THE REPUBLIC OF TURKEY

BAHCESEHIR UNIVERSITY

USING DIVERGENCES IN TECHNICAL

ANALYSIS

Master’s Thesis

MUHAMMED FATİH GÜNEŞ

ISTANBUL, 2017
 THE REPUBLIC OF TURKEY
BAHCESEHIR UNIVERSITY

GRADUATE SCHOOL OF SOCIAL SCIENCES

CAPITAL MARKETS AND FINANCE

USING DIVERGENCES IN TECHNICAL

ANALYSIS

Master’s Thesis

MUHAMMED FATİH GÜNEŞ

Supervisor: ASST. PROF. DR. HAKKI ÖZTÜRK

İSTANBUL, 2017
 THE REPUBLIC OF TURKEY
BAHCESEHIR UNIVERSITY

GRADUATE SCHOOL OF SOCIAL SCIENCES

CAPITAL MARKETS AND FINANCE

Name of the thesis: Using Divergences in Technical Analysis

Name/Last Name of the Student: Muhammed Fatih Güneş
Date of the Defense of Thesis: 10/01/2017

The thesis has been approved by the Graduate School of Social Sciences.

Asst. Prof. Dr. Burak KÜNTAY

Graduate School Director

I certify that this thesis meets all the requirements as a thesis for the degree of
Master of Arts.

Prof. Dr. Aslı YÜKSEL

Program Coordinator

This is to certify that we have read this thesis and we find it fully adequate in
scope, quality and content, as a thesis for the degree of Master of Arts.

Examining Committee Members Signature

Thesis Supervisor -----------------------------------

Asst. Prof. Dr. Hakkı ÖZTÜRK

Member -----------------------------------
Prof. Dr. Ümit EROL

Member -----------------------------------
Assoc. Prof. Dr. Murat AKBALIK
 ABSTRACT

USING DIVERGENCES IN TECHNICAL ANALYSIS

Güneş, Muhammed Fatih

Capital Markets and Finance

Thesis Supervisor: Asst. Prof. Dr. Hakkı Öztürk

January 2017, 75 pages

The usage of technical analysis has been increased in stock and currency exchange
analysis due to the widespread use of computers and the progress of their performance.
Technical analysis indicators are used by analysts and traders in several methods. One of
the methods is to detect the divergences that arise between the price chart and the indicator
chart, and to take a position in the direction of the indicator.

Although technical analysis and indicators are often used with the help of a computer, the
discovery of divergences is usually achieved by a person looking at the graphs and
drawing lines. In this study, firstly an algorithm is proposed for the detection of
divergences, and then with the aid of computer programming, the results of this algorithm
are tested on daily data for 15 years from 2000 up to 2015 with various indicators and at
various markets including developed country stock market indexes, developing country
stock market indexes and currency exchange rates.

According to the algorithm, a buying or selling price is determined at the point where a
divergence is detected between two peak or two bottom points and the maximum amount
of return is obtained by the change in prices within the next 10 trading days. By
determining a specific return threshold value, situations with fewer returns are considered
unsuccessful and the success ratios of the indicators are examined. In addition to this,
according to the direction of the trend, the differences between the bullish divergences
and the bearish divergences are examined.

As a result of this study, bullish divergences performed better than bearish divergences.
Also the divergence algorithm gave best results on developing country stock exchange
indexes. The Moving Average Convergence and Divergence (MACD) and the Money
Flow Index (MFI) indicators had better results than the other indicators.

Keywords: Technical Analysis, Divergence, Indicator, Algorithm

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 ÖZET

TEKNİK ANALİZDE UYUŞMAZLIKLARIN KULLANILMASI

Güneş, Muhammed Fatih

Sermaye Piyasaları ve Finans

Tez Danışmanı: Yrd. Doç. Dr. Hakkı Öztürk

Ocak 2017, 75 sayfa

Bilgisayarların kullanımının yaygınlaşması ve performanslarının ilerlemesi sayesinde

hisse ve döviz analizinde teknik analizin kullanımı artmaktadır. Teknik analiz
göstergeleri analistler ve alım satımcılar tarafından çeşitli yöntemlerle kullanılmaktadır.
Bu yöntemlerden biri de fiyat grafiği ile gösterge grafiği arasında ortaya çıkan
uyuşmazlıkları tespit etmek ve gösterge yönünde pozisyon almaktır.

Her ne kadar teknik analiz ve göstergeler genellikle bilgisayar yardımıyla kullanılsa da,
uyuşmazlıkların tespit edilmesi genellikle kişinin grafiklere bakarak çizimler yapması ile
sağlanmaktadır. Bu çalışmada öncelikle uyuşmazlıkların tespiti için bir algoritma
önerilmekte, daha sonra bilgisayar programlama yardımıyla bu algoritmanın, gelişmiş
ülke borsa endeksleri, gelişmekte olan ülke borsa endeksleri ve döviz kurlarının
bulunduğu çeşitli piyasalarda ve çeşitli göstergeler ile 2000 ve 2015 yılı sonuna kadar 15
yıl süresince günlük verileri üzerinde denenmesi ile ortaya çıkan sonuçlar
incelenmektedir.

Kullanılan algoritmaya göre iki tepe veya iki dip nokta arasında ortaya çıkan
uyuşmazlığın tespit edildiği noktada bir alış veya satış fiyatı tespit edilmekte ve sonraki
10 işlem günü içerisinde fiyatlardaki değişim ile en fazla ne kadar getiri elde edilebildiği
incelenmektedir. Belirli bir getiri alt değeri belirlenerek daha az getiri olan durumlar
başarısız kabul edilmekte ve göstergelerin başarı oranları incelenmektedir. Bunun
yanında trendin yönüne göre boğa uyuşmazlıkları ve ayı uyuşmazlıkları arasında getiri
farkları incelenmektedir.

Araştırma sonucunda boğa uyuşmazlıklarının ayı uyuşmazlıklarına göre daha iyi

performans sergilediği görülmüştür. Ayrıca uyuşmazlık algoritması gelişen ülke hisse
senedi endekslerinde en iyi sonucu vermiştir. Hareketli Ortalama Yakınlaşma ve
Ayrışması (Moving Average Convergence and Divergence, MACD) ve Para Akış
Endeksi (Money Flow Index, MFI) göstergeleri diğer göstergelere göre daha iyi sonuç
vermiştir.

Anahtar Kelimeler: Teknik Analiz, Uyuşmazlık, Gösterge, Algoritma

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 CONTENTS

TABLES................................................................................................................vii
FIGURES...............................................................................................................ix
ABBREVIATIONS...............................................................................................xi
1. INTRODUCTION..............................................................................................1
2. THEORETICAL BACKGROUND..................................................................3
2.1 STOCK VALUATION METHODS......................................................3
2.1.1 Efficient Market Hypothesis......................................................3
2.1.1.1 Weak efficient market hypothesis.................................5
2.1.1.2 Semi-strong efficient market hypothesis.......................5
2.1.1.3 Strong efficient market hypothesis................................6
2.1.2 Fundamental Analysis................................................................6
2.1.2.1 Economy analysis...........................................................6
2.1.2.2 Sector analysis................................................................7
2.1.2.3 Company analysis...........................................................7
2.1.3 Technical Analysis......................................................................7
2.1.4 Comparison of Fundamental and Technical Analysis.............9
2.2 TECHNICAL ANALYSIS...................................................................11
2.2.1 Charts........................................................................................11
2.2.1.1 Line chart......................................................................12
2.2.1.2 Bar chart.......................................................................12
2.2.1.3 Candlestick chart..........................................................14
2.2.1.4 Point and figure chart...................................................16
2.2.2 Dow Theory...............................................................................17
2.2.3 Technical Analysis Indicators..................................................19
2.2.3.1 Moving averages...........................................................19
2.2.3.1.1 Simple moving average (SMA).........................20
2.2.3.1.2 Weighted moving average (WMA)....................21
2.2.3.1.3 Exponential moving average (EMA)................22
2.2.3.2 Relative strength index (RSI).......................................24
2.2.3.2.1 Divergences.......................................................28

v
 2.2.3.3 Stochastic Oscillator.....................................................29
2.2.3.4 Moving average convergence and divergence
(MACD)......................................................................32
2.2.3.5 Rate of change (ROC)...................................................34
2.2.3.6 Commodity channel index (CCI).................................36
2.2.3.7 Money flow index (MFI)...............................................38
2.2.4 Literature Review on Technical Analysis................................40
3. DATA AND METHOD....................................................................................44
3.1 DATA INPUT........................................................................................44
3.2 INDICATORS USED............................................................................44
3.3 DEFINITION OF THE TIME INTERVAL........................................45
3.4 DEFINITION OF THE DIVERGENCE ALGORITHM..................45
3.5 APPLICATION OF DIVERGENCE ALGORITHM TO EACH
INDICATOR........................................................................................46
3.6 IMPLEMENTATION OF THE ALGORITHM................................53
3.7 OBTAINING THE RESULTS.............................................................55
4. FINDINGS.........................................................................................................56
5. DISCUSSION AND CONCLUSION..............................................................70
REFERENCES.....................................................................................................72
APPENDICES
APPENDIX-1: All divergence results from Table 4.1 to Table 4.43.........76
APPENDIX-2: Source Code of the Divergence Algorithm.....................192

vi
 TABLES

Table 2.1: Sample calculation of exponential moving average.............................23

Table 2.2: Sample calculation of a series of RSI...................................................26
Table 2.3: A sample calculation of rate of change................................................35
Table 4.1: BİST 100 RSI test results.....................................................................57
Table 4.2: BİST 100 stochastic oscillator (SO) test results...................................57
Table 4.3: BİST 100 MACD test results...............................................................57
Table 4.4: BİST 100 ROC test results...................................................................57
Table 4.5: BİST 100 CCI test results.....................................................................58
Table 4.6: BİST 100 MFI test results....................................................................58
Table 4.7: Dow Jones RSI test results...................................................................58
Table 4.8: Dow Jones stochastic oscillator (SO) test results.................................59
Table 4.9: Dow Jones MACD test results.............................................................59
Table 4.10: Dow Jones ROC test results...............................................................59
Table 4.11: Dow Jones CCI test results.................................................................59
Table 4.12: Dow Jones MFI test results................................................................60
Table 4.13: DAX RSI test results..........................................................................60
Table 4.14: DAX stochastic oscillator (SO) test results........................................60
Table 4.15: DAX MACD test results....................................................................61
Table 4.16: DAX ROC test results........................................................................61
Table 4.17: DAX s CCI test results.......................................................................61
Table 4.18: DAX MFI test results.........................................................................61
Table 4.19: FTSE 100 RSI test results...................................................................62
Table 4.20: FTSE 100 stochastic oscillator (SO) test results................................62
Table 4.21: FTSE 100 MACD test results.............................................................62
Table 4.22: FTSE 100 ROC test results.................................................................63
Table 4.23: FTSE 100 CCI test results..................................................................63
Table 4.24: BOVESPA RSI test results.................................................................63
Table 4.25: BOVESPA stochastic oscillator (SO) test results..............................63
Table 4.26: BOVESPA MACD test results...........................................................64

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Table 4.27: BOVESPA ROC test results...............................................................64
Table 4.28: BOVESPA CCI test results................................................................64
Table 4.29: SHCOMP RSI test results..................................................................65
Table 4.30: SHCOMP stochastic oscillator (SO) test results................................65
Table 4.31: SHCOMP MACD test results.............................................................65
Table 4.32: SHCOMP ROC test results................................................................65
Table 4.33: SHCOMP CCI test results..................................................................66
Table 4.34: EURUSD RSI test results...................................................................66
Table 4.35: EURUSD stochastic oscillator (SO) test results.................................66
Table 4.36: EURUSD MACD test results.............................................................67
Table 4.37: EURUSD ROC test results.................................................................67
Table 4.38: EURUSD CCI test results..................................................................67
Table 4.39: USDTRY RSI test results...................................................................67
Table 4.40: USDTRY stochastic oscillator (SO) test results.................................68
Table 4.41: USDTRY MACD test results.............................................................68
Table 4.42: USDTRY ROC test results.................................................................68
Table 4.43: USDTRY CCI test results..................................................................69

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 FIGURES

Figure 2.1: Change of stock prices before and after a new information.....................4
Figure 2.2: A line chart example...............…..........................................................12
Figure 2.3: Drawing a bar for bar chart...................................................................13
Figure 2.4: A bar chart example..............................................................................14
Figure 2.5: Drawing a single candlestick for candlestick chart...............................15
Figure 2.6: A candlestick chart...............................................................................15
Figure 2.7: A point and figure chart........................................................................16
Figure 2.8: Simple moving average formulation.....................................................20
Figure 2.9: Simple moving average example..........................................................21
Figure 2.10: Calculation example of an exponential moving average.....................22
Figure 2.11: Using SMA and EMA together...........................................................24
Figure 2.12: Calculation of a 14-period RSI...........................................................25
Figure 2.13: RSI Diagram.......................................................................................27
Figure 2.14: Divergence example...........................................................................29
Figure 2.15: Stochastic oscillator calculation.........................................................30
Figure 2.16: Example of stochastic oscillator.........................................................31
Figure 2.17: An example of MACD........................................................................33
Figure 18: Formula of ROC....................................................................................34
Figure 2.19: Calculation steps of CCI.....................................................................36
Figure 2.20: Sample usage of CCI..........................................................................37
Figure 2.21: Calculation of money flow index with 21 periods...............................38
Figure 2.22: An example of money flow index.......................................................39
Figure 3.1: Finding top and bottom points by using moving average of
the indicator.........................................................................................48
Figure 3.2: Definition of the slope of an indicator at top points...............................48
Figure 3.3: The right and the wrong divergence detection......................................50
Figure 3.4: Definition of the slope of an indicator at bottom points.........................50
Figure 3.5: Definition of the trade after divergence, trading day and maximum
value in 10 days....................................................................................52

ix
Figure 3.6: The screen developed for loading data and testing................................54
Figure 3.7: Results screen.......................................................................................54

x
 ABBREVIATIONS

CCI : Commodity Channel Index

EMA : Exponential Moving Average
MACD : Moving Average Convergence and Divergence
MFI : Money Flow Index
ROC : Rate of Change
RSI : Relative Strength Index
SMA : Simple Moving Average
SO : Stochastic Oscillator
WMA : Weighted Moving Average

xi
 1. INTRODUCTION

People are constantly looking for ways to evaluate their investments. The aim in this quest
is to use the investments that provide the highest return. But this is not as easy as one
might think. Today, the diversity of investments, the variability of investment instruments
and the risks of investment instruments make it difficult for investors to decide.

