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3 years ago

Stock market predictions debunked: Technical analysis beats randomness for higher returns!

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Validity of Random Walk Hypothesis and Technical Analysis: An Investigation of Pakistan Stock Market
Wahib ur Rahman, Mustaghis-ur-Rahman

Paper Summary

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The study investigated whether stock prices in the Pakistan Stock Market follow a random walk pattern and if technical analysis can predict stock prices. Different statistical tests were used to analyze the data from 2004 to 2015. The results showed that stock prices do not follow a random walk pattern, and technical analysis using moving averages and MACD indicators can generate positive returns compared to a simple buy and hold strategy.