Technical Analysis of a Non-Globally Integrated Stock Index
This study examines the Ecuadorian stock market index, ECUINDEX, a market that is not integrated into international financial markets, unlike others in Latin America. The objective was to determine if graphical technical analysis can describe the price behavior of the ECUINDEX, testing the weak-form...
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| Format: | Article |
| Language: | Spanish |
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Universidad del Zulia
2025-04-01
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| Series: | Revista Venezolana de Gerencia |
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| Online Access: | https://produccioncientificaluz.org/index.php/rvg/article/view/43707/51654 |
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| author | Franklin Antonio Gallegos-Erazo Ana María Gallardo-Cornejo |
| author_facet | Franklin Antonio Gallegos-Erazo Ana María Gallardo-Cornejo |
| author_sort | Franklin Antonio Gallegos-Erazo |
| collection | DOAJ |
| description | This study examines the Ecuadorian stock market index, ECUINDEX, a market that is not integrated into international financial markets, unlike others in Latin America. The objective was to determine if graphical technical analysis can describe the price behavior of the ECUINDEX, testing the weak-form efficient market hypothesis. Market stationarity was evaluated to identify suitable volatility indicators. A mixed-methods approach was applied, combining quantitative tests (Boxplot and Dickey-Fuller) with qualitative analyses (graphical observation of prices and TEMA, RVI, and MA indicators). Monthly and daily closing price data of the ECUINDEX from 2013 to 2023 were analyzed, obtained from the Quito Stock Exchange through Investing. The results reveal that the ECUINDEX is non-stationary and that technical analysis consistently describes momentum, price direction changes, and market turns, highlighting the usefulness of technical indicators for understanding price trends and market inefficiencies. |
| format | Article |
| id | doaj-art-508c7e3d103d42a79e0fb1bec0f5f190 |
| institution | OA Journals |
| issn | 1315-9984 2477-9423 |
| language | Spanish |
| publishDate | 2025-04-01 |
| publisher | Universidad del Zulia |
| record_format | Article |
| series | Revista Venezolana de Gerencia |
| spelling | doaj-art-508c7e3d103d42a79e0fb1bec0f5f1902025-08-20T02:30:19ZspaUniversidad del ZuliaRevista Venezolana de Gerencia1315-99842477-94232025-04-0130110847864https://doi.org/10.52080/rvgluz.30.110.4Technical Analysis of a Non-Globally Integrated Stock IndexFranklin Antonio Gallegos-Erazohttps://orcid.org/0000-0002-7560-3514Ana María Gallardo-Cornejohttps://orcid.org/0009-0008-5545-3927This study examines the Ecuadorian stock market index, ECUINDEX, a market that is not integrated into international financial markets, unlike others in Latin America. The objective was to determine if graphical technical analysis can describe the price behavior of the ECUINDEX, testing the weak-form efficient market hypothesis. Market stationarity was evaluated to identify suitable volatility indicators. A mixed-methods approach was applied, combining quantitative tests (Boxplot and Dickey-Fuller) with qualitative analyses (graphical observation of prices and TEMA, RVI, and MA indicators). Monthly and daily closing price data of the ECUINDEX from 2013 to 2023 were analyzed, obtained from the Quito Stock Exchange through Investing. The results reveal that the ECUINDEX is non-stationary and that technical analysis consistently describes momentum, price direction changes, and market turns, highlighting the usefulness of technical indicators for understanding price trends and market inefficiencies.https://produccioncientificaluz.org/index.php/rvg/article/view/43707/51654financial marketsprice actionforecastingecuindex |
| spellingShingle | Franklin Antonio Gallegos-Erazo Ana María Gallardo-Cornejo Technical Analysis of a Non-Globally Integrated Stock Index Revista Venezolana de Gerencia financial markets price action forecasting ecuindex |
| title | Technical Analysis of a Non-Globally Integrated Stock Index |
| title_full | Technical Analysis of a Non-Globally Integrated Stock Index |
| title_fullStr | Technical Analysis of a Non-Globally Integrated Stock Index |
| title_full_unstemmed | Technical Analysis of a Non-Globally Integrated Stock Index |
| title_short | Technical Analysis of a Non-Globally Integrated Stock Index |
| title_sort | technical analysis of a non globally integrated stock index |
| topic | financial markets price action forecasting ecuindex |
| url | https://produccioncientificaluz.org/index.php/rvg/article/view/43707/51654 |
| work_keys_str_mv | AT franklinantoniogallegoserazo technicalanalysisofanongloballyintegratedstockindex AT anamariagallardocornejo technicalanalysisofanongloballyintegratedstockindex |