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A Non-Random Walk down Canary Wharf

Canegrati, Emanuele (2008): A Non-Random Walk down Canary Wharf.


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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.

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