Although a variety of methods have emerged in the past to determine investment

decisions, some methods remain valid today. In this context, efficient market hypothesis,
fundamental analysis, technical analysis and portfolio management approaches present
specific methods for making investment decision-making.

The purpose of this study is to examine a specific method of technical analysis, which is
using divergences. The topics that needed to be known in order to investigate the
divergences is examined in Theoretical Background. First, stock valuation methods are
discussed and information about efficient market hypothesis, fundamental analysis and
technical analysis is given. At the end of the chapter, technical analysis and fundamental
analysis are compared and the strengths and weaknesses of the technical analysis are
explained.

Technical analysis and indicators are examined in detail in the continuation of Theoretical
Background section. Firstly, the definition of technical analysis and the charts, which are
indispensable for technical analysis, are covered. Then, Dow Theory and trends are
explained. The technical analysis indicators are described next. The technical analysis
indicators to be used in this study are examined in detail. These indicators consist of
moving averages and their varieties, Relative Strength Index, Stochastic Oscillator,
Moving Average Divergence Convergence, Rate of Change, Commodity Channel Index,
and Money Flow Index. This section lastly includes the studies on the usage of the above
mentioned technical analysis indicators.
In the next Data and Method section, an algorithm is suggested for determining the
divergences in technical analysis by using computer and using them for trading purposes.

The pseudo coding of the algorithm for each indicator is described. Six important stock
exchange indices and two currency pairs on fifteen year time interval is selected as the
data set for the program to run. The execution of the program on this data set is explained.

The divergences that detected by running the program with the selected indicators is
shown. When the divergences are confirmed, a trading price is determined for the buy
and sell transactions. The calculation of how much return can be obtained in the next ten
days when trading at this price is explained. A success criterion is used to determine
whether the trading result is successful or not.

In the Findings section, the test results of the algorithm with each data set and each
indicator are listed. The data sets were evaluated according to the results of the divergence
control test and according to the success criterion above. Likewise, to which extent the
indicators were successful in applying divergence was assessed. By making the
distinction of bullish and bearish divergences, the performances of the bullish and bearish
divergences are compared.

In the last section, Discussion and Conclusion, the results of the findings are discussed.
Interpretations are made as to where the application of the divergence is useful and in
which cases it is impractical. It is also interpreted that which indicators are successful in
the application of divergence and which indicators are not.

2
 2. THEORETICAL BACKGROUND

2.1 STOCK VALUATION METHODS

Investors who want to assess their savings want to assess their investments to ensure the
highest return according to their risk perceptions. For this reason, a variety of methods
and theories have emerged on the estimation of the future price of the instrument that is
considered to be invested. The main ones are efficient market hypothesis, fundamental
analysis and technical analysis. These methods are discussed in this section.

2.1.1 Efficient Market Hypothesis

Efficient market hypothesis is the notion that stocks reflect all available information and
the price movement of a stock cannot be predicted. In other words, any information that
could be used in order to predict the price of a stock is already in the price (Bodie and et.
al. 2014, p.350).

According to the efficient market hypothesis, news arriving at capital markets is being
priced very quickly, and thus bouncing in prices is emerging. The reason for this is that
analysts analyze stocks continuously.

Price movements are coincidental because news for an instrument can be positive or
negative. Investors are rapidly reflecting the emerging knowledge to the price. As a result,
what happens to the share prices is unpredictable and the price movements do not follow
any pattern.

Figure 2.1 shows an example of a sudden response of stock prices to a new information
in an efficient market. The graph plots the price levels of a sample of firms that are target
of takeover attempts. The time zero on x axis shows the price announcement day. The x
axis shows the relative announcement day and the y axis shows the changes of prices.

3
There is a significant jump on the announcement da in returns. However, there is no
significant change on the following days.

Figure 2.1: Change of stock prices before and after a new information

Source: Bodie, Kane & Marcus, (2014) Investments, 2014.

The efficient market hypothesis seriously threatens the fundamental analysis method. In
an efficient market, if all the information is reflected in the market price of the stock, then
the discounted target price of that stock is equal to the market price of the stock. In this
case, it is pointless for an analyst who performs fundamental analysis to study the target
price on the stocks. Because any new information will be reflected instantly, it will be
impossible to find a stock that is overvalued or undervalued.

The efficient market hypothesis also contradicts technical analysis. Technical analysis is
used to estimate the future price of an instrument using historical price data. Technical
analysis claims that the market moves in trends, and when a trend starts, the trend tends
to continue until a new trend emerges. In this case, prices become interdependent. The
use of technical analysis in an efficient market will become meaningless since prices will
be completely independent of the previous one in an efficient market.

4
The most important question here is whether the markets are really efficient. Today,
fundamental analysis and technical analysis methods continue to be widely used. Only by
looking at this situation one can reach the result that the markets are not fully efficient. If
we look again at Figure 2.1, it is clear that there are significant changes in stock prices in
the days before the announcement of company information. In this case, is it possible to
mention that the market in which this chart is obtained is fully efficient? It is therefore
important to identify the efficiency of the markets.

2.1.1.1 Weak efficient market hypothesis

Weak efficient market hypothesis claims that the traded assets contains all the past
information that are publicly available. In the weak form of efficient market hypothesis,
the prices of the assets cannot be predicted with the analysis of the past price information.

In this form, the changes from one day to the other are independent of each other. There
is no relationship between today's price and past price. Investors cannot predict their
future prices by looking at and analyzing past price changes (Erdinç 2004, p.44-45).

2.1.1.2 Semi-strong efficient market hypothesis

Semi-strong form of the efficient market hypothesis claims that all publicly available
information about the company have already reflected to the stock price and stock price
is adjusted very rapidly when there is a new information.

In this form, the prices reflect all the information disclosed to the public. However, if
there is any information that is not disclosed to the public, it may prevent forming real
prices.

5
2.1.1.3 Strong efficient market hypothesis

Strong form of the efficient market hypothesis claims that the share prices include all the
information about the firm, no matter whether the information is publicly available or not.
In this form no one can gain excess returns.

The efficient market hypothesis has been widely accepted in the academic world and
efficiency tests have been conducted in various markets. These tests in general have led
to the conclusion that markets are efficient in weak form.

2.1.2 Fundamental Analysis

Although even in the weakest form of the efficient market hypothesis it is stated that it
will not be possible to predict the future by looking at the past information, advocates of
fundamental and technical analysis argue that prices can be estimated.

Fundamental analysis is the analysis of the criteria such as economic situation, sector
status, financial structure of the company, profitability and liquidity status in order to find
the value of a share. Fundamental analysis comes in three main stages: economy analysis,
sector analysis and firm analysis.

2.1.2.1 Economy analysis

When an investor decides to invest in a stock, he or she will want the stock market price
to be below its true value or investment value. It should not be ignored that there are many
investors in the market and that different investment values can be found. When doing
the fundamental analysis, it is necessary to look at the general economic conditions and
the situation of the indicators at first. Situations like fluctuations in interest rates and
exchange rates, internal and external debts, balance of payments, monetary and fiscal
policies, economic and political uncertainty and instability, and so on are the factors that
investors should be aware of when making investment decisions (Bolak 1991, pp.120-
121).

6
2.1.2.2 Sector analysis

In the second stage, it is necessary to examine the situation of the sector of the company
to be analyzed. While some sectors are in constant development (computer, electronics)
and some are in a stable balance (food), independent of the conjunctural fluctuations,
others lose profits during the development period of the economy and losses during
periods of stagnation (demand elasticity of consumption goods). Some sectors are at the
stage of establishment and recognition, some at the stage of growth and development,
others at the stage of reaching maturity and saturation (Ibid., pp.121-122).

Some of the characteristics to be considered in the sector analysis are as follows: Sales
revenues and profit growth in previous periods of the sector, supply and demand situation
in the sector in the future periods, competition conditions, labor force situation,
government policies, international relations, changes in social life and market prices of
such stock companies (Ibid., p.123).

2.1.2.3 Company analysis

After estimates are made about the general economy and industry, it comes to the firm
analysis to determine the future returns of the stock. Firm analysis includes examining
quantitative quantities such as the firm's product and the technological qualities used by
the firm, the management of the firm, the legal situation, as well as the financial condition
and risk of the firm. Among the issues that need to be considered in relation to the product
that the firm produces are the quality of the produced goods and services, the market share
of the company, the phase of the lifecycle of the product produced, and the relative
superiority of the production technology on the other firms (Ibid., p.124).

2.1.3 Technical Analysis

Technical analysis is the method of predicting the direction of the future price of an
instrument using past price and volume information of that instrument. The instrument

7
may be any stock, index, commodity, exchange rate, future contract or any instrument
traded on a market.

Unlike the fundamental analysis, the technical analysis tries to estimate the price of a
stock instead of the value of an instrument. Therefore, the technical analysis deals only
with the price and volume information of the instrument and does not comment on the
value of the instrument.

When examining the history and development of technical analysis, all modern technical
analysis books point to three implications underlying technical analysis (Perşembe 2015,
p.29):
a) Market action discounts everything,
b) Prices move in trends,
c) History repeats itself.

According to technical analysis, the value of an instrument is determined by the

supply/demand situation and other economic and social factors, but all of these factors
are already reflected to the price. That's the meaning of the market action discounting
everything. The current price is the value that all of the market factors agree on. If there
is a change in these factors, the price will change and find a balance in a new level (Ibid,
p.37).

The prices moving in trends is the second fundamental assumption of technical analysis.
In the market prices have three types of trends: downward trend, upward trend and
horizontal trend. The trends will be examined in detail in the following sections.

The third basic assumption of technical analysis is the assumption that formations in the
graphs or price movements will repeat itself and a profit opportunity will be generated.
Although this assumption is more skeptical than other assumptions, as a result of the
transactions done by investors that believe in this assumption, there may be instances that
are very similar to earlier transactions. By this way this assumption realizes itself and the
examples of this assumptions would be persuasive.

8
2.1.4 Comparison of Fundamental and Technical Analysis

There have been a continuous debate between technical and fundamental analysts since
technical analysis and fundamental analysis have emerged. The fundamental analysts
argue that technical analysis is fortune-telling, while technical analysts claim that the
fundamental analysis requires a lot of effort and that the same result can easily be
achieved by using the technical analysis, thus the fundamental analysis is time-
consuming.

Basically both analysis methods have the same goal: to make money. Both methods can
work as long as this goal is to determine the investment strategy rather than guess what
happens tomorrow.

There are certain aspects in which technical analysis is superior to fundamental analysis.
First, the technical analysis is fast. In order to make a fundamental analysis, for example,
a general economic analysis, a sector analysis and a company analysis are required for a
stock. All these analyzes take a lot of time, and it may not always be possible to reach all
of the information. Technical analysis is much quicker because it only analyzes prices.
The use of computer technology is a factor that increases the speed of technical analysis.

Another aspect that technical analysis is superior is diversity. The fundamental analysis
is made specifically for each market and for a single instrument on that market. For
example, the analysis for wheat prices in futures market does not apply to the stock
market. However, technical analysis methods can be easily applied in any market. An
investor using the method of technical analysis does not need to know the wheat market
conditions in the above example. According to the technical analysis, if an instrument in
any market offers an investment opportunity, the technical analyst trades on that
instrument.

Perhaps the greatest advantage of technical analysis is that the generated strategy can be
programmed and the buying and selling signals according to this strategy can be

9
automatically generated. The ability to utilize computer programs in fundamental analysis
is very limited. However, when a computer program using technical analysis reads price
data, the analysis that can be performed in a very short time may contain considerable
results. An application written for any instrument can easily be used with small
adjustments for all instruments. In fact, this study is an example that can be used to make
trading decisions that use this advantage of technical analysis.

A handicap of the fundamental analysis also leads to the technical analysis being
advantageous in technical analysis and fundamental analysis comparison. For example, a
very experienced fundamental analyst has done an analysis using a very comprehensive
set of data and has determined that the price of a stock will increase to a certain level. In
order for the value of the shares to reach the level determined by that analyst, other
investors need to realize the same results and invest in the stock in time. It can take a lot
of time for the shares to reach the specified value. Or, in such a long time, the parameters
used for stock analysis will change and the stock will never reach the determined target
price. The point of view of a technical analyst for the same stock is the knowledge of all
investors’ common thinking, and that information is available in the price.

Looking at the advantages of technical analysis over fundamental analysis described

above, the fundamental analysis may look like a bad method and the technical analysis a
good and easy method. This is not true. Fundamental analysis requires expertise and good
returns can be obtained when applied with a successful strategy. It is also not realistic that
investors who use technical analysis in the same way make money without knowing
anything. Investors using technical analysis also need a robust, tested and proven strategy.
If the technical analysis is not applied with a certain strategy, the advantage can turn into
a disadvantage.

The technical analysis needs fundamental analysis in order to be valid. In other words,
technical analysis cannot be applied to a market that is not traded according to
fundamental analysis. For example, assume that all of the investors in a market are giving
all the trading decisions according to the technical analysis. In this market, for example,
prices should rise forever when it once reaches the peak of its historical prices. Similarly,

10
if there is a trend formation in a market that the traders use only technical analysis, this
trend would continue forever. Technical analysis requires something to imitate because it
is an imitation method. What it imitates is the prices determined by fundamental analysis.

2.2 TECHNICAL ANALYSIS

Technical Analysis is a method of estimating future financial price movements based on

an examination of historical price movements. Like weather forecasting, technical
analysis does not include precise forecasts for the future. Instead, technical analysis can
help investors predict the future direction of prices.

Technical analysis applies to any instrument that is open to trade like stocks, indices,
commodities or futures. The price refers to the opening, highest, lowest, closing, and any
combination of these for a given instrument at a given time interval. The time interval is
based on intraday, daily, weekly, or monthly price data. Technical analysis can also use
volume and open interest data besides the price.

Technical analysis uses a wide variety of charts that show price over time. In this section,
charts will be introduced first. Then Dow Theory will be reviewed and trends will be
introduced. Then the indicators of this study will be examined.

2.2.1 Charts

A chart is a two-dimensional graph that shows prices for an instrument over a certain
period of time. On the x-axis of the graph there is time interval. The left of the horizontal
axis shows the past while the right of the horizontal axis shows the recent past. On the y-
axis there is price information. Upper levels of the vertical axis shows higher prices.

Although there are many types of charts used in technical analysis, four of them are
widely used and will be explained here.

11
2.2.1.1 Line chart

Line chart is the simplest type of charts. It is formed by connecting the closing prices with
a line through a time interval. Some technical analysts only consider closing prices. The
opening, highest, lowest prices in the session do not matter for them. In such cases, line
charts are the most useful chart type for keeping unnecessary data out. In Figure 2.2 there
is an example of a line chart.

