Don’t fight the tape! Technical Analysis Momentum and Contrarian Signals as Common Cognitive Biases

Zielonka Piotr (), Białaszek Wojciech (), Biedrzycki Paweł () and Dzik Bartłomiej ()
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Zielonka Piotr: Warsaw University of Life Sciences,166 Nowoursynowska St., 02-787Warsaw, Poland
Białaszek Wojciech: SWPS University of Social Sciences and Humanities, Institute of Psychology, DecisionLab, 19/31 Chodakowska St., 03-815Warsaw, Poland
Biedrzycki Paweł: Kozminski University,59 Jagiellońska St., 03-301Warsaw, Poland
Dzik Bartłomiej: Kozminski University,59 Jagiellońska St., 03-301Warsaw, Poland

Journal of Management and Business Administration. Central Europe, 2020, vol. 28, issue 2, 98-110

Abstract: Purpose: Stock market participants use technical analysis to seek trends in stock price charts despite its doubtful efficiency. We tested whether technical analysis signals represent typical and common cognitive biases associated with the continuation or reversal of the trend.

Keywords: technical analysis; pattern recognition; cognitive biases; momentum; contrarian (search for similar items in EconPapers)
JEL-codes: D91 G41 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:jmbace:v:28:y:2020:i:2:p:98-110:n:6

DOI: 10.7206/cemj.2658-0845.24

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