1. C.

Boobalan (2014) conducted a study on “TECHNICAL ANALYSIS IN SELECT STOCKS

OF INDIAN COMPANIES,” in which they predicted the future trend of five companies
(Wipro, SBIN, GAIL, ONGC, and ITC). The different patterns of stock prices of these
companies can be analysed with the right technical analysis tools, and technical analysis
is of utmost importance to predict the trend of short.
2. R. Chitra (2011) examined “Technical Analysis on Selected Stocks of the Energy
Sector,” concluding that technical analysis is a study of the stock market relating to
factors affecting supply and demand of stocks, as well as a tool for determining the
intrinsic value of stocks and determining whether they are undervalued or overvalued.
Stock market indicators can assist investors in recognising important market turning
periods. This is a detailed technical analysis of a few firms that helps to understand the
price behaviour of the stocks, the signals they send out, and the important market price
turning moments.
3. BRAD M. BARBER and TERRANCE ODEAN (2000) conducted study on “Trading Is
Hazardous to Your Wealth: The Common Stock Investment Performance of
Individual Investors” found that individual investors who hold common stocks
directly face a significant performance penalty for active trading. Those who trade the
most receive a yearly return of 11.4 percent, while the market returns 17.9 percent,
according to a study of 66,465 households with accounts at a large discount broker
from 1991 to 1996. The average household earns a 16.4 percent annual return on its
common stock portfolio, which is skewed toward high-beta, tiny, value equities, and
flips over 75 percent of its portfolio annually.
4. H. Bessembinder and K. Chan did a study on “The profitability of technical trading
principles in Asian stock markets” in 1995. They have found the regulations to be
particularly successful in Malaysia, Thailand, and Taiwan, which are rising economies.
In more established markets, such as Hong Kong and Japan, the norms have less
explanatory power. On average, mean percentage changes in stock indices on days
when the rules issue buy signals outnumber mean percentage changes on days when
the rules issue sell signals by 0.095 percent each day, or around 26.8% on an annualised
basis in our sample. On average, we estimate “break-even” round-trip transaction costs
to be 1.57 percent.
5. Brock, W., J. Lakonishok, and B. LeBaron (1992) conducted a study on "Simple
technical trading rules and the stochastic properties of stock returns." This paper
uses the Dow Jones Index from 1897 to 1986 to test two of the simplest and most
popular trading rules—moving average and trading range break. The use of bootstrap
techniques extends standard statistical analysis. Overall, their findings corroborate the
technological strategies strongly.
6. Cheol-Ho Park and Scott H. Irwin (2004) did a study titled "The Profitability of
Technical Analysis: A Review." The purpose of this paper is to review the evidence on
technical analysis profitability. According to the characteristics of testing
methodologies, the empirical literature is divided into two groups: "early" and
"modern" research. Prior to the 1980s, studies showed that technical trading tactics
were profitable in foreign currency and futures markets, but not in stock markets.
Technical trading tactics continuously delivered economic profits in a range of
speculative markets, according to modern studies, at least until the early 1990s. There
are 92 modern studies in total.
7. B. LeBaron, No. 9 (1999). The study “Technical trading rule predictability and
foreign exchange intervention” will go over some of this evidence and analyse the
economic impact of predictability. The profitability of these trading rules will next be
examined in relation to central bank activities using Federal Reserve intervention data.
The goal is to see how much foreign exchange predictability can be limited to times
when central banks are active in the foreign exchange market. The findings show that
omitting periods when the Federal Reserve is active reduces exchange rate
predictability significantly.
8. Kavajecz and Odders-White (2004) demonstrate that support and resistance levels
on the limit order book 1 coincide with depth peaks, and moving average forecasts offer
information about the relative location of depth on the book They further illustrate that
these relationships are the result of technical rules for locating depth on the limit order
book that are already in existence.
9. R. Levich, L. Thomas, (1993). They give new data on the profitability and statistical
relevance of technical trading rules in the foreign currency market in “The Signiicance
of Technical Trading Rule Proits in the Foreign Exchange Market: A Bootstrap
 Approach.” They use a new data set, currency futures contracts for the period 1976–
1990, and a new bootstrap methodology-based testing approach. Our findings reveal
that simple technical trading rules have frequently resulted in substantially unexpected
profits.