Figure 2.2: A line chart example

2.2.1.2 Bar chart

Bar chart is one of the most popular chart types. In order to draw a bar chart, opening,
highest, lowest and closing prices are needed. The drawing of bar chart is shown in Figure

12
2.3. Each bar represents a single day. Figure 2.4 shows a sample of a bar chart of any
instrument in a time interval.

Figure 2.3: Drawing a bar for bar chart

13
Figure 2.4: A bar chart example

Sometimes the bars on bar chart have different colors. If the closing price is greater than
the opening price, the color of that tick is usually green or blue. If the closing price is
lower than the opening price, the color is usually red by convention.

2.2.1.3 Candlestick chart

Candlestick chart is also one of the most popular charts and the data it contains is very
similar to a bar chart. In order to draw a candlestick chart, opening, highest, lowest and
closing prices are needed. The drawing of candlestick chart is shown in Figure 2.5. Each
bar represents a single day. Figure 2.6 shows a sample of a candlestick chart of any
instrument in a time interval.

14
Figure 2.5: Drawing a single candlestick for candlestick chart

Figure 2.6: A candlestick chart

Usually the color of the candlesticks changes according to its price direction. If the closing
price is greater that the opening price, then the color of the candlestick is usually white or

15
green. If the closing price is lower than the opening price, the color of the candlestick is
usually black or red.

2.2.1.4 Point and figure chart

This type of chart is not very popular, but it is used for its simplicity. Those who use such
charts are not concerned with how much the price has increased or decreased. They only
regard with the direction. The chart consists of a series of Xs and Os, each forms their
columns. If the closing price is greater than the previous closing price, than an X is plotted
on the series of X. If the last series is not an X column, a new column is formed and X is
plotted. If the closing price lower than the previous closing price, than an O is plotted
similarly. An example of a point and figure chart is shown in Figure 2.7.

Figure 2.7: A point and figure chart

16
2.2.2 Dow Theory

Dow Theory is the most well-known method that is subjected to academic studies on
technical analysis and trends. The aim of the theory is to detect changes in the main or
major trend of the market. Dow's theory deals with the direction of the trend. The trend
is not interested in how long it will take or what price it will reach.

The Dow Theory was developed from the editorials of Charles H. Dow, published in the
Wall Street Journal between 1900 and 1902. Dow used the behavior of the stock market
as a barometer of business conditions, not as a basis for estimating share prices. The
successor William Peter Hamilton further developed the principles of Dow and made the
theorem in a form as we know it today. These principles are summarized in Hamilton's
1922 book, The Stock Market Barometer. After Robert Rhea's book Dow Theory was
published in 1932, the principles were obtained at the end of a more complete and
formalized account (Pring 2014, pp.29-30).

The first starting point of the technical analysis approach is based on the Dow Theory.
According to Dow's theory, the development of stock market prices over time is a
function of earnings from stocks and depends on the equilibrium prices that speculators
cannot direct. Equilibrium prices reflect the general value of future earnings from the
share. However, since it is not possible to know the present value of the future earnings,
the stock market price will deviate significantly from the equilibrium price and fluctuate.
The uncertainty of the future and changes in anticipation will lead to constant fluctuations
in prices.

The main principles of the Dow Theory is listed below. The first three principles are
explained in the 2.1.3 Technical Analysis section. The others will be explained shortly.

a) Averages discount everything. This principle is explained in the 2.1.3 Technical

Analysis section.

17
b) Prices move in trends. This principle is also explained in the 2.1.3. Technical Analysis
section.

c) Main trends have three stages. Dow and Hamilton have observed these three stages on
both bullish and bearish markets. These stages reflect both price movements and the
psychological state of the market. These stages are Accumulation, Big Move and Excess
(Perşembe 2015, p.70). During the accumulation phase, large investors slowly buy shares.
During the move, share prices are starting to increase and attract investors’ attention. In
the demolition phase, investors who think that there will be big movements in the stock
buy and eventually come to the end of the upward trend.

d) The volume should confirm the trend (Perşembe 2015, pp.78-79). In a bull market
trend, the transaction volume should increase as price increases and decrease as price
decreases. As the transaction volume decreases, the market shrinks. Here the word shrink
is used for the number of shares that are increasing or decreasing. If the main trend is
upward, contraction in the correction movement should not be too much. The transaction
volume in the main bearish trend increases as price decreases, but it decreases in upward
correction movements. There will not be an excessive increase in the number of shares
that have price increases in the adjustments. Therefore, by looking at transaction volume
and market depth in the correction movements, we can interpret the current main trend,
whether it continues or not. Dow and Hamilton found that high trading volume could also
point to possible trend reversals. A sudden high trading volume after a rising (or falling)
price increase could be the end of the upward trend (or downward trend), or at least the
news of the corrective action.

e) It should be assumed that the trend continues until there is a certain signal of reversal.
Once the presence of a trend has been identified, one should act on the direction of that
trend until it is proved that the trend ended. An upward trend is proved with new highs
and rising highs. The downward trend shows itself with the new lows and the highest
drops. (Perşembe 2015, pp.81-85)

18
2.2.3 Technical Analysis Indicators

When conducting technical analysis it is difficult to identify trends and resolve

formations. The analyst should be objective while making these determinations.
Technical analysis indicators have emerged to overcome these difficulties and to identify
trend transformations by formulating them. The technical analysis produces values by
using price and transaction volume information and these values are displayed on the
graph to help in making buy and sell decisions.

Technical analysis indicators are generally examined as two classes. The first is trend-
following indicators. The second is oscillators that show that the trend is in overbought
or oversold region.

Trend-following indicators consist of moving averages and various derivatives thereof.

They are plotted on the price chart. Oscillators are made up of charts that are below or
above the price chart with the same interval, but with their own values. These charts
oscillate between certain values.

Although moving averages will not be used directly in this study, moving averages will
be introduced at first because the moving averages will be used in the oscillator type
indicators. Then, the indicators to be used in this study will be given place.

2.2.3.1 Moving averages

Moving average is the average value of prices at a certain time interval. The moving
average of a time period uses all the price information from the time period to the time
specified backward, and uncovers a trend line according to the type of the moving
average. Detailed calculations are shown below in moving average types.

The moving average can be seen as a skewed trendline. When the price falls below the
trend line, the sell signal is generated. When the price goes over the trend line, a buy
signal is generated. Moving averages follow prices on a lagged basis as they consist of

19
past prices. Although it seems like a disadvantage to follow delayed, it actually has an
effect that removes the noises from the prices.

Moving averages can also be used as support and resistance levels. When prices approach
certain moving averages, they usually face a market movement in the opposite direction.
If moving average support or resistance is passed, this is a trend change signal.

2.2.3.1.1 Simple moving average (SMA)

The simplest and the most commonly used of the moving averages is the simple moving
average. The simple moving average is obtained by summing the prices in a certain period
of time and dividing to number of periods. For example, in order to calculate the 50 day
moving average of a share, the moving prices for the last 50 days are collected and divided
by 50 to find the moving average value for that day. In the same way, when the formula
is applied to other days, the moving average curve comes out. The simple moving average
calculation usually uses closing prices. The moving average curve shows the direction of
trend. Figure 2.8 shows the formula for calculating the moving average. Figure 2.9 shows
an example of using moving averages.

Figure 2.8: Simple moving average formulation

∑𝑛𝑖=1 𝐶𝑙𝑜𝑠𝑖𝑛𝑔 𝑃𝑟𝑖𝑐𝑒𝑖

𝑆𝑖𝑚𝑝𝑙𝑒 𝑀𝑜𝑣𝑖𝑛𝑔 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 = , 𝑤ℎ𝑒𝑟𝑒 𝑛
𝑛
= 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑒𝑟𝑖𝑜𝑑𝑠

Source: Yaşar Erdinç, (2004) Yatırımcı ve Teknik Analiz Sorgulanıyor. October 2004.

20
Figure 2.9: Simple moving average example

In Figure 2.9, there is a fifteen-day moving average and fifty-day moving average. The
crossing of the prices to the moving averages has formed an uptrend. Moreover, there is
a support example where the prices comes closer to the fifty-day moving average.

2.2.3.1.2 Weighted moving average (WMA)

The simple moving average is calculated by treating the prices in the near past with the
old prices equally. Some investors think that recent prices are more important than
previous prices. For this reason, they prefer to use a weighted moving average instead of
a simple moving average.

21
When calculating the weighted moving average, more weight is given to the last days,
and the weights are reduced while going to the old prices. The price of each period is
multiplied by its weight, and the result is divided by the sum of the weights.

Weighted moving averages are not much preferred by investors. The reason is the
preference of the exponential moving averages, in which recent past prices are affected
more.

2.2.3.1.3 Exponential moving average (EMA)

The exponential moving average is the most commonly used moving average type after
the simple moving average. Exponential moving average, like weighted moving average,
is based on the assumption that recent prices are more important than the old prices and
that more weight should be given to the recent prices.

When the exponential moving average is calculated, the price of the last period is
multiplied by a calculated coefficient. Then, another coefficient that will sum up the
coefficient to one is found and multiplied by the exponential moving average of the
previous period. Then the two values found are summed. Since each exponential moving
average calculation requires the previous exponential moving average, the exponential
moving average will not be calculated at the beginning prices. For this reason, the first
specified time interval starts with the simple moving average. However, in some
programs, the first period value is assumed to be the exponential moving average instead
of the simple moving average, and the calculation starts from the second period.

Figure 2.10 shows an example of a 10 day exponential moving average calculation

formula. In Table 2.1, a more detailed exponential moving average calculation is
presented.

Figure 2.10: Calculation example of an exponential moving average

Standard Moving Average = 10 period sum / 10

22
 Multiplier = (2 / (Time Periods + 1) ) = (2 / (10 + 1) ) = 0.1818 (18.18%)

EMA(11) = {Close – SMA(10)} x Multiplier + SMA(10)

EMA = {Close - EMA(previous day)} x multiplier + EMA(previous day).

Source: http://stockcharts.com/school/doku.php?st=moving+averages&id=chart_school:technical_indicat
ors:moving_averages

Table 2.1: Sample calculation of exponential moving average

Source: http://stockcharts.com/school/doku.php?st=moving+averages&id=chart_school:technical_indicat
ors:moving_averages

Figure 2.11 shows the exponential moving average and simple moving average together.
It is clear that the exponential moving average is more closely following prices than the
simple moving average.

23
Figure 2.11: Using SMA and EMA together

2.2.3.2 Relative strength index (RSI)

The Relative Strength Index (RSI) is the most widely used indicator of overbought and
oversold indicators. The formula of this simple but at the same time reliable indicator has
been developed by Welles Wilder in the book New Concepts in Technical Trading
Systems, published in 1978. (Perşembe, c3, s132)

The RSI measures the rate of change in price movements. The RSI value fluctuates
between zero and 100. Over-buying over 70, and over-selling over 30.

24
As with other indicators, a specific time interval parameter must be defined for RSI
calculation. The default value of the time interval is 14 periods. To calculate the RSI,
firstly, the rising average of the rising periods in the specified time interval and the falling
average of the falling periods in the specified time interval are found. The data then has
a Relative Strength (RS) value, which is the average of the rising prices divided by the
average of the falling prices. The RSI is then calculated according to the formula given
in Figure 2.12. Table 2.2 shows a sample calculation of RSI with formulations.

Figure 2.12: Calculation of a 14-period RSI

First Average Gain = Sum of Gains over the past 14 periods / 14

First Average Loss = Sum of Losses over the past 14 periods / 14

Average Gain = [(previous Average Gain) x 13 + current Gain] / 14

Average Loss = [(previous Average Loss) x 13 + current Loss] / 14

RS = Average Gain / Average Loss

RSI = 100 – 100 / (1 +RS)

Source: http://stockcharts.com/school/doku.php?st=rsi&id=chart_school:technical_indicators:relative_stre
ngth_index_rsi

25
Table 2.2: Sample calculation of a series of RSI

Source: http://stockcharts.com/school/doku.php?st=rsi&id=chart_school:technical_indicators:relative_stre
ngth_index_rsi

In computer programs RSI is plotted above or below the price graph. Figure 2.13 shows
an example of RSI drawing and overbought and oversold levels. Red dashed lines are
overbought, green dashed lines are oversold areas. In this case, for example, buy orders
can be given in green lined places and sell orders can be given in red lined places.

26
Figure 2.13: RSI Diagram

Looking at the example above, it seems very simple to profit using RSI. In real life, the
use of indicators is not that simple. In this example, the RSI remains above the 70 level
or below the 30 level for a very short time. If it had stayed longer, it would be seen that
the trend of the prices continued and that the investors trading at the very first day would
miss the strong trend. The result here is that the RSI indicator should not be used this way
in strong trends.

There are other methods of using RSI. One method is slightly modified form of the above
method. It is not sold when the RSI reaches 70 level, instead, it is sold at the first level
where it falls below the 70 level. Likewise, one should wait while the RSI is below the

27
level of 30 and buy when the level reaches above 30. So the ongoing trend is caught a
little more.

Another usage of the RSI indicator is using it with its moving average. If the RSI moving
average remains above the upward trend, no sales will occur. Likewise, under the RSI
moving average, the downward trend is assumed to be continuing and no buying occurs.
When RSI crosses its moving average, it is assumed that the trend has changed and a buy
or sell decision is made.

2.2.3.2.1 Divergences

Because the divergences are the main topic of this study, it will be explained in the RSI
example in a separate title. The divergences that will arise in subsequent indicators will
also be explained with reference to this title in order to abstain from repetition.

Another use of the RSI indicator is divergences. A divergence is the condition on a chart
when the prices make higher highs while the indicators do not do higher highs, and
similarly when the prices make lower lows while the indicators do not do lower lows. In
this case, the indicator does not confirm the ups and downs in prices. Conflicts will soon
be considered as a messenger of a possible trend change.

Figure 2.14 shows an example with of divergences on both sides on a chart. First, prices
have made new highs between February and April 2011. Latest peak is higher than the
previous one. However, in the RSI indicator, the peak is lower than the previous peak.
After May 2011, large price decreases have been observed. In August and September
2011, lows were formed in the prices and the newly formed low levels remained at a
lower levels than the previous ones. However, the RSI indicator has a higher low values
than the previous lows. While prices show the downward trend continues, RSI signals
that the trend has come to an end. As a result, the downtrend has come to an end soon,
and the prices have risen sharply.

