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Table 1 Summary of the profitability of TA around the world according to researchers from 1961 to 2016

From: Examination of the profitability of technical analysis based on moving average strategies in BRICS

Positive Results Negative Results
USA - Alexander (1961), Fama and Blume (1966) and Brock et al. (1992).
India - Sharma and Kennedy (1977).
Malaysia, Thailand and Taiwan – Bessembinder and Chan (1995). Japan and Hong Kong - Bessembinder and Chan (1995).
Taiwan - Ratner and Leal (1999).
Mexico - Ratner and Leal (1999).
Thailand - Ratner and Leal (1999).
Bangladesh, India, Pakistan and Sri Lanka - Gunasekarage and Power (2001).
Bangladesh - Mobarek et al. (2008).
India - Mitra (2011).
South Africa - Noakes and Rajaratnam (2014).
USA, Germany and United Kingdom - Cervelló-Royo et al. (2015). Singapore, Indonesia and Malaysia - Tharavanij et al. (2015).
Russia - Sobreiro et al. (2016).
Brazil - Sobreiro et al. (2016).
Argentina - Sobreiro et al. (2016).