additional empirical evidence that simple technical rules do possess statistically different forecast power. However, the returns do not appear large enough to outweigh the trading costs involved.
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Volume (Year): 27 (1998)
Issue (Month): 2 (Summer)
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- Christopher J. Neely & Paul A. Weller & Robert Dittmar, 1997.
"Is technical analysis in the foreign exchange market profitable? a genetic programming approach,"
1996-006, Federal Reserve Bank of St. Louis.
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- Gray, Philip K & Gray, Stephen F, 1997. " Testing Market Efficiency: Evidence from the NFL Sports Betting Market," Journal of Finance, American Finance Association, vol. 52(4), pages 1725-1737, September.
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