28
Figure 2.14: Divergence example

2.2.3.3 Stochastic oscillator

Stochastic Oscillator was developed by George C. Lane. (Thursday, c3, p142) The
Stochastic Oscillator is a display that compares the price of an instrument with the highest
and lowest prices it has in a given time period. If prices are rising, the closing price tends
to go up to the highest price in the selected time period. Likewise, if prices are falling, the
closing price tends to go to the lowest price of the selected time period. (Erdinç, p.420)

29
The Stochastic Oscillator is a chart composed of two curves. The main curve is called the
slowed% K curve and is usually indicated by a straight line on the chart. The second curve
is called the% D curve and is shown with a dashed line on the chart.

The details of the Stochastic Oscillator calculation are given in figure 2.15. According to
this calculation, %K and its 3-day standard moving average,% D values are found. Then,
the X-period moving average of the value of %K is taken, and a Full %K value is found.
Finally, full %D value is found by, taking the X-period standard moving average of Full
%K. The chart is drawn with Full %K and Full %D values.

Figure 2.15: Stochastic oscillator calculation

%K = (Current Close - Lowest Low)/(Highest High - Lowest Low) * 100

%D = 3-day SMA of %K
Where,
Lowest Low = lowest low for the look-back period
Highest High = highest high for the look-back period
%K is multiplied by 100 to move the decimal point two places

Full %K = %K smoothed with X-period SMA

Full %D = X-period SMA of Full %K

When using the Stochastic Oscillator, the time interval is selected as 5 or 14 by default.
The moving average used for smoothing is assumed to be 3 by default.

The Stochastic Oscillator has a value between zero and 100, as it is on the RSI. When the
RSI approaches zero, it is considered in oversold region, whereas it is considered as in
the overbought region when approaching 100. Generally, over 80 values are considered
as overbought regions while under 20 values are considered as oversold regions.

30
In computer programs Stochastic Oscillator is plotted above or below the price graph.
Figure 2.16 shows an example of overbought and oversold levels, along with the plot of
the indicator.

Figure 2.16: Example of stochastic oscillator

The simplest use of the Stochastic Oscillator is to make sales when it reaches level 80 and
to make purchases when it reaches level 20. Another use is to make a sale when it goes
above 80 level and falls below 80 level, and to buy when it goes above 20 level.

The Stochastic Oscillator can also be used with moving averages, but there is no need to
draw a new moving average. The dashed line in the chart is the moving average of the

31
indicator of 3 periods. In this case, a selling can be done when the Stochastic Oscillator
(%K) falls below the %D line, and a buying can be done when it raises above the %D
line. To make the results safer, it is better to do this process below level 20 and above
level 80.

As mentioned earlier when introducing the RSI indicator, the Stochastic Oscillator
indicator can also be used to detect and act on divergences. As prices go up the hill, the
Stochastic Oscillator will also peak. Likewise, as prices go bottom, the Stochastic
Oscillator will also go bottom. If the prices make higher high but the indicator does not
to higher high like prices, it indicates that there is a divergence between prices and the
indicator, and the trend is likely to change in the near future and that prices are likely to
fall. Likewise, if the Stochastic Oscillator does not make lower lows while prices are
making lower lows, there is a divergence and prices are likely to rise.

2.2.3.4 Moving average convergence and divergence (MACD)

MACD is one of the most stable indicators of technical analysis. It was originally
developed by Gerald Appel in 1979. (Perşembe, c3, s100)

MACD is an indicator that is a derivative of moving averages. The purpose of the

indicator is to show the direction of the trend according to the difference between the
moving averages. The MACD uses two different moving averages. One is fast moving
average and the other is slow moving average. Exponential moving average of 26 periods
is used as the slow moving average and exponential moving average of 12 periods is used
as the fast moving average. The indicator shows that it is an uptrend when the fast moving
average rises above the slow moving average, and that it is a downtrend when the fast
moving average falls below the slow moving average. The difference between the two
averages forms an oscillator and is plotted in this way. This plot is called the Signal Line.
The 9-day exponential moving average of the signal line is then plotted. Figure 2.17
shows an example of the MACD plot.

32
Figure 2.17: An example of MACD

There are various methods of using MACD. The first method is to make a purchase when
the signal line goes below zero and then the sale goes above zero. So if the fast moving
average cuts the slow moving average up, buying is selling down if it cuts down. In this
method, since both indicators are trend followers, their intersection is too late and the
signals are obtained too late.

The same method can be applied between the signal line and the moving average of the
signal line in order to obtain the purchase sales signals earlier. It is interpreted as buy
signal when the signal line goes above the moving average, and as sell signal when the
signal line goes below the moving average.

33
As with the other indicators, divergences can be used with the MACD indicator. If prices
are on rising peaks and the signal line is going downhill, the rising trend will end up after
a while and the downward trend will begin. Likewise, if the signal line bottoms up while
the prices have lower bottoms, it is interpreted that the downward trend will end and the
upward trend will begin.

2.2.3.5 Rate of change (ROC)

The ROC is used in the same way as the momentum indicator and gives the same results.
The ROC is a simple but effective display. For this reason it is highly preferred by
technical analysts.

If the price on a period is subtracted from the previous price of a certain period of time,
the value of the momentum indicator is obtained. If this value is multiplied by 100 divided
by the previous bid, the value of the ROC indicator is obtained. The reason for preferring
ROC in this study is that the ROC indicator is a ratio and only oscillates between 100 and
-100. Figure 18 shows the ROC calculation formula. Table 2.3 contains the ROC
calculation example.

Figure 18: Formula of ROC

ROC = [(Close - Close n periods ago) / (Close n periods ago)] * 100

Source: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:rate_of_change_ro
c_and_momentum

34
Table 2.3: A sample calculation of rate of change

Source: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:rate_of_change_ro
c_and_momentum

The use of the ROC indicator is similar to the use of other oscillator indicators. The first
method is to make a buy when the indicator goes below zero and a sale when it goes
above zero. When ROC goes below zero, prices are interpreted as lower than previous
prices and prices are in a downward trend. Likewise, if the ROC is above zero, it is
interpreted that it is in a rising trend.

Another way to use the ROC is to draw an overbought line and an oversold line, as in the
RSI indicator, and to trade when these levels pass. This method may not work in strong
trends.

ROC can also be used in divergence checks. In case of a divergence, buying or selling
can be done by interpreting that the trend to change.

35
2.2.3.6 Commodity channel index (CCI)

CCI was introduced for the first time by Donald R. Lambert in the October 1980 issue of
Commodities magazine. (Thursday, c3, p123) Although the purpose of this indicator is
for the commodity market, the stock market and other markets can also be adapted. The
CCI indicator shows how much the price of an instrument deviates from its statistical
average. (Erdinç, p386)

The higher the price of an instrument than the average price over a period of time, the
higher the CCI value. Likewise, the lower the price than the average price, the lower the
CCI is. CCI has a more complex formula than the other indicators. Figure 2.19 below
shows the CCI calculation steps.

Figure 2.19: Calculation steps of CCI

Typical Price (TP) = (High + Low + Close)/3

Standard Moving Average (SMA) = 20-period standard moving average of TP

Find Mean Deviation (MD) of TP with SMA

CCI = (TP – SMA) / (0.015 * MD)

Source: Erdinç, (2004) Yatırımcı ve Teknik Analiz Sorgulanıyor. October 2004.

Values of 100 and -100 are important when using the CCI indicator. The constant 0.015
used in the calculation is intended to cause the indicator to move in this range 70 percent
to 80 percent of the time (Thursday, c3, p124). Figure 2.20 shows a sample usage of CCI.

36
Figure 2.20: Sample usage of CCI

The use of CCI is similar to the use of other oscillator indicators. It is interpreted as
overbought signal when the indicator goes over 100, and as oversold signal when the
indicator falls below -100. CCI can be used for divergence checking in the same way as
other indicators.

37
2.2.3.7 Money flow index (MFI)

MFI, like other indicators, is an oscillating indicator, but it is different from the others.
The MFI also adds volume information to the calculation. It measures the money inflow
or money outflow to a specific instrument.

The calculation of the MFI is shown in Figure 2.21. First, Typical Price is found by
summing up the high, low and close values and dividing the sum to 3. Then, Raw Money
Flow is found by multiplying the Typical Price with Volume. After that, the positive and
negative money flows are calculated by summing up the positive and negative money
flows. Then the Money Flow ratio is calculated by dividing the determined period
Positive Money Flow by the determined period Negative Money Flow. And finally,
Money Flow Index is calculated by a formula that is very similar to RSI. Because of the
similarity of the formulas, the MFI is called volume-weighted RSI by the analysts.

Figure 2.21: Calculation of money flow index with 21 periods

Typical Price = (High + Low + Close)/3

Raw Money Flow = Typical Price x Volume

Money Flow Ratio = (14-period Positive Money Flow)/(14-period Negative Money

Flow)

Money Flow Index = 100 - 100/(1 + Money Flow Ratio)

Source: http://stockcharts.com/school/doku.php?st=money+flow+index&id=chart_school:technical_indic
ators:money_flow_index_mfi

The default value of the MFI is 14 periods. MFI oscillates between 0 and 100. The
overbought and the oversold levels are 80 and 20 respectively. An example demonstration
of the indicator is shown in Figure 2.22.

38
Figure 2.22: An example of money flow index

The usage of MFI is similar to the use of other oscillator indicators. It is interpreted as
overbought signal when the indicator goes over 100, and as oversold signal when the
indicator falls below -100. CCI can be used for divergence checking in the same way as
other indicators.

39
2.2.4 Literature Review on Technical Analysis

(Zhu and Zhou, 2007) analyzed the usefulness technical analysis, especially the widely
used moving averages and trading rules based on this indicator from an asset allocation
perspective. They showed that, when the stock returns are predictable, technical analysis
works well with investing fixed proportions of investments in stocks. When the stock
returns are uncertain or not predictable, fixed allocation rules combined with the technical
analysis can perform better than the previous rule.

(Ellis and Parbery, 2005) examined the relative performance of an Adaptive Moving
Average (AMA) on the Australian All Ordinaries, Dow Jones Industrial average, and
Standard and Poor’s 500 stock market indices. While the strategy is confirmed to have
some market timing ability, the overall results show returns to the Adaptive Moving
Average cannot compensate for the cost of trade therefore lending support for the use of
a long run passive strategy.

(Parisi and Vasquez, 2000) tested two of the simplest and most popular trading rules -
moving average and trading range break-out - in the Chilean stock market. As a result of
this study, buy signals consistently generated higher returns than sell signals. Moreover,
returns following sell signals were negative, which was not easily explained by any of the
currently existing equilibrium models. However, they did not observe any difference
regarding the risk for the signs of buys and sells, a result explained by the fact that the
Chilean stock market was highly concentrated and illiquid.

(Gunasekarage and Power, 2001) analyzed the performance of one group of trading rules
using index data for four emerging South Asian capital markets (the Bombay Stock
Exchange, the Colombo Stock Exchange, the Dhaka Stock Exchange and the Karachi
Stock Exchange) and examined the implications of the results for the weak form of the
efficient market hypothesis. The findings indicated that technical trading rules have
predictive ability in these markets and rejected the null hypothesis that the returns to be
earned from studying moving average values were equal to those achieved from a naive

40
buy and hold strategy; the employment of these techniques generated excess returns to
investors in South Asian markets.

(Mitra, 2011) analyzed benefits of moving average based trading rules in India for the
period December 2000 to November 2010 covering a period of ten years. He used two
stock indices namely Nifty and Junior nifty, which jointly covered top 100 stocks traded
in Indian market. It was found that many trading rules offer profit opportunity without
trading costs, but the profit vanished when trading costs were accounted. He therefore
estimated breakeven trading cost for each trading rules and found that it was very difficult
to trade below breakeven trading cost and accordingly, small investors needed to keep an
eye on trading cost before selecting trading rule.

(Jiang and Szeto, 2003) used three different kinds of moving averages (simple moving
average, exponential moving average and adaptive moving average) of various durations
have been used in the conditional statement involving the closing price of a given stock
in their study. The performance of a given investment strategy was evaluated using the
rate of overall return in both the training set and the test set, thereby converting the
problem of discovering good investment strategies to an optimization problem in
combinatorics, which was solved with a genetic algorithm approach. Stock data from
NASDAQ, including Microsoft, Intel, Oracle, and Dell were tested and comparisons of
genetic algorithms with benchmark methods such as random walk, buy and hold, and
exhaustive search were performed. Results showed superior performance in genetic
algorithm in term of the rate of overall return for the test set. Within the borders of limited
data, all three moving averages show similar results for the stocks investigated.

(Brock and et. al., 1992) tested two of the simplest and most popular trading rules-moving
average and trading range break by utilizing the Dow Jones Index from 1897 to 1986.
The results provided strong support for the technical strategies. The returns obtained from
these strategies are not consistent with four popular null models: the random walk, the
AR(1), the GARCH-M, and the Exponential GARCH. Buy signals consistently generated
higher returns than sell signals, and further, the returns following buy signals were less
volatile than returns following sell signals. Moreover, returns following sell signals were

41
negative, which was not easily explained by any of the currently existing equilibrium
models.

(Chong and Ng, 2008) examined two oscillators – the Moving Average Convergence and
Divergence (MACD) and the Relative Strength Index (RSI) – to see if the rules of these
indicators are profitable. Using 60-year data of the London Stock Exchange FT30 Index,
it was found that the RSI as well as the MACD rules could generate returns higher than
the buy-and-hold strategy in most cases.

(Mitra, 2010) analyzed the profitability of moving average based trading rules in the
Indian stock market using four stock index series. The study found that most technical
trading rules were able to capture the direction of market movements considerably well
and give significant positive returns both in long and short positions. But these returns
could not be exploited fully due to real world transaction costs.

(Wong and et. al., 2010) studied the role of technical analysis in signaling the timing of
stock market entry and exit. Test statistics were introduced to test the performance of the
Moving Average and the Relative Strength Index. Using Singapore data, the results
indicated that the indicators could be used to generate significantly positive return. It was
found that member firms of Singapore Stock Exchange (SES) tended to enjoy substantial
profits by applying technical indicators.

(James, 1968) made a series of experiments that were performed upon actual market data
using Moving Average of different periods and intervals. As a result, few of the decision
rules would have beat a simple buy-and-hold technique. This survey also detected that
when the records of individual shares (instead of the values of indices) are examined,
there is little reason to believe that the investor’s position would be benefited by use of
moving averages.

(Papailias and Thomakos, 2015) proposed a modified version of the price and moving
average cross-over trading strategies. The results showed that, on average, the proposed
modification increased the cumulative return and the Sharpe ratio of the investor while

42
showing smaller maximum drawdown and smaller drawdown duration than the standard
strategy.

(Fernández-Blanco and et. al., 2008) proposed Evolutionary Algorithms to discover

correct indicator parameters in trading. In order to check this proposal the Moving
Average Convergence and Divergence (MACD) technical indicator was selected.
Preliminary results show that this technique could work well on stock index trending.

