A Non-Random Walk down Canary Wharf

Emanuele Canegrati

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper I perform a panel data analysis to evaluate whether �- nancial technical indicators are able to predict stock market returns. By using a panel of 40 stocks taken from the Financial Times Stock Exchange (FTSE) observed in 2004, I test the ability of 75 amongst the most famous technical indicators used by traders to predict next-day returns. Surpris- ingly, results are robust in demonstrating that many of these are good predictors, supporting the validity of the technical analysis.

Keywords: technical analysis; random walk hypothesis; econometrics finance (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2008-08-06
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Citations: View citations in EconPapers (1)

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