Abstract
─Abstract─ It is argued that technical analysis is effective in inefficient markets, citing volatility as a contributing factor. The dual moving average crossover and relative strength index were applied to the FTSE/JSE Top 40 Index from 2007 to 2019 to investigate this. Using regression analysis, the relationship between the returns of each technical trading rule and market volatility was determined, and the results indicate that there is little to no correlation between market volatility and the profitability of these trading rules. When the trades are divided into long and short trades, the study reveals that long trades generate higher returns than short trades.