(Mills, 1997) investigated the predictive ability of various simple technical trading rules
by analyzing daily data on the London Stock Exchange FT30 index for the period 1935 -
1994. The study found that the trading rules worked in the sense of producing a return
greater than a buy-and-hold strategy until the early 1980s. Since then, however, the buy-
and-hold strategy has clearly dominated because the market was effectively driftless.

43
 3. DATA AND METHOD

The studies that performed technical analysis tests on several indicators shows that it is
possible to obtain more return than the buy-and-hold strategy. The investors and technical
analysts who use technical analysis tools can see the direction of the market.

The aim of this study is to find whether the divergences can be used in a trading algorithm
in order to develop the performance of trading signals used in technical analysis. In this
chapter the definition and the details of the algorithm is constructed. Then a trading
scenario that uses this algorithm is defined. The testing of the algorithm with the scenario
on several markets is explained.

3.1 DATA INPUT

In order to achieve the goal of this study, a variety of market index and currency data is
used as an input. The data selected for this study includes developed countries’ stock
market indexes, developing countries’ stock market indexes and currency exchange rates.
The developed country market indexes are Dow Jones Industrial Index (DJI), Deutsche
Boerse AG German Stock Index (DAX) and Financial Times Stock Exchange 100 Index
(FTSE 100). The developing country market indexes are Borsa Istanbul Stock Exchange
100 Index (BIST 100), Brazilian Security Exchange Index (BOVESPA) and Shanghai
Stock Exchange Composite Index (SHCOMP). And the selected currency exchange rates
are Euro – US Dollar parity (EUR/USD) and US Dollar – Turkish Lira parity
(USD/TRY).

3.2 INDICATORS USED

The indicators for the test is selected according to the usage frequency of the indicator by
technical analysts. Also the availability of the indicator to the divergence is another
parameter. In order to apply divergence rules on an indicator, the indicator must be an
oscillator-type indicator. Another factor of selection is the diversity of the indicators. For

44
this reason, for example, an indicator that includes volume information is included in the
selected indicators.

The selected indicators are RSI, MACD, Stochastic Oscillator, ROC, CCI and MFI. The
definition and usage of these indicators are described in the previous chapter.

3.3 DEFINITION OF THE TIME INTERVAL

The interval of the testing is fifteen years, from the beginning of January, 2000 to the end
of December, 2015. The algorithm finds the divergences of the above eight market with
the defined divergence rules. There have been many financial events between 2000 and
2015. Some of them are the bursting of the dot.com bubble in 2000, 9/11 terrorist attacks
in 2002, Iraq war, Rising of China and India in world economy, sub-prime housing crisis
in 2008 and the global recession, European debt crisis in 2012, Arab spring and the war
on Syria. All of these events occurred in this interval and all of them greatly affected the
financial markets. Many trends emerged as a result of these events. There were also many
time intervals that the markets are flat, or with no trend. So these fifteen years is long
enough in order to see all the behavior.

3.4 DEFINITION OF THE DIVERGENCE ALGORITHM

Divergences are obtained in charts by analysts by observing the price lines and indicator
lines. In this way, drawing the divergences is the “artistic” part of the technical analysis.
On the other hand, the indicators are drawn automatically by computer programs when
the parameters of the indicators are entered. This study brings a new approach to
divergences. This study proposes that the divergences can be defined by setting rules to
a computer program and they can be used like indicators in technical analysis.

In order to define the algorithm, the definition of the divergence is reviewed first. A
divergence is the condition on a chart when the prices make higher highs while the
indicators do not do higher highs, and similarly when the prices make lower lows while
the indicators do not do lower lows. The first part of this definition is the bearish

45
divergence, which includes top points, and indicates that a bearish trend will start. The
latter part is the bullish divergence, which indicates bottom points, and indicates that a
bullish trend will start soon.

So the general rules of the bullish divergence is simply:

a) Find the bottom points of the indicator,
b) For each bottom point, compare the bottom point with each of the previous bottom
points where a line can be drawn between these points without crossing the indicator line,
c) If a pair of points is found as described in (b), say t1 and t2, compare the prices in in the
same periods (prices at t1 and t2), if the price at t2 is lower than the price in t1, then there
is a bullish divergence between the interval t1 and t2.

Similarly, the general rules of the bearish divergence is simply:

a) Find the top points of the indicator,
b) For each top point, compare the top point with each of the previous top points where a
line can be drawn between these points without crossing the indicator line,
c) If a pair of points is found as described in (b), say t1 and t2, compare the prices in in the
same periods (prices at t1 and t2), if the price at t2 is higher than the price in t1, then there
is a bearish divergence between the interval t1 and t2.

These are the basic rules of the algorithm that will be applied to all of the indicators.
Besides these rules, each indicator has its own properties like default period, price type
or other parameters needed to calculate the indicator.

3.5 APPLICATION OF DIVERGENCE ALGORITHM TO EACH INDICATOR

Before entering the indicator details there are some problems to be solved in the definition
of the bullish and bearish divergence algorithms. First of all, finding the top points by
looking at the chart is easy. What is a top point for a computer program? Is it sufficient
to look at the previous and the next price and saying that the price is higher than them?
With this definition, for example, a plenty of top points occurs and most of them give
wrong results. For this reason, the detection of the top points must be defined clearly.

46
A lot of technical analysts know taking the moving average of the indicator and looking
at the trend of the indicator. In this study, this method is preferred to define the top and
bottom points.

Starting from the very first period, if the indicator is above its moving average, then the
value at that point is defined as the top point. Going to the next periods, if the current
point is again above its moving average and the value at that point is higher than the
defined top point, then the value at that point is defined as the new top point. This process
continues until the value of the indicator falls below its moving average.

Calculating bottom points is very similar to calculating the top points. Starting the first
period where the indicator value is below its moving average, the value of the indicator
is set as the bottom point. Going to the next periods, if the current point is again below its
moving average and the value at that point is lower than the defined bottom point, then
the value at that point is defined as the new bottom point. This process continues until the
value of the indicator crosses its moving average and goes above its moving average.

By using the moving average of the indicator, a list of top points and bottom points of the
indicator is obtained. In this study the period parameter of the moving average is defined
as 10. Lower values of the parameter follows the indicator closer but it causes a lot of
wrong top or bottom point signals. Higher values of the time parameter of the moving
average causes the validation of the top or bottom point emerge very late. Figure 3.1
shows the top and bottom points defined in this algorithm.

47
Figure 3.1: Finding top and bottom points by using moving average of the indicator

The next problem of the divergence rules lies in the clause “without crossing the indicator
line”. If a line is drawn between two top points and it crosses the indicator, this means
that there is at least one more top points between these top points and this top point must
not be neglected. In order to achieve this rule, a new term is defined in this algorithm,
which is the slope. The slope of a top point is defined in the formula below.

Figure 3.2: Definition of the slope of an indicator at top points

Slope of Top Points = (Value of the indicator at previous top point – Value of the
indicator at later top point) / (Period value of later top point – Period value of the
previous top point)

48
In order not to cross the indicator line, take each point from right to left order for
comparison with the current point (period). If a divergence found in two top points, set
the slope of the current period. Then look for another point that comes earlier on the chart.
If a divergence found in these two top points, then look at the slope of these points. If the
slope is higher than the slope of the current period, then record the new divergence point
and go on to the other points. If the slope is not higher, then discard the divergence
because it is not valid. Figure 3.3 shows an example of both a true divergence and a wrong
divergence. The divergence drawn with red line should be discarded according to this
algorithm because its slope is not greater than the current slope, which is the slope of the
green line. In this example, the green is true, while the red one is wrong because it crosses
the indicator line.

49
Figure 3.3: The right and the wrong divergence detection

The definition and the usage of the slope of bullish divergences is very similar to that of
bearish divergences. This time bottom points are used instead of top points. Figure 3.4
shows the formula of the definition of slope for bottom points.

Figure 3.4: Definition of the slope of an indicator at bottom points

Slope of Bottom Points = (Value of the indicator at later bottom point – Value of the
indicator at previous bottom point) / (Period value of later bottom point – Period value
of the previous bottom point)

50
In order to get correct results of divergences some restrictive rules are defined in the
algorithm. First rule is about the time interval. Time interval between two top points or
between two bottom points should not be less than ten periods, otherwise the divergence
interval would be very short. Also time interval that is more than six months for daily
charts is not applicable. The time interval rule is applied on all of the indicators.

There is also indicator-specific rules. If the indicator oscillates between 0 and 100, the
top points that are subject to divergence testing must be greater than 60. Similarly, the
bottom points that are subject to divergence testing must be less than 40.

As a result, the definition of the divergence algorithm is defined as the following items:
a) Calculate the indicator values on all of the periods of the selected interval.
b) Calculate the 10-period standard moving average of the indicator on all periods.
c) Calculate top points of the indicator.
d) Calculate bottom points of the indicator.
e) For each top point, find previous top points. For each previous top point, look for the
divergences that fits the previously defined divergence rules. If there is a divergence,
record the periods of the divergence points.
f) For each bottom point, find previous bottom points. For each previous bottom point,
look for the divergences that fits the previously defined divergence rules. If there is a
divergence, record the periods of the divergence points.
g) List the results of divergences on the screen.

After the detection of the divergences, this study investigates the possible performances
when a trade decision is made after the occurrence of the divergence. In order to measure
the performance, a trade decision is made after the divergence is confirmed. The
confirmation point is the day that the indicator crosses its moving average. In other words,
when the trend of the indicator is ended, the divergence on the latest top or bottom point
is confirmed. Figure 3.5 shows the confirmation point example on a bearish divergence.

51
Figure 3.5: Definition of the trade after divergence, trading day and maximum value
in 10 days

After the confirmation, the next day opening price is defined as the trading price. It is
assumed that a sell decision is made after a bearish divergence, and a buy decision is
made after a bullish divergence. After a bearish divergence, the minimum price in the
next 10 days period is found. Similarly, the maximum price in a 10-day period is found.
The difference between the trading price and the minimum or maximum price is defined

52
as the maximum return. The rate of maximum return to the trading price is defined as the
maximum return rate of the divergence. This method is used in order to find the return
rates of the divergence on each indicator and on each market.

After finding the return rates, a success criterion is defined for each market. This criterion
is implies that if the divergence exceeds the defined rate, the usage of this divergence is
succeeded. If the return rate after the divergence does not reach the defined return rate,
than the divergence usage is accepted as “failed”. As a result, the number of fails and the
rate of fails are obtained as output on each test. The threshold value, or the success ratio
is 1.25 percent for the developing country markets, 1 percent for the developed country
markets, and 0.75 percent for the currency pairs. For example, if the maximum return rate
of a divergence on BIST 100 4.7 percent, then it is successful. If the rate is 1.15 percent,
then it is failed.

3.6 IMPLEMENTATION OF THE ALGORITHM

In order to implement the divergence algorithm, reading the market data is needed first.
The market data can be obtained by any data provider in any format. Some common
market data formats are Metastock format and Comma-Separated Values (csv) format.
The obtaining of the data and the reading of the data in the computer program is out of
the scope of this study. But the data that is obtained must include at least opening price,
closing price, highest price, lowest price and volume information.

After getting the market data ready for use, a software development program is needed
for the implementation of the algorithm and showing the results. For this purpose,
Microsoft Visual Studio 2015 with .NET Framework 4.6 is used. The coding language is
Visual C#. The visual example of the screen developed for running the tests is shown in
Figure 3.6. On this screen, the data to be tested is selected first on the source data list on
the left. After the selection, market data is loaded on the right list. There are buttons for
each indicator to be tested. These buttons are used to start the test with a specific indicator.

53
Figure 3.6: The screen developed for loading data and testing

After running the test for any indicator and for any data, the results must be shown on a
user interface. For this reason, the result screen is developed. The appearance of the result
screen is shown in Figure 3.7.

Figure 3.7: Results screen

The columns on the result screen includes input values date, opening price, highest price,
lowest price, closing price and volume. There are also calculated results columns like

54
selected indicator value, moving average of the indicator, Is Top and Is Bottom columns
for indicating that the value of the indicator on that value is a top or a bottom value. If
there is a top or bottom value on a row, divergence days that are found on that date is
listed next. The next columns are for calculating the performance of the divergences
according to a buy-sell scenario and a success criteria.

3.7 OBTAINING THE RESULTS

Figure 3.7 also show an “Export to Excel” button on the top of the screen. This button is
used to export the list to a Microsoft Excel program. The results of the tests are transferred
to Excel, and the performance analyses are done on Excel.

As a result, the findings of this study are the performance of each indicator on each
markets, including the number of fails, rate of fails, average gain rate, gain rate of
succeeded items and maximum gain rate. On some input market data, the volume
information is not available. So the MFI results are not included on the markets that does
not have regular volume information.

The implementation of the algorithm for all of the inputs and the coding of the output
window can be found at Appendix-2.

55
 4. FINDINGS

After running the program, outputs are generated for each input market data and for each
indicator separately. The summary of the outputs are shown in the following tables from
Table 4.1 to Table 4.43. The outputs of all of the divergence data can be found in the
Appendix-1.

Table 4.1 shows the results of divergence test on BİST 100 index with RSI.
THRESHOLD row shows the threshold gain rate that is defined for the success criterion
of any divergence formation. In Table 4.1, the threshold value is 0,0125, or 1,25 percent.
This rate is the defined threshold value for all of the developing country markets. Number
of Divergences row shows the total number of divergence formations that appeared
between years 2000 and 2015. Number of Fails row shows the count of the divergences
that does not generate gain that is more than the threshold value. For example, in Table
4.1, there are a total of 80 divergences and 19 of them could not generate returns more
than 1,25 percent. Rate of fails is the percentage of the Number of Fails. Average Gain
Rate is the average rate of the returns of all the divergences specified at the table. Gain
Rate of Succeeded is the average rate of returns of all the divergences that has a gain of
more that the threshold rate. For example, in Table 4.1, the average gain rate of 80
divergences is 0,0470, or 4,7 percent. The number succeeded divergences is 61 (80 – 19).
And the gain rate of succeeded divergences is 0,0599, or 5,99 percent. Max Gain Rate is
the maximum gain rate of all the divergence gains.

In order to observe the differences between bullish and bearish divergences, the result
tables also show the performances of these types of divergences. In Table 4.1, for
example, RSI Bullish column shows the performance metrics of the bullish divergences,
whereas RSI Bearish column shows the performance metrics of the bearish divergences.

