SavedAdd your journal

Journals / Süleyman Demirel Üniversitesi Vizyoner Dergisi / 2026 / Cilt: 16 Sayı: 46

Examination of Stocks in BIST Participation 30 Index with Technical Analysis

BİST Katılım 30 Endeksinde Yer Alan Hisse Senetlerinin Teknik Analiz ile İncelenmesi

Hidayet Güneş(BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ)0000-0002-9826-9862
Murat Kaya(BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ)0000-0002-5988-0773
Pages
373–390
Publication Date
2025-05-31
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

According to the analysis findings, it is concluded that technical analysis indicators provide more returns in 5 stocks, and investors who applied buy-hold strategy in 5 stocks obtained more returns.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Investors use different strategies to achieve the highest profit in the financial decision-making process.
📊
Key Findings & Data:In the study, the effectiveness of the buy-and-hold strategy and technical analysis on profitability is examined comparatively.
💡
Conclusion & Impact:According to the analysis findings, it is concluded that technical analysis indicators provide more returns in 5 stocks, and investors who applied buy-hold strategy in 5 stocks obtained more returns.
🔬Design:Araştırma Makalesi
📍Scope:2024 Verileri
⚙️Variables:Finans · Teknik Analiz · Al ve Tut

Abstract

Investors use different strategies to achieve the highest profit in the financial decision-making process. In the study, the effectiveness of the buy-and-hold strategy and technical analysis on profitability is examined comparatively. In the study, technical analysis is performed using the closing prices of the top 10 most valuable stocks traded in the BIST Participation 30 index between 02.01.2024 and 12.07.2024. In the study, the effectiveness of the MACD and RSI indicators, which are frequently used in technical analysis applications, on price prediction is analysed and compared with the traditional buy-and-hold strategy. According to the analysis findings, it is concluded that technical analysis indicators provide more returns in 5 stocks, and investors who applied buy-hold strategy in 5 stocks obtained more returns. Therefore, in the study, it is determined that investors adopting both active and passive strategies are equally weighted.

Özet

Yatırımcılar finansal karar verme sürecinde en yüksek kazancı elde edebilmek için farklı stratejiler kullanmaktadırlar. Bu çalışmada al ve tut stratejisi ile teknik analizin karlılık üzerindeki etkinlikleri karşılaştırmalı olarak incelenmiştir. Çalışmada BİST Katılım 30 endeksinde işlem gören en değerli ilk 10 hisse senedinin 02.01.2024 ile 12.07.2024 tarihleri arasına ilişkin kapanış fiyatları kullanılarak teknik analiz gerçekleştirilmiştir. Çalışmada teknik analiz uygulamalarında sıklıkla kullanılan MACD ve RSI indikatörlerinin fiyat tahmini üzerindeki etkinlikleri analiz edilerek, geleneksel al ve tut stratejisi ile karşılaştırılmıştır. Analiz bulgularına göre; 5 hisse senedinde teknik analiz göstergelerinin daha fazla getiri kazandırdığı, 5 hisse senedinde de al-tut stratejisi uygulayan yatırımcıların daha fazla getiri elde ettiği sonucunda ulaşılmıştır. Dolayısıyla bu çalışma özelinde hem aktif stratejiyi benimseyen hem de pasif stratejiyi benimseyen yatırımcıların eşit ağırlıkta olduğu belirlenmiştir.

🔖

Cite This Article

Güneş, H., Kaya, M. (2025). Examination of Stocks in BIST Participation 30 Index with Technical Analysis. Süleyman Demirel Üniversitesi Vizyoner Dergisi, Cilt: 16 Sayı: 46, 373–390. https://doi.org/10.21076/vizyoner.1560195

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (37)

