TECHNICAL ANALYSIS ACCURACY AT MACEDONIAN STOCK EXCHANGE

Zoran Ivanovski (), Nadica Ivanovska and Zoran Narasanov
Additional contact information
Zoran Ivanovski: University of Tourism and Management in Skopje, Republic of Macedonia
Nadica Ivanovska: Central Cooperative Bank, Skopje, Republic of Macedonia
Zoran Narasanov: Winner Insurance, Vienna Insurance Group, Skopje, Macedonia

UTMS Journal of Economics, 2017, vol. 8, issue 2, 105-118

Abstract: The main task of this paper is to determine accuracy of some of widely used technical analysis techniques for MBI-10 stocks price forecast at MSE. We are testing accuracy of several technical analysis techniques: MACD (Moving-Average Convergence/Divergence), RSI (Relative Strength Index), Stochastic Oscillator and ADX (Average Directional Index) on the three most liquid stocks quoted at MSE and included in MBI-10 index. Technical analysis for MPT, ALK and KMB stocks was performed and recommendations were issued in June 2010, based on monthly and weekly data for the stocks’ price movements during six years period from 2005 to 2010, as well as on their daily price movements from 2009 to 2010. We find that technical analysis is reliable tool for MSE stocks forecasting. Technical analysis predictions for three MSE stocks were confirmed by actual stock price movements within one year period (June 2010-June 2011). We did not find any notable differences in accuracy of use of technical analysis between stocks at MSE as well as between different technical analysis techniques.

Keywords: stock; return; valuation; regression; volatility (search for similar items in EconPapers)
JEL-codes: G10 G11 G12 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://utmsjoe.mk/files/Vol.%208%20No.%202/UTMSJOE ... novska-Narasanov.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:utmsje:0202

Access Statistics for this article

UTMS Journal of Economics is currently edited by Prof. Ace Milenkovski, PhD

More articles in UTMS Journal of Economics from University of Tourism and Management, Skopje, Macedonia Contact information at EDIRC.
Bibliographic data for series maintained by Assistant Professor. Dejan Nakovski, PhD ().