جستجوی مقالات مرتبط با کلیدواژه « تحلیل تکنیکی » در نشریات گروه « صنایع »

Generally speaking Technical Analysis Rules are a set of methods which concentrate on prices trends in order to predict the prices trend in the future. It must be mentioned that Technical Analysis Rules are many and varied and in order to make effective outcome, one must select the most useful methods which are depends on the market situation. In this paper, the profitability of 46 popular technical trading rules such as “moving average”, “trading range breakout”, “Bollinger bands”, “stochastic”, “RSI” and “MACD” in 22 company in Tehran Stock Exchange (TSE) from 1995-2005 have been evaluated. The small nature, short-selling constraints, lack of analyst coverage, and loose insider trading regulation suggest that the TSE equity market may be has less efficient. This cause that technical analysis has more potential to be profitable. To overcome the shortfalls of the t-test methodology within our test sample, the significance of the technical trading rules have been analyzed by using the bootstrap methodology with Random Walk null models. The numerical results indicate that technical trading rules have predictive ability in the mentioned companies. This result rejects the null hypothesis that the returns to be earned from applying trading rules values are equal to those achieved from a naive buy and hold strategy. This research also illustrates that among all 46 Technical Analysis Rules, “moving average” and “stochastic” are the most effective trading rules.