Abstract

GUERRERO DURANA, Lina Mercedes; MARTINEZ AMARIZ, Alejandro David; LUNA GONZALEZ, Édgar  and  RODRIGUEZ ORTIZ, Diego Orlando. Validation of the market efficiency hypothesis in COLCAP stocks through the application of technical analysis. Cuad. Econ. [online]. 2023, vol.42, n.89, pp.265-296.  Epub Feb 28, 2024. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v42n89.91728.

This study tests the technical analysis for the Colombian market through the application of 6 rules related to 11 COLCAP actions, and consists of three moments. Initially, the rules are used individually under the theoretical proposal established by each indicator for its calculation; next by means of two strategies combining the use of the rules is proposed, which are evaluated during the study period and afterwards. The results fail to achieve the performance shown by the passive strategy, supporting the hypothesis of weak efficiency in the Colombian stock market.

Keywords : Efficient market hypothesis; technical analysis; stock market; investment strategy.

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