Technical Analysis in the Stock Market: A Review

Yufeng Han, Yang Liu, Guofu Zhou and Yingzi Zhu

Chapter 59 in Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives:In 4 Volumes, 2024, pp 1893-1928 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Technical analysis is the study of forecasting future asset prices with past data. In this survey, we review and extend studies on not only the time-series predictive power of technical indicators on the aggregated stock market and various portfolios but also the cross-sectional predictability with various firm characteristics. While we focus on reviewing major academic research on using traditional technical indicators, we also discuss briefly recent studies that apply machine learning approaches, such as lasso, neural network, and genetic programming, to forecast returns both in the time series and on the cross section.

Keywords: Financial Accounting; Financial Auditing; Mutual Funds; Hedge Funds; Asset Pricing; Options; Portfolio Analysis; Risk Management; Investment Analysis; Momentum Analysis; Behavior Analysis; Futures; Index Futures; CDCs; Financial Econometrics; Statistics; Financial Derivatives; Financial Accounting (search for similar items in EconPapers)
JEL-codes: G1 G11 G12 G3 M41 M42 (search for similar items in EconPapers)
Date: 2024
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