  1. Abbasi, E., Samavi, M. E. ve Koosha, E. (2020). Performance evaluation of the technical analysis ındicators in comparison with the buy and hold strategy in Tehran stock exchange ındices. Advances in Mathematical Finance and Applications, 5(3), 285-301.
  2. Achelis, S. B. (2021). Technical analysis from A to Z.
  3. Bahar, O. ve Bilen, K. (2023). Teknik analiz indikatörlerinin etkinlik analizi: Borsa İstanbul turizm sektörü üzerine bir uygulama. Anatolia: Turizm Araştırmaları Dergisi, 34(2), 83-94.
  4. Bhargavi, R., Gumparthi, S. ve Anith, R. (2017). Relative strength index for developing effective trading strategies in constructing optimal portfolio." International Journal of Applied Engineering Research, 12(19), 8926-8936.
  5. Birgili, E. ve Esen, S. (2013). Teknik analiz yönteminin bulanık mantık yaklaşımı ile uygulanması: IMKB 30 banka hisseleri örneği. Finans Politik ve Ekonomik Yorumlar, 575, 95.
  6. Boobalan, C. (2014). Technical analysis in select stocks of Indian companies. International Journal of Business and Administration Research Review, 2(4), 26-36.
  7. Chen, B. (2021). The effectiveness test of MACD in Chinese stock market. 2021 2nd Asia-Pacific Conference on Image Processing, Electronics and Computers., 297-300.
  8. Chong, T. L. ve Ng, K. W. (2008). Technical analysis and the London stock exchange: Testing the MACD and RSI rules using the FT30. Applied Economics Letters, 15(14), 1111-1114.
  9. Cohen, G. ve Cabiri, E. (2015). Can technical oscillators outperform the buy and hold strategy?. Applied Economics, 47(30), 3189-3197.
  10. Costa, T. R. C. C., Nazário, R. T., Bergo, G. S. Z., Sobreiro, V. A. ve Kimura, H. (2015). trading system based on the use of technical analysis: a computational experiment. Journal of Behavioral and Experimental Finance, 6, 42-55.
  11. Eric, D., Andjelic, G. ve Redzepagic, S. (2009). Application of MACD and RVI İndicators as functions of investment strategy optimization on the financial market. Zbornik Radova Ekonomskog Fakulteta U Rijeci: Časopis Za Ekonomsku Teoriju İ Praksu, 27(1), 171-196.
  12. Fama, E. F. (1970). Efficient capital markets. Journal of Finance, 25(2), 383-417.
  13. Gold, S. (2015). The viability of six popular technical analysis trading rules in determining effective buy and sell signals: MACD, AROON, RSI, SO, OBV and ADL. Journal of Applied Financial Research, 2, 8-30.
  14. Hejase, A. J., Srour, R. M., Hejase, H. J. ve Younis, J. (2017). Technical analysis: exploring MACD in the Lebanese stock market. Journal of Research in Business, Economics and Management, 8(4), 1493-1502.
  15. Kaya, M. ve Tunç, H. (2021). Uygulamalı finansal okuryazarlık. Nobel Yayınevi.
  16. Mahajan, Y. (2015). Optimization of MACD and RSI ındicators: an empirical study of Indian equity market for profitable ınvestment decisions. Asian Journal of Research in Banking and Finance, 5(12), 13-25.
  17. Malkiel, B.G. (1989). Efficient market hypothesis. Finance. London: Palgrave Macmillan UK, 127-134.
  18. Meissner, G., Alex, A. ve Nolte, K. (2001). A refined MACD indicator–evidence against the random walk hypothesis?. ABAC Journal, 21(2).
  19. Metghalchi, M. ve Garza-Gomez, X. (2013). The use of technical trading rules to predict overall stock price movements: A study on share prices on the Irish stock exchange. International Journal of Management, 30(2), 678-691.
  20. Nithya, J. ve Thamizhchelvan, G. (2014). Effectiveness of technical analysis in banking sector of equity market. IOSR Journal of Business and Management, 16(7), 20-28.
  21. Özarı, Ç., Turan, K. ve Demir, E. (2016). Teknik indikatörlerin etkinliği: BIST30 ve BIST100 endeksleri üzerine bir uygulama. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 6(1), 94-113.
  22. Öztürk, H. (2016). Teknik analizde alım-satım sistemi oluşturma: sistemin geçmişe yönelik testleri. Finansal Araştırmalar ve Çalışmalar Dergisi, 8(15), 469-493.
  23. Pandya, H. (2013). Technical analysis for selected companies of Indian IT sector. International Journal of Advanced Research, 1(4), 430-446.
  24. Park, C. ve Irwin, S. H. (2007). What do we know about the profitability of technical analysis?. Journal of Economic Surveys, 21(4), 786-826.
  25. Porselvi, R. ve Meenakshi, A. (2024). A study on the effectiveness of moving average convergence and divergence (MACD). Educational Administration: Theory and Practice, 30(5), 8609-8618.
  26. Říhová, P. ve Svoboda, M. (2018). Profitability of selected technical analysis indicators. European Financial Systems 2018, 591.
  27. Rosillo, R., De la Fuente, D. ve Brugos, J. A. L. (2013). Technical analysis and the Spanish stock exchange: testing the RSI, MACD, momentum and stochastic rules using Spanish market companies. Applied Economics, 45(12), 1541-1550.
  28. Shalini, T., Pranav, S. ve Utkarsh, S. (2019). Picking buy-sell signals: a practitioner’s perspective on key technical indicators for selected Indian firms. Studies in Business and Economics, 14(3), 205-219.
  29. Stanković, J., Marković, I. ve Stojanović, M. (2015). Investment strategy optimization using technical analysis and predictive modeling in emerging markets. Procedia Economics and Finance, 19, 51-62.
  30. Subramaniam, P. ve Vikneswaran, M. (2016). A study of financial indicators’ reliability in technical analysis. European Academic Research, 4(8), 6805-6834.
  31. Sümer, K. K. (2015). Effectiveness of technical analysis indicators over stock return: A panel data approach. Eurasian Eononometrics, Statistics and Emprical Economics Journal, 1(1), 43-56.
  32. Tek, A.O., Babuşçu, Ş. ve Hazar, A. (2022). Pay senedi yatırımlarında teknik analiz yöntemlerinin uygulanması ve BİST 30 endeksi üzerinde test edilmesi. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(22), 7-23.
  33. Temizel, F. ve Meriç, E. (2008). İMKB’DE hisse senedi fiyatlarının gün içi yapılarına dayalı alternatif bir yatırım stratejisi önerisi. Muhasebe ve Finansman Dergisi, 39, 128-141.
  34. Vasiliou, D., Eriotis, N. ve Papathanasiou, S. (2006). How rewarding is technical analysis? evidence from Athens stock exchange. Operational Research,6. 85-102.
  35. Wang, J. ve Kim, J. (2018). Predicting stock price trend using macd optimized by historical volatility. Mathematical Problems in Engineering, 2018.1,1-12.
  36. Wu, M. ve Diao, X. (2015). Technical analysis of three stock oscillators testing MACD, RSI and KDJ rules in SH & SZ stock markets. 2015 4th International Conference on Computer Science and Network Technology (ICCSNT). Vol. 1. IEEE, 320-323.
  37. Vasiliou, D., Eriotis, N. ve Papathanasiou, S. (2006). How rewarding is technical analysis? evidence from Athens stock exchange. Operational Research,6. 85-102.