10. Andrew Lo, Harry Mamaysky, and Jiang Wang (2000). They present a systematic
and automatic approach to technical pattern recognition using nonparametric kernel
regression in “Foundations of Technical Analysis,” and they use this method to
evaluate the effectiveness of technical analysis on a large number of U.S. equities from
1962 to 1996. They find that over the 31-year sample period, several technical
indicators do provide incremental information and may have some practical value by
comparing the unconditional empirical distribution of daily stock returns to the
conditional distribution—conditioned on specific technical indicators such as head-
and-shoulders or double bottoms.
11. LUI, Y.H., D. MOLE (1998). “The use of fundamental and technical analyses by
foreign exchange dealers: Hong Kong evidence” According to their findings, more
than 85% of respondents use both fundamental and technical analysis to forecast future
rate movements across various time frames. There is a skew toward dependence on
technical analysis over fundamental analysis at shorter horizons, but as the length of
the horizon analysed is expanded, the skew gradually reverses.
12. Neely, C. J., Weller, P. (1998). “Technical training rules in the EMS” Over the out-of-
sample period 1986–1996, they discover trading strategies that provide considerable
excess returns for three of four EMS exchange rates. It was crucial to allow the rules to
use knowledge about the interest rate differential. The reduction in volatility caused by
the imposition of a smaller band may reduce the profitability of trading rules.
13. Osler, C.L. (2000). "Support for Resistance: Technical Analysis and Intraday
Exchange Rates," article conducts such an investigation utilising support and
resistance levels offered to consumers by six foreign exchange providers. The author
provides compelling evidence that the levels aid in the prediction of intraday trend
interruptions. However, the predictive value of the levels varies depending on the
exchange rates and enterprises studied.
14. Mr. Krishnat H. Chougale, No. 15 (2019). “A Technical Analysis Study of Moving
Averages of Selected Stocks in the Banking Sector,” The study uses technical
analysis to examine the moving average of shares in the banking sector. Technical
analysis identifies turning moments and predicts when to purchase and sell a company.
This study uses technical analysis to determine which bank performs better than others
based on price fluctuations.
15. Nti, I. K., Adekoya, A. F., & Weyori, B. A. (2020).” A systematic review of
fundamental and technical analysis of stock market predictions” This study
intended to conduct a systematic and critical analysis of approximately 122 (122)
relevant research publications published in academic journals in the area of stock
market prediction using machine learning over an 11-year period (2007–2018). The
different methodologies discovered in these publications were divided into three
categories: technical, fundamental, and combined analysis.
16. H. Mizuno, M. Kosaka, H. Yajima, and N. Komoda (1998). “Application of neural
networks to stock market prediction technical analysis.” The study provides a
neural network model for stock market technical analysis and its application to a stock
index purchasing and selling timing prediction system. When the amount of learning
samples is unequally distributed among categories, the neural network with normal
learning has the problem of only improving the prediction accuracy of the most
prominent category.
17. Wang, J. L., & Chan, S. H. (2007). “Stock market trading rule discovery using
pattern recognition and technical analysis” For the Nasdaq Composite Index
(NASDAQ) and Taiwan Weighted Index, this study investigates the potential profit of
bull flag technical trading rules using a template matching technique based on pattern
recognition (TWI). This study conducted a series of tests to assess the efficiency of the
proposed strategy in reducing measurement error owing to data snooping.
18. Lui and Mole (1998) report the results of a questionnaire survey on the use of basic
and technical analyses by foreign exchange dealers in Hong Kong, conducted in
February 1995. they discovered that more than 85% of respondents use both
methodologies, with technical analysis being more common over shorter time periods.
 The purpose of this study is to do technical analysis on the securities of selected firms
on the Indian stock market.
19. Sehgal, S., & Gupta, M. (2007). “Tests of technical analysis in India.” the study
evaluates the practicality of technical analysis in the Indian stock market is assessed in
this study. On a net return basis, it shows that technical indicators do not beat the
Simple Buy and Hold strategy for individual equities. During market upturns, technical
indicators appear to perform better than during market downturns. Technical trading
tactics, on the other hand, are not practical in comparison to passive trading strategies,
regardless of market cycle conditions. Technical indicators, like those based on the
economy, do not produce an economically significant profit for industry.
20. Felde, C. “The profitability of technical analysis in a high frequency setting and its
dependency on volatility.” This report examines research on trading methods based
on technical analysis. It then investigates why this should be done with high-frequency
US equity data. To do so, the theoretical grounds for technical analysis are first
investigated. Finally, a set of procedures for technical analysis testing is given.
