How Rewarding is Technical Analysis? Evidence from Athens Stock Exchange

Operational Research, 6, 2, pp 85-102 (2006)

21 Pages Posted: 11 Sep 2014

See all articles by Dimitrios Vasiliou

Dimitrios Vasiliou

National and Kapodistrian University of Athens

Nikolaos Eriotis

National and Kapodistrian University of Athens

Spyros Papathanasiou

National and Kapodistrian University of Athens

Date Written: 2006

Abstract

The purpose of this paper is to investigate the performance of various technical trading rules in the Athens Stock Market. We test two of the simplest and most popular trading rules - Moving Averages and MACD Indicator. We evaluate how these simple forms of technical analysis can predict stock price movements in the Athens Stock Exchange. This study will investigate these effects for the most important index of the Athens market, the Athens General Index. Our study covers the period from 1/1/1990 to 31/12/2004. The methodologies employed include standard tests and bootstrap. Overall, our results provide strong support for the examined technical strategies.

Keywords: moving average, technical trading rules, bootstrap

Suggested Citation

Vasiliou, Dimitrios and Eriotis, Nikolaos and Papathanasiou, Spyros, How Rewarding is Technical Analysis? Evidence from Athens Stock Exchange (2006). Operational Research, 6, 2, pp 85-102 (2006), Available at SSRN: https://ssrn.com/abstract=2494776

Dimitrios Vasiliou

National and Kapodistrian University of Athens ( email )

Athenes
Greece
0030 210 3689486 (Phone)

Nikolaos Eriotis

National and Kapodistrian University of Athens ( email )

5 Stadiou Strt
Athens, 12131
Greece

Spyros Papathanasiou (Contact Author)

National and Kapodistrian University of Athens ( email )

1, Sofokleous Str.
Athens, 10559
Greece

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