56
Table 4.1: BİST 100 RSI test results

BIST 100 RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,0125
Number of Divergences 80 32 48
Number of Fails 19 5 14
Rate of Fails 0,2375 0,1563 0,2917
Average Gain Rate 0,0470 0,0547 0,0419
Gain Rate of Succeeded 0,0599 0,0638 0,0568
Max Gain Rate 0,1742 0,1742 0,1339

Table 4.2: BİST 100 stochastic oscillator (SO) test results

BIST 100 SO All Results SO Bullish SO Bearish

THRESHOLD 0,0125
Number of Divergences 136 43 93
Number of Fails 39 7 32
Rate of Fails 0,2868 0,1628 0,3441
Average Gain Rate 0,0446 0,0580 0,0384
Gain Rate of Succeeded 0,0604 0,0683 0,0557
Max Gain Rate 0,3111 0,2652 0,3111

Table 4.3: BİST 100 MACD test results

BIST 100 MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,0125
Number of Divergences 33 15 18
Number of Fails 4 2 2
Rate of Fails 0,1212 0,1333 0,1111
Average Gain Rate 0,0665 0,0851 0,0511
Gain Rate of Succeeded 0,0750 0,0979 0,0563
Max Gain Rate 0,1989 0,1767 0,1989

Table 4.4: BİST 100 ROC test results

BIST 100 ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,0125
Number of Divergences 154 49 105
Number of Fails 36 7 29

57
Rate of Fails 0,2338 0,1429 0,2762
Average Gain Rate 0,0512 0,0527 0,0505
Gain Rate of Succeeded 0,0651 0,0607 0,0676
Max Gain Rate 0,2731 0,2067 0,2731

Table 4.5: BİST 100 CCI test results

BIST 100 CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,0125
Number of Divergences 101 44 57
Number of Fails 22 5 17
Rate of Fails 0,2178 0,1136 0,2982
Average Gain Rate 0,0477 0,0583 0,0396
Gain Rate of Succeeded 0,0592 0,0652 0,0533
Max Gain Rate 0,2067 0,2067 0,1325

Table 4.6: BİST 100 MFI test results

BIST 100 MFI All Results MFI Bullish MFI Bearish

THRESHOLD 0,0125
Number of Divergences 108 36 72
Number of Fails 28 5 23
Rate of Fails 0,2593 0,1389 0,3194
Average Gain Rate 0,0455 0,0553 0,0406
Gain Rate of Succeeded 0,0596 0,0636 0,0571
Max Gain Rate 0,2036 0,1991 0,2036

Table 4.7: Dow Jones RSI test results

Dow Jones RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,01
Number of Divergences 90 24 66
Number of Fails 25 3 22
Rate of Fails 0,2778 0,1250 0,3333
Average Gain Rate 0,0264 0,0425 0,0205
Gain Rate of Succeeded 0,0346 0,0484 0,0280
Max Gain Rate 0,1371 0,1371 0,0585

58
Table 4.8: Dow Jones stochastic oscillator (SO) test results

Dow Jones SO All Results SO Bullish SO Bearish

THRESHOLD 0,01
Number of Divergences 149 42 107
Number of Fails 41 7 34
Rate of Fails 0,2752 0,1667 0,3178
Average Gain Rate 0,0231 0,0333 0,0191
Gain Rate of Succeeded 0,0303 0,0392 0,0260
Max Gain Rate 0,1092 0,1092 0,0654

Table 4.9: Dow Jones MACD test results

Dow Jones MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,01
Number of Divergences 61 13 48
Number of Fails 18 1 17
Rate of Fails 0,2951 0,0769 0,3542
Average Gain Rate 0,0271 0,0485 0,0213
Gain Rate of Succeeded 0,0366 0,0524 0,0305
Max Gain Rate 0,1441 0,1441 0,0617

Table 4.10: Dow Jones ROC test results

Dow Jones ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,01
Number of Divergences 163 27 136
Number of Fails 64 7 57
Rate of Fails 0,3926 0,2593 0,4191
Average Gain Rate 0,0235 0,0364 0,0209
Gain Rate of Succeeded 0,0353 0,0473 0,0323
Max Gain Rate 0,1909 0,1909 0,1019

Table 4.11: Dow Jones CCI test results

Dow Jones CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,01
Number of Divergences 117 37 80
Number of Fails 42 7 35

59
Rate of Fails 0,3590 0,1892 0,4375
Average Gain Rate 0,0215 0,0303 0,0174
Gain Rate of Succeeded 0,0309 0,0362 0,0274
Max Gain Rate 0,0895 0,0895 0,0557

Table 4.12: Dow Jones MFI test results

Dow Jones MFI All Results MFI Bullish MFI Bearish

THRESHOLD 0,01
Number of Divergences 121 33 88
Number of Fails 39 7 32
Rate of Fails 0,3223 0,2121 0,3636
Average Gain Rate 0,0249 0,0307 0,0228
Gain Rate of Succeeded 0,0342 0,0374 0,0328
Max Gain Rate 0,1350 0,1350 0,1134

Table 4.13: DAX RSI test results

Dax RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,01
Number of Divergences 96 29 67
Number of Fails 18 4 14
Rate of Fails 0,1875 0,1379 0,2090
Average Gain Rate 0,0330 0,0426 0,0289
Gain Rate of Succeeded 0,0394 0,0486 0,0350
Max Gain Rate 0,2076 0,2076 0,1043

Table 4.14: DAX Stochastic Oscillator (SO) test results

Dax SO All Results SO Bullish SO Bearish

THRESHOLD 0,01
Number of Divergences 148 44 104
Number of Fails 40 10 30
Rate of Fails 0,2703 0,2273 0,2885
Average Gain Rate 0,0316 0,0351 0,0301
Gain Rate of Succeeded 0,0413 0,0439 0,0402
Max Gain Rate 0,1592 0,1592 0,1060

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Table 4.15: DAX MACD test results

Dax MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,01
Number of Divergences 60 17 43
Number of Fails 12 4 8
Rate of Fails 0,2000 0,2353 0,1860
Average Gain Rate 0,0328 0,0413 0,0295
Gain Rate of Succeeded 0,0400 0,0533 0,0350
Max Gain Rate 0,1265 0,1265 0,0854

Table 4.16: DAX ROC test results

Dax ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,01
Number of Divergences 185 39 146
Number of Fails 43 3 40
Rate of Fails 0,2324 0,0769 0,2740
Average Gain Rate 0,0337 0,0462 0,0304
Gain Rate of Succeeded 0,0426 0,0499 0,0401
Max Gain Rate 0,1685 0,1592 0,1685

Table 4.17: DAX CCI test results

Dax CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,01
Number of Divergences 112 35 77
Number of Fails 25 3 22
Rate of Fails 0,2232 0,0857 0,2857
Average Gain Rate 0,0311 0,0417 0,0262
Gain Rate of Succeeded 0,0385 0,0452 0,0346
Max Gain Rate 0,1255 0,1255 0,1228

Table 4.18: DAX MFI test results

Dax MFI All Results MFI Bullish MFI Bearish

THRESHOLD 0,01
Number of Divergences 60 12 48
Number of Fails 10 1 9
Rate of Fails 0,1667 0,0833 0,1875

61
Average Gain Rate 0,0401 0,0451 0,0389
Gain Rate of Succeeded 0,0476 0,0492 0,0471
Max Gain Rate 0,1912 0,1023 0,1912

Table 4.19: FTSE 100 RSI test results

FTSE 100 RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,01
Number of Divergences 86 23 63
Number of Fails 25 3 22
Rate of Fails 0,2907 0,1304 0,3492
Average Gain Rate 0,0247 0,0346 0,0210
Gain Rate of Succeeded 0,0325 0,0391 0,0293
Max Gain Rate 0,1132 0,1132 0,0670

Table 4.20: FTSE 100 Stochastic Oscillator (SO) test results

FTSE 100 SO All Results SO Bullish SO Bearish

THRESHOLD 0,01
Number of Divergences 136 46 90
Number of Fails 35 7 28
Rate of Fails 0,2574 0,1522 0,3111
Average Gain Rate 0,0262 0,0361 0,0212
Gain Rate of Succeeded 0,0337 0,0418 0,0287
Max Gain Rate 0,1132 0,1132 0,1093

Table 4.21: FTSE 100 MACD test results

FTSE 100 MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,01
Number of Divergences 60 17 43
Number of Fails 21 2 19
Rate of Fails 0,3500 0,1176 0,4419
Average Gain Rate 0,0257 0,0353 0,0219
Gain Rate of Succeeded 0,0375 0,0395 0,0363
Max Gain Rate 0,0770 0,0727 0,0770

62
Table 4.22: FTSE 100 ROC test results

FTSE 100 ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,01
Number of Divergences 171 44 127
Number of Fails 46 7 39
Rate of Fails 0,2690 0,1591 0,3071
Average Gain Rate 0,0273 0,0358 0,0243
Gain Rate of Succeeded 0,0358 0,0420 0,0332
Max Gain Rate 0,1185 0,1132 0,1185

Table 4.23: FTSE 100 CCI test results

FTSE 100 CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,01
Number of Divergences 128 45 83
Number of Fails 31 7 24
Rate of Fails 0,2422 0,1556 0,2892
Average Gain Rate 0,0241 0,0301 0,0208
Gain Rate of Succeeded 0,0301 0,0351 0,0269
Max Gain Rate 0,0797 0,0797 0,0684

Table 4.24: BOVESPA RSI test results

BOVESPA RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,0125
Number of Divergences 83 25 58
Number of Fails 14 3 11
Rate of Fails 0,1687 0,1200 0,1897
Average Gain Rate 0,0421 0,0529 0,0375
Gain Rate of Succeeded 0,0499 0,0589 0,0456
Max Gain Rate 0,1729 0,1729 0,1453

Table 4.25: BOVESPA Stochastic Oscillator (SO) test results

BOVESPA SO All Results SO Bullish SO Bearish

THRESHOLD 0,0125
Number of Divergences 128 56 72
Number of Fails 30 6 24

63
Rate of Fails 0,2344 0,1071 0,3333
Average Gain Rate 0,0426 0,0584 0,0302
Gain Rate of Succeeded 0,0547 0,0651 0,0439
Max Gain Rate 0,2281 0,2281 0,0995

Table 4.26: BOVESPA MACD test results

BOVESPA MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,0125
Number of Divergences 34 10 24
Number of Fails 9 3 6
Rate of Fails 0,2647 0,3000 0,2500
Average Gain Rate 0,0459 0,0480 0,0450
Gain Rate of Succeeded 0,0600 0,0647 0,0582
Max Gain Rate 0,1747 0,1747 0,1735

Table 4.27: BOVESPA ROC test results

BOVESPA ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,0125
Number of Divergences 164 47 117
Number of Fails 45 11 34
Rate of Fails 0,2744 0,2340 0,2906
Average Gain Rate 0,0364 0,0464 0,0324
Gain Rate of Succeeded 0,0490 0,0596 0,0445
Max Gain Rate 0,1729 0,1729 0,1407

Table 4.28: BOVESPA CCI test results

BOVESPA CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,0125
Number of Divergences 102 47 55
Number of Fails 23 9 14
Rate of Fails 0,2255 0,1915 0,2545
Average Gain Rate 0,0423 0,0532 0,0330
Gain Rate of Succeeded 0,0530 0,0642 0,0425
Max Gain Rate 0,1905 0,1905 0,1414

64
Table 4.29: SHCOMP RSI test results

SHCOMP RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,0125
Number of Divergences 98 40 58
Number of Fails 36 13 23
Rate of Fails 0,3673 0,3250 0,3966
Average Gain Rate 0,0318 0,0359 0,0289
Gain Rate of Succeeded 0,0470 0,0503 0,0444
Max Gain Rate 0,1559 0,1480 0,1559

Table 4.30: SHCOMP Stochastic Oscillator (SO) test results

SHCOMP SO All Results SO Bullish SO Bearish

THRESHOLD 0,0125
Number of Divergences 137 64 73
Number of Fails 48 24 24
Rate of Fails 0,3504 0,3750 0,3288
Average Gain Rate 0,0353 0,0341 0,0363
Gain Rate of Succeeded 0,0512 0,0513 0,0512
Max Gain Rate 0,2149 0,2149 0,1593

Table 4.31: SHCOMP MACD test results

SHCOMP MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,0125
Number of Divergences 37 19 18
Number of Fails 13 6 7
Rate of Fails 0,3514 0,3158 0,3889
Average Gain Rate 0,0390 0,0446 0,0331
Gain Rate of Succeeded 0,0570 0,0624 0,0506
Max Gain Rate 0,1842 0,1507 0,1842

Table 4.32: SHCOMP ROC test results

SHCOMP ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,0125
Number of Divergences 162 68 94
Number of Fails 51 22 29

65
Rate of Fails 0,3148 0,3235 0,3085
Average Gain Rate 0,0357 0,0334 0,0373
Gain Rate of Succeeded 0,0496 0,0469 0,0514
Max Gain Rate 0,1995 0,1480 0,1995

Table 4.33: SHCOMP CCI test results

SHCOMP CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,0125
Number of Divergences 117 59 58
Number of Fails 34 17 17
Rate of Fails 0,2906 0,2881 0,2931
Average Gain Rate 0,0340 0,0362 0,0318
Gain Rate of Succeeded 0,0458 0,0485 0,0432
Max Gain Rate 0,1852 0,1852 0,1503

Table 4.34: EURUSD RSI test results

EURUSD RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,0075
Number of Divergences 76 33 43
Number of Fails 24 6 18
Rate of Fails 0,3158 0,1818 0,4186
Average Gain Rate 0,0169 0,0193 0,0151
Gain Rate of Succeeded 0,0232 0,0227 0,0237
Max Gain Rate 0,0496 0,0479 0,0496

Table 4.35: EURUSD Stochastic Oscillator (SO) test results

EURUSD SO All Results SO Bullish SO Bearish

THRESHOLD 0,0075
Number of Divergences 137 78 59
Number of Fails 41 18 23
Rate of Fails 0,2993 0,2308 0,3898
Average Gain Rate 0,0181 0,0193 0,0164
Gain Rate of Succeeded 0,0244 0,0243 0,0246
Max Gain Rate 0,0577 0,0577 0,0514

66
Table 4.36: EURUSD MACD test results

EURUSD MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,0075
Number of Divergences 36 13 23
Number of Fails 11 3 8
Rate of Fails 0,3056 0,2308 0,3478
Average Gain Rate 0,0129 0,0130 0,0129
Gain Rate of Succeeded 0,0171 0,0156 0,0180
Max Gain Rate 0,0400 0,0296 0,0400

Table 4.37: EURUSD ROC test results

EURUSD ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,0075
Number of Divergences 147 62 85
Number of Fails 41 12 29
Rate of Fails 0,2789 0,1935 0,3412
Average Gain Rate 0,0181 0,0203 0,0165
Gain Rate of Succeeded 0,0238 0,0243 0,0233
Max Gain Rate 0,0852 0,0852 0,0612

