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Table 4 Percentage of better results than the buy and hold

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

Countries SMA vs SMA EMA vs EMA SMA vs EMA
Brazil. 14.34% 15.08% 16.25%
Russia. 11.00% 9.20% 9.28%
India. 13.83% 14.12% 13.47%
China. 19.46% 20.17% 19.45%
South Africa. 9.79% 11.81% 12.64%