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). | – |