Table 4.38: EURUSD CCI test results

EURUSD CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,0075
Number of Divergences 126 57 69
Number of Fails 40 17 23
Rate of Fails 0,3175 0,2982 0,3333
Average Gain Rate 0,0155 0,0171 0,0141
Gain Rate of Succeeded 0,0210 0,0229 0,0194
Max Gain Rate 0,0635 0,0635 0,0496

Table 4.39: USDTRY RSI test results

USDTRY RSI All Results RSI Bullish RSI Bearish

THRESHOLD 0,0075
Number of Divergences 105 41 64
Number of Fails 35 8 27

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Rate of Fails 0,3333 0,1951 0,4219
Average Gain Rate 0,0204 0,0248 0,0175
Gain Rate of Succeeded 0,0286 0,0301 0,0273
Max Gain Rate 0,0794 0,0739 0,0794

Table 4.40: USDTRY Stochastic Oscillator (SO) test results

USDTRY SO All Results SO Bullish SO Bearish

THRESHOLD 0,0075
Number of Divergences 149 61 88
Number of Fails 44 16 28
Rate of Fails 0,2953 0,2623 0,3182
Average Gain Rate 0,0223 0,0248 0,0206
Gain Rate of Succeeded 0,0301 0,0324 0,0285
Max Gain Rate 0,1639 0,1639 0,1272

Table 4.41: USDTRY MACD test results

USDTRY MACD All Results MACD Bullish MACD Bearish

THRESHOLD 0,0075
Number of Divergences 39 21 18
Number of Fails 11 6 5
Rate of Fails 0,2821 0,2857 0,2778
Average Gain Rate 0,0221 0,0270 0,0165
Gain Rate of Succeeded 0,0293 0,0358 0,0217
Max Gain Rate 0,0907 0,0907 0,0434

Table 4.42: USDTRY ROC test results

USDTRY ROC All Results ROC Bullish ROC Bearish

THRESHOLD 0,0075
Number of Divergences 146 81 65
Number of Fails 44 23 21
Rate of Fails 0,3014 0,2840 0,3231
Average Gain Rate 0,0191 0,0212 0,0166
Gain Rate of Succeeded 0,0259 0,0283 0,0227
Max Gain Rate 0,0870 0,0870 0,0777

68
Table 4.43: USDTRY CCI test results

USDTRY CCI All Results CCI Bullish CCI Bearish

THRESHOLD 0,0075
Number of Divergences 130 57 73
Number of Fails 37 13 24
Rate of Fails 0,2846 0,2281 0,3288
Average Gain Rate 0,0210 0,0248 0,0180
Gain Rate of Succeeded 0,0281 0,0313 0,0252
Max Gain Rate 0,1639 0,1639 0,1011

69
 5. DISCUSSION AND CONCLUSION

Looking at the tables in the previous chapter, the first remarkable result is the superiority
of the return of bullish divergences over the return of bearish divergences. Although the
number of the bullish divergences are less than the number of bearish divergences, the
return of bullish divergences is much better than that of bearish divergences. The number
of bullish divergences is 1685, whereas the total number of bearish divergences is 3023.
The average return rate of all of the bullish divergences is 3,81 percent, whereas the
average return rate of all of the bearish divergences is only 2,73 percent. Of all the 43 test
results above, only two of the tables show the gain rate of bearish divergences better than
the gain rate of the bullish divergences. Furthermore, the number of fails and the rate of
fails values are higher in bearish divergences. As a result, it can be concluded that the
usage of divergences more reasonable when there is a bullish divergence. If there is a
bearish divergence, the usage of divergence is still reasonable, but the investor should be
careful.

After examining the performances of bullish and bearish divergences, the next result set
can be obtained by looking at the performances of each indicators separately. On the eight
different markets, the RSI indicator has generated an average return rate of 3,03 percent.
The average gain rates of the Stochastic Oscillator, MACD, ROC, CCI and MFI are 3,05
percent, 3,40 percent, 3,06 percent, 2,96 percent and 3,69 percent respectively. The results
are very close to each other, but the MFI and the MACD indicators have performed better
than the other indicators. If we consider the average gain rate of succeeded divergences,
we will have similar results. The performance sorting does not change. Therefore, the
usage of divergences is appropriate for the MFI and the MACD indicators.

The algorithm is tested in a diversity of markets in order to see the behavior of the
divergences over different markets. The average return of all the divergences found in
BİST 100 index for all indicators is 5,04 percent. The average returns of Dow Jones Index,
DAX index, FTSE 100 index, BOVESPA index, SHCOMP index, EURUSD currency
exchange market and USDTRY currency exchange market are 2,44 percent, 3,37 percent,

70
2,56 percent, 4,19 percent, 3,51 percent, 1,63 percent and 2,10 percent, respectively. The
most profitable results are seen on the developing country stock exchange indices, namely
BİST 100, BOVESPA and SHCOMP. The next profitable group of markets is the
developed country stock exchange indexes, namely DAX, FTSE 100 and Dow Jones
indexes, respectively. And the least profitable gains are on the currency exchange
markets, USDTRY and EURUSD. If we inspect the rate of fails and the gain rates of
succeeded divergences, the performance sorting does not change.

The gain results found by applying the proposed algorithm may be seen small, but the
investors usually use leverage in their investments. If an investor use the divergence as a
helper in his or her trading strategy with leverage, considerable amounts of gains can be
obtained.

The divergence algorithm cannot be used as a trading decision by itself because it does
not offer any position closing criteria. The divergences, as well as this algorithm, can be
used as a helper of a consistent strategy in order to be successful. Besides the trader’s
trading signals, if a divergence signal emerges, the investor should conclude that the
probability of a trend is much stronger.

The drawback of the algorithm is that since some of the indicators are made up of moving
averages (MACD and Stochastic Oscillator), the bottom and top points of these indicators
arise in later periods than the actual price top and bottom points. But the result does not
change. Small drawing differences can occur, but the emergence of a divergence is still
valid.

This algorithm can be used best with a computer generated trading signals. This method
of finding divergences is more programmatic than visual. The trader does not need to try
to find a divergence with his line work. In this aspect, the usage of divergences are more
like an indicator study than a line study.

71
 REFERENCES

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Hill

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Other Resources

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Market Indicators Optimization using Evolutionary Algorithms. Proceedings of
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Money Flow Index (MFI). 2016.

http://stockcharts.com/school/doku.php?st=money+flow+index&id=chart_school:
technical_indicators:money_flow_index_mfi. [accessed 4 November 2016]

Moving Averages - Simple and Exponential. 2016.

http://stockcharts.com/school/doku.php?st=moving+averages&id=chart_school:te
chnical_indicators:moving_averages. [accessed 4 November 2016]

Rate of Change (ROC). 2016

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_of_change_roc_and_momentum. [accessed 4 November 2016]

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ors:relative_strength_index_rsi. [accessed 4 November 2016]

75
 APPENDICES

APPENDIX-1: All divergence results from Table 4.1 to Table 4.43

Detailed results of Table 4.1:

RSI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
9.03.2000 64,8736 56,5471 Yes 4.01.2000 17443,92 21.03.2000 15200,74 0,1286
14.04.2000 63,0142 51,7492 Yes 9.03.2000 16708,94 19.04.2000 16391,36 0,0190
2.05.2000 66,7829 58,5056 Yes 14.01.2000 18027,86 5.05.2000 15613,66 0,1339
22.08.2000 38,1674 40,3931 Yes 18.07.2000 13185,83 24.08.2000 13484,26 0,0226
21.02.2001 28,1380 39,4471 Yes 4.12.2000 8344,94 26.02.2001 9722,88 0,1651
29.03.2001 33,2249 42,5566 Yes 21.02.2001 8022,72 2.04.2001 9.420,0 0,1742
13.03.2002 35,2801 42,9622 Yes 8.02.2002 10776,31 21.03.2002 12173,12 0,1296
17.05.2002 32,7096 46,6080 Yes 8.02.2002 10894,27 27.05.2002 11218,03 0,0297
30.09.2002 35,4630 41,4735 Yes 17.06.2002 9057,45 2.10.2002 9363,48 0,0338
3.11.2003 68,6162 59,9130 Yes 10.10.2003 15536,77 7.11.2003 14617,53 0,0592
22.12.2003 71,7557 64,1146 Yes 6.10.2003 17662,00 26.12.2003 17628,02 0,0019
5.01.2004 75,4692 67,6286 Yes 6.10.2003 18983,00 7.01.2004 17713,03 0,0669
10.03.2004 63,4234 57,6551 Yes 5.01.2004 19374,00 12.03.2004 19123,11 0,0129
29.03.2004 72,4697 64,2624 Yes 5.01.2004 20030,00 31.03.2004 18652,48 0,0688
8.10.2004 67,0574 61,9687 Yes 14.09.2004 22289,00 13.10.2004 21705,93 0,0262
3.11.2004 66,4206 57,2682 Yes 8.10.2004 22615,00 9.11.2004 21959,49 0,0290
3.01.2005 73,0844 66,3383 Yes 14.09.2004 25042,00 5.01.2005 24237,72 0,0321
17.01.2005 73,9650 66,7904 Yes 14.09.2004 26474,29 25.01.2005 26246,66 0,0086
2.02.2005 74,3931 71,0327 Yes 14.09.2004 27546,85 4.02.2005 26868,18 0,0246
18.04.2005 31,8308 43,9641 Yes 17.03.2005 24419,37 22.04.2005 25181,38 0,0312
27.02.2006 70,1484 63,0715 Yes 17.01.2006 47015,88 1.03.2006 41465,27 0,1181
25.04.2006 61,5442 49,6822 Yes 17.01.2006 43752,02 28.04.2006 41858,17 0,0433
13.06.2006 24,3241 35,2866 Yes 22.05.2006 34048,04 19.06.2006 35615,53 0,0460
25.01.2007 71,3122 60,9594 Yes 27.10.2006 41397,38 30.01.2007 40687,67 0,0171
2.02.2007 71,7039 67,1466 Yes 27.10.2006 42520,39 7.02.2007 41091,77 0,0336
29.05.2007 63,1846 58,1741 Yes 9.04.2007 46801,63 31.05.2007 43516,46 0,0702
9.10.2007 73,1369 67,3303 Yes 23.07.2007 57127,51 17.10.2007 52094,03 0,0881
10.03.2008 35,7498 42,8810 Yes 23.01.2008 43983,26 12.03.2008 44627,68 0,0147
17.03.2008 33,9372 40,5207 Yes 11.02.2008 40109,85 20.03.2008 41868,28 0,0438
31.03.2008 36,2152 39,8890 Yes 23.01.2008 41189,23 2.04.2008 43173,29 0,0482
26.05.2008 31,3419 42,4808 Yes 11.02.2008 39918,85 2.06.2008 40830,39 0,0228
11.06.2008 33,7681 39,5481 Yes 23.01.2008 38708,13 18.06.2008 38753,55 0,0012
1.07.2008 17,6176 30,0007 Yes 23.01.2008 34574,62 7.07.2008 38924,81 0,1258

76
18.09.2008 22,8205 36,7360 Yes 1.07.2008 36446,54 22.09.2008 36663,88 0,0060
17.10.2008 25,8305 29,9831 Yes 18.09.2008 27027,98 21.10.2008 29400,1 0,0878
24.10.2008 24,9442 29,0786 Yes 18.09.2008 26685,09 30.10.2008 29400,1 0,1017
20.11.2008 25,8245 34,8059 Yes 24.10.2008 24313,74 25.11.2008 26004,21 0,0695
1.06.2009 73,9454 72,6695 Yes 6.05.2009 35844,88 3.06.2009 33264,78 0,0720
1.07.2009 69,5855 64,2178 Yes 1.06.2009 36583,74 6.07.2009 36262,13 0,0088
16.07.2009 69,3523 64,2429 Yes 1.06.2009 38050,83 20.07.2009 37786,03 0,0070
25.08.2009 83,0322 75,9247 Yes 4.08.2009 47027,81 27.08.2009 44130,19 0,0616
29.09.2009 66,6701 62,0223 Yes 25.08.2009 48227,52 1.10.2009 46169,41 0,0427
12.10.2009 71,2746 63,9700 Yes 25.08.2009 49884,10 19.10.2009 45815,66 0,0816
16.12.2009 64,6906 61,0564 Yes 25.08.2009 49993,80 18.12.2009 49908,81 0,0017
7.01.2010 78,4655 69,7419 Yes 25.08.2009 54120,57 12.01.2010 53149,01 0,0180
1.02.2010 64,4965 61,7619 Yes 7.01.2010 55390,85 3.02.2010 49432,48 0,1076
5.04.2010 73,5946 67,7602 Yes 7.01.2010 58570,24 13.04.2010 56770,58 0,0307
29.07.2010 71,6528 66,5110 Yes 5.04.2010 60335,58 2.08.2010 57654,55 0,0444
9.11.2010 67,4650 61,0341 Yes 13.10.2010 68921,64 12.11.2010 63834,77 0,0738
20.12.2010 35,8423 42,6892 Yes 29.11.2010 64814,04 22.12.2010 68919,81 0,0633
28.01.2011 33,4508 42,0787 Yes 29.11.2010 65252,76 2.02.2011 66163,09 0,0140
3.05.2011 65,6468 60,7370 Yes 7.04.2011 69379,46 5.05.2011 62512,03 0,0990
24.11.2011 23,8172 37,9763 Yes 8.08.2011 51999,04 29.11.2011 55537,56 0,0680
9.01.2012 37,8185 43,7604 Yes 19.12.2011 50767,33 11.01.2012 55450,77 0,0923
19.03.2012 66,8919 55,6039 Yes 20.02.2012 61139,69 26.03.2012 60474,43 0,0109
3.04.2012 64,8500 60,9129 Yes 8.02.2012 62566,41 5.04.2012 59388,42 0,0508
29.06.2012 74,2225 68,1841 Yes 8.02.2012 62133,02 3.07.2012 61945,61 0,0030
30.07.2012 69,9853 58,6813 Yes 4.07.2012 64814,67 8.08.2012 63739,79 0,0166
22.08.2012 65,3033 60,8405 Yes 30.07.2012 65695,22 27.08.2012 65695,22 0,0000
12.09.2012 71,8847 69,2354 Yes 4.07.2012 68151,98 14.09.2012 66093,97 0,0302
22.10.2012 73,4506 68,3753 Yes 29.06.2012 70910,83 24.10.2012 70531,86 0,0053
9.01.2013 77,1667 73,5972 Yes 12.12.2012 81053,04 11.01.2013 80738,85 0,0039
8.05.2013 76,0648 66,1612 Yes 24.01.2013 89367,48 13.05.2013 88926,83 0,0049
24.06.2013 30,7216 36,9108 Yes 3.06.2013 74620,62 27.06.2013 77016,03 0,0321
10.07.2013 36,8618 41,7293 Yes 3.06.2013 74275,51 15.07.2013 77662,96 0,0456
28.08.2013 26,3124 35,2811 Yes 3.06.2013 68828,63 3.09.2013 74783,39 0,0865
27.12.2013 26,5720 35,4612 Yes 28.08.2013 68210,33 31.12.2013 68959,19 0,0110
29.01.2014 31,5484 39,1358 Yes 27.12.2013 62839,48 5.02.2014 65915,73 0,0490
26.02.2014 36,7001 44,7844 Yes 29.01.2014 63150,56 5.03.2014 66023,08 0,0455
8.05.2014 67,8965 62,3923 Yes 8.04.2014 75241,25 16.05.2014 74570,48 0,0089
26.05.2014 73,6847 66,7193 Yes 8.04.2014 77603,62 28.05.2014 77269,8 0,0043
10.06.2014 75,0547 69,3680 Yes 8.04.2014 78328,92 12.06.2014 77443,76 0,0113
25.07.2014 73,4083 67,3070 Yes 10.06.2014 82371,24 1.08.2014 76625,89 0,0697
13.01.2015 67,6680 62,3604 Yes 4.12.2014 88080,10 15.01.2015 86862,51 0,0138
26.01.2015 74,2866 67,6911 Yes 28.11.2014 89691,25 29.01.2015 82975,25 0,0749
18.05.2015 69,3824 57,1595 Yes 28.11.2014 86646,90 22.05.2015 80341,48 0,0728