21. Blume, L., Easley, D., & O'hara, M. (1994).” Market statistics and technical
analysis: The role of volume” They look into the informational value of volume and
how it may be used in technical analysis. They come up with a new equilibrium model
in which the total supply is fixed and traders receive signals of varying quality. They
demonstrate that volume provides information about information quality that is
unavailable from the price statistic. They highlight how volume, information precision,
and price changes are related, as well as how volume and price sequences might be
useful.
22. Treynor, J. L., & Ferguson, R. (1985).” In defense of technical analysis” They
computed the probability distribution of the date on which the market receives
information already in the hands of the investor using a simple model of information
propagation in “In Defense of Technical Analysis.” It is then demonstrated how this
probability distribution might be applied to portfolio management.
23. Taylor, M. P., & Allen, H. (1992). “The use of technical analysis in the foreign
exchange market.” The results of a questionnaire survey performed on behalf of the
Bank of England among key foreign exchange dealers in London in November 1988 are
 reported in this document. Among other findings, it was discovered that at least 90% of
respondents give this type of non-fundamental study considerable weight when
formulating opinions over one or more time horizons.
24. Macchiarulo, A. (2018). “Predicting and beating the stock market with machine
learning and technical analysis.” The research investigates whether machine learning
or technical analysis produces the best stock market predictions and, as a result, the
best returns. The study uses ten years of historical data to anticipate the future using
machine learning and technical analysis methodologies. The research puts the major
findings into trading methods to beat the S&P 500 index after the prediction stage.
25. Hejase, A. J., Srour, R. M., Hejase, H. J., & Younis, J. (2017). “Technical analysis:
exploring MACD in the Lebanese stock market.” This study examines the impact of
technical analysis on the Lebanese stock markets by examining how the Moving
Average Convergence/Divergence (MACD) oscillator may be used to maximise profits in
the Lebanese stock market during the trading process.
26. Chong, T. T. L., & Ng, W. K. (2008). “Technical analysis and the London stock
exchange: testing the MACD and RSI” The Moving Average Convergence–Divergence
(MACD) and the Relative Strength Index (RSI) are two oscillators examined in this
article to discover if they are profitable. The RSI and MACD guidelines can provide
larger returns than the buy-and-hold strategy in most situations, according to 60-year
data from the London Stock Exchange FT30 Index.
27. Chong, T. T. L., Ng, W. K., & Liew, V. K. S. (2014). “Revisiting the Performance of
MACD and RSI Oscillators.” They discovered that the Moving Average Convergence–
Divergence (MACD) and Relative Strength Index (RSI) criteria on the London Stock
Exchange can create excess returns. The performance of the two trading rules in the
stock markets of five other OECD nations is revisited in this article. In the Milan Commit
General and the S&P/TSX Composite Index, the MACD (12, 26, and 0) and RSI (21, 50)
criteria routinely create considerable anomalous returns.
28. Du Plessis, A. W. (2012). “The Effectiveness of a Technical Analysis strategy
versus a Buy-and_hold strategy on the FTSE/JSE Top 40 Index shares of the JSE
Ltd: The case of the Moving Average Convergence Divergence Indicator” The
Fundamental Analysis strategy (buy and hold) is one, while the Technical Analysis
 strategy (sell and hold) is the other (MACD). The Buy-and-Hold investment strategy
was determined to be more effective than the MACD investing approach within the
restrictions of this study.
29. Gehring, T., & Menkhoff, L. (2003). “Technical analysis in foreign exchange-the
workhorse gains further ground” By incorporating flow analysis as a third mode of
information generation, this study adds to previous survey studies on the usage of
technical analysis. The study also includes FX dealers and up-and-coming fund
managers. Technical analysis has become increasingly popular throughout time, and it
is presently the most widely used type of analysis.
30. Huang, B., & Kim, Y. S. (2006).”A test of MACD trading strategy”  They discovered
that by making the parameter settings for the regular MACDR2 trading strategy more
flexible, we can construct a highly powerful tool that beats, or at least equals, the
performance of the standard long or short MACD trading strategy. Out-of-sample
testing allow us to assess the effectiveness of a momentum trading strategy in a more
realistic context. They confirmed that if trading costs are neglected, MACD trading can
outperform buy-and-hold on the NASDAQ, TSX, HSI, KOSPI, and TWSE.