How rewarding is technical analysis? Evidence from Singapore stock market

Wing-Keung Wong (), Meher Manzur and Chew, Boon-Kiat

Applied Financial Economics, 2003, vol. 13, issue 7, pages 543-551

Abstract: This paper focuses on the role of technical analysis in signalling the timing of stock market entry and exit. Test statistics are introduced to test the performance of the most established of the trend followers, the Moving Average, and the most frequently used counter-trend indicator, the Relative Strength Index. Using Singapore data, the results indicate that the indicators can be used to generate significantly positive return. It is found that member firms of Singapore Stock Exchange (SES) tend to enjoy substantial profits by applying technical indicators. This could be the reason why most member firms do have their own trading teams that rely heavily on technical analysis.

Date: 2003
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