Moving average technical analysis: fact, fiction or somewhere in between?

The Moving Average (MA), is it fact, fiction or somewhere in between? Previous research has begun to show its value in decision making. The following dissertation provides further evidence in support, with results showing its performance is negatively correlated to asset size, inconsistent for book-to-market, with declining performance in recent decades. MA performance cannot be maintained for assets with extreme volatility such as cryptocurrencies. Delay of any decision making following a buy/sell signal negatively alters the result. The risk reducing benefits to the MA are universal. Overall, it provides little downside risk but provides huge upside potential.Thesis (Ph.D.) -- University of Adelaide, Adelaide Business School, 202