Yakovleva E.K.Nizhny Novgorod Institute of Management of Russian Presidential Academy of National Economy and Public Administration, Nizhny Novgorod, Russian Federation yakov-ekaterina@mail.ru
Importance Recently, the use of technical analysis has become the most popular among stock gamblers, and information for undertaking technical analysis is widely publicly available. Objectives The article aims to determine the advantages and disadvantages of different technical analysis instruments, which impact investment decision-taking. To achieve the goal, I have solved a number of the following tasks: emitters, which stocks have been allocated to receive money resources for investment were selected; oscillators and indicators of technical analysis have been chosen and calculated on the basis of stock exchange data; a comparative analysis of the used instruments and identification of the most precise and simplest for their application have been carried out. As the most efficient decision-making, I suggest combining the investor's use of technical analysis instruments in stock exchange operation. Methods Technical analysis and its instruments (exponential moving average, momentum oscillator, and stochastic oscillator) served as the target of research, while selecting investment securities. In my research, I used the following methods: time-series analysis, calculation of statistical indicators, index and graphical analyses. Results Based on the research, I have obtained the following results: disclosed researched instruments characteristics and determined the veracity of their application in the different market behavior. Conclusions and Relevance I conclude that technical analysis is quite effective means for the stock market operation, but its specific instruments, oscillators and indicators can set both the true and false signals, which may lead to the losses for an investor. The losses may be avoided in case of proper selection and combining of instruments, and when each period of their application is determined. I emphasize that this will enable to ensure an investor's correct forecast of stock prices change and will facilitate the one to take viable solutions.
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