77
27.07.2015 33,0942 45,4989 Yes 8.06.2015 79879,67 3.08.2015 79908,65 0,0004
24.08.2015 24,7126 37,4316 Yes 13.03.2015 74589,12 27.08.2015 75320,7 0,0098
14.09.2015 32,5273 35,9695 Yes 24.08.2015 73299,28 16.09.2015 76189,52 0,0394
14.12.2015 26,1215 34,0624 Yes 24.08.2015 72029,84 16.12.2015 74953,61 0,0406

Detailed results of Table 4.2:

Stochastic Min/Max Max

Mov. Is Trading Price 10 Gain
Date Stochastic Avg. Top Is Bottom Divergence1 Price TradingDate Days Rate
23.02.2000 7,3388 11,3887 Yes 2.02.2000 14652,08 25.02.2000 18537,71 0,2652
14.04.2000 86,6268 72,2329 Yes 9.03.2000 16708,94 19.04.2000 16391,36 0,0190
2.05.2000 93,0955 87,3205 Yes 9.03.2000 19092,13 4.05.2000 16123,24 0,1555
23.05.2000 9,3908 10,6966 Yes 2.02.2000 15819,80 25.05.2000 16954,69 0,0717
16.06.2000 9,0583 16,4548 Yes 2.02.2000 14543,90 20.06.2000 15030,66 0,0335
17.07.2000 8,4311 11,7539 Yes 23.02.2000 13238,66 20.07.2000 14303,69 0,0804
11.09.2000 8,4896 26,7696 Yes 17.07.2000 11769,59 14.09.2000 11908,03 0,0118
21.02.2001 9,6010 24,5420 Yes 4.12.2000 8344,94 26.02.2001 9722,88 0,1651
29.03.2001 7,5486 12,5551 Yes 4.12.2000 8022,72 2.04.2001 9420,00 0,1742
11.06.2001 64,4611 60,2556 Yes 24.04.2001 11284,40 14.06.2001 10586,33 0,0619
15.06.2001 72,9062 66,1856 Yes 24.04.2001 10794,40 20.06.2001 10656,75 0,0128
11.07.2001 8,9493 14,4052 Yes 30.05.2001 9122,56 13.07.2001 10254,05 0,1240
28.08.2001 95,0686 88,0645 Yes 24.04.2001 9990,20 31.08.2001 6881,90 0,3111
10.12.2001 93,0618 84,8251 Yes 19.11.2001 12549,85 12.12.2001 12349,39 0,0160
3.06.2002 16,2050 18,8021 Yes 2.05.2002 10386,99 5.06.2002 10610,59 0,0215
11.06.2002 9,3256 17,2179 Yes 2.05.2002 9774,39 14.06.2002 9787,91 0,0014
17.06.2002 8,9226 11,3402 Yes 14.03.2002 9575,19 19.06.2002 9616,51 0,0043
30.09.2002 16,3305 19,7550 Yes 23.08.2002 9057,45 2.10.2002 9363,48 0,0338
5.03.2003 23,3699 33,9235 Yes 19.12.2002 10841,80 7.03.2003 11110,68 0,0248
17.03.2003 23,5955 28,8052 Yes 8.01.2003 10581,50 19.03.2003 10581,50 0,0000
24.03.2003 13,7133 23,2985 Yes 31.12.2002 9408,46 27.03.2003 10896,99 0,1582
16.04.2003 96,1722 92,2507 Yes 3.02.2003 11219,24 18.04.2003 11066,85 0,0136
9.05.2003 9,9662 11,0215 Yes 23.12.2002 10712,87 13.05.2003 11457,11 0,0695
28.05.2003 91,4577 79,3882 Yes 22.04.2003 11381,42 2.06.2003 10396,32 0,0866
7.07.2003 13,4722 19,5330 Yes 12.06.2003 10535,18 9.07.2003 10993,27 0,0435
12.09.2003 94,3539 84,9096 Yes 11.08.2003 12662,47 16.09.2003 12602,95 0,0047
19.09.2003 95,1844 93,3986 Yes 11.08.2003 14031,06 24.09.2003 12833,87 0,0853
4.11.2003 94,6255 83,3797 Yes 19.09.2003 15536,77 7.11.2003 14617,53 0,0592
20.11.2003 34,3721 52,2529 Yes 28.10.2003 16242,00 3.12.2003 17647,86 0,0866
9.12.2003 92,3713 89,1526 Yes 4.11.2003 16614,00 11.12.2003 16472,15 0,0085
10.03.2004 90,6633 81,1687 Yes 5.01.2004 19374,00 12.03.2004 19123,11 0,0129
26.03.2004 92,9584 88,8337 Yes 5.01.2004 20896,00 30.03.2004 18890,80 0,0960
1.09.2004 96,9723 94,0341 Yes 16.07.2004 20535,00 3.09.2004 20470,14 0,0032
7.09.2004 97,9619 96,3624 Yes 16.07.2004 21468,00 9.09.2004 20041,90 0,0664

78
8.10.2004 92,9339 82,1600 Yes 7.09.2004 22289,00 13.10.2004 21705,93 0,0262
3.11.2004 89,7400 82,5693 Yes 8.10.2004 23009,00 5.11.2004 21959,49 0,0456
25.11.2004 87,8540 79,3048 Yes 8.10.2004 22790,00 30.11.2004 22233,76 0,0244
20.12.2004 93,5421 85,5184 Yes 7.09.2004 24044,00 22.12.2004 24025,80 0,0008
3.01.2005 97,4833 95,1947 Yes 7.09.2004 25042,00 5.01.2005 24237,72 0,0321
1.03.2005 83,4395 70,6601 Yes 27.01.2005 27226,38 3.03.2005 23874,68 0,1231
18.04.2005 12,0119 24,3259 Yes 17.03.2005 24143,88 20.04.2005 24953,43 0,0335
8.07.2005 90,0337 86,4498 Yes 16.06.2005 27808,07 12.07.2005 27573,22 0,0084
15.07.2005 92,0729 89,3216 Yes 16.06.2005 28402,65 19.07.2005 28303,16 0,0035
25.07.2005 92,2445 91,0180 Yes 16.06.2005 28730,69 27.07.2005 28715,16 0,0005
1.08.2005 93,6928 89,1150 Yes 16.06.2005 29543,48 3.08.2005 27683,48 0,0630
4.10.2005 88,4333 75,4045 Yes 12.09.2005 33510,39 7.10.2005 30633,42 0,0859
10.11.2005 97,4201 96,9014 Yes 1.09.2005 34096,32 14.11.2005 34024,57 0,0021
21.11.2005 97,6114 94,9590 Yes 1.09.2005 35254,14 23.11.2005 35254,14 0,0000
1.12.2005 98,9996 94,4242 Yes 1.09.2005 38581,99 5.12.2005 37272,56 0,0339
30.12.2005 95,6248 93,7452 Yes 1.12.2005 39790,72 3.01.2006 39723,91 0,0017
5.01.2006 97,2805 95,2735 Yes 1.12.2005 41905,41 16.01.2006 41656,78 0,0059
21.02.2006 89,9255 80,6982 Yes 26.01.2006 46265,39 23.02.2006 41465,27 0,1038
27.02.2006 93,2305 88,6639 Yes 26.01.2006 47015,88 1.03.2006 41465,27 0,1181
17.04.2006 32,7156 38,0530 Yes 9.03.2006 43732,47 20.04.2006 45712,51 0,0453
25.04.2006 94,8944 89,0016 Yes 16.01.2006 44745,54 27.04.2006 43313,60 0,0320
19.07.2006 27,4791 35,3586 Yes 12.06.2006 35311,04 21.07.2006 37030,22 0,0487
10.08.2006 92,8969 85,6159 Yes 4.07.2006 37550,41 15.08.2006 36173,85 0,0367
16.08.2006 93,2459 88,8238 Yes 4.07.2006 37871,69 18.08.2006 36173,85 0,0448
11.12.2006 88,9855 77,4918 Yes 16.10.2006 39213,02 13.12.2006 38283,70 0,0237
18.12.2006 89,5994 82,3338 Yes 16.10.2006 39071,10 20.12.2006 37398,22 0,0428
19.02.2007 90,0163 87,2066 Yes 24.01.2007 43264,87 22.02.2007 38824,03 0,1026
23.03.2007 94,0586 89,3598 Yes 24.01.2007 42582,50 28.03.2007 42582,50 0,0000
2.04.2007 94,3664 92,0027 Yes 24.01.2007 44827,99 5.04.2007 44794,56 0,0007
9.04.2007 97,3318 95,9176 Yes 24.01.2007 45402,56 11.04.2007 44843,36 0,0123
21.05.2007 89,7577 71,1904 Yes 9.04.2007 46188,42 24.05.2007 44547,26 0,0355
29.05.2007 91,9048 86,8270 Yes 17.04.2007 46801,63 31.05.2007 43516,46 0,0702
3.07.2007 98,4405 91,6464 Yes 24.01.2007 49769,46 5.07.2007 49369,33 0,0080
4.09.2007 94,2100 83,5423 Yes 3.07.2007 49614,94 6.09.2007 48466,75 0,0231
19.09.2007 96,2201 94,2440 Yes 9.07.2007 53303,94 21.09.2007 52552,00 0,0141
21.09.2007 96,6598 96,1118 Yes 3.07.2007 53468,28 25.09.2007 52552,00 0,0171
7.12.2007 97,7112 86,0090 Yes 3.07.2007 55430,16 12.12.2007 53371,99 0,0371
11.02.2008 8,4678 12,9012 Yes 15.01.2008 43022,12 13.02.2008 46797,03 0,0877
6.03.2008 8,9282 16,6495 Yes 15.01.2008 41161,19 10.03.2008 44627,68 0,0842
10.03.2008 9,1343 9,6672 Yes 15.01.2008 43983,26 12.03.2008 44627,68 0,0147
31.03.2008 21,0306 28,7168 Yes 10.03.2008 41318,29 3.04.2008 43173,29 0,0449
26.05.2008 6,9773 7,3957 Yes 15.01.2008 40080,01 28.05.2008 40830,39 0,0187
20.06.2008 7,3603 12,6205 Yes 26.05.2008 37393,54 25.06.2008 37588,60 0,0052

79
30.06.2008 6,6515 10,9986 Yes 15.01.2008 32999,41 3.07.2008 38025,09 0,1523
13.10.2008 12,7948 16,7538 Yes 16.09.2008 27501,78 16.10.2008 28185,89 0,0249
17.02.2009 8,0312 12,9004 Yes 21.01.2009 24128,85 19.02.2009 24554,43 0,0176
2.06.2009 89,5192 86,4978 Yes 4.05.2009 34979,17 4.06.2009 33264,78 0,0490
26.06.2009 92,3598 83,8456 Yes 4.05.2009 37252,40 30.06.2009 36262,13 0,0266
17.07.2009 85,9661 79,2951 Yes 26.06.2009 38149,40 22.07.2009 37920,52 0,0060
24.07.2009 92,9416 91,3178 Yes 4.05.2009 39638,33 29.07.2009 39519,78 0,0030
30.07.2009 98,2621 94,9917 Yes 10.04.2009 43017,66 3.08.2009 42524,92 0,0115
21.08.2009 99,0929 90,1863 Yes 10.04.2009 48286,29 26.08.2009 44206,66 0,0845
24.09.2009 93,9757 88,1280 Yes 21.08.2009 47481,39 28.09.2009 46169,41 0,0276
12.10.2009 96,0299 90,7421 Yes 21.08.2009 50696,78 14.10.2009 48683,39 0,0397
7.12.2009 95,8282 84,4037 Yes 21.08.2009 49686,27 9.12.2009 48750,88 0,0188
7.01.2010 97,3133 96,3553 Yes 21.08.2009 55087,00 11.01.2010 53345,17 0,0316
25.03.2010 95,9641 90,7090 Yes 7.01.2010 57069,41 29.03.2010 56244,68 0,0145
5.04.2010 96,8059 92,5207 Yes 7.01.2010 58499,21 7.04.2010 56770,58 0,0295
29.07.2010 93,1371 89,4473 Yes 5.04.2010 60335,58 2.08.2010 57654,55 0,0444
12.10.2010 95,7277 93,7721 Yes 16.09.2010 70472,95 14.10.2010 67312,11 0,0449
5.01.2011 96,5835 92,0179 Yes 16.09.2010 68515,26 10.01.2011 64471,70 0,0590
3.05.2011 95,2373 85,1405 Yes 5.04.2011 69379,46 5.05.2011 62512,03 0,0990
20.07.2011 8,1793 17,1734 Yes 23.05.2011 60990,46 22.07.2011 62799,83 0,0297
14.10.2011 77,6911 73,8002 Yes 19.09.2011 58181,54 18.10.2011 54121,84 0,0698
9.01.2012 14,6669 29,9541 Yes 19.12.2011 50767,33 11.01.2012 55450,77 0,0923
16.03.2012 96,0035 73,4694 Yes 6.02.2012 62358,01 21.03.2012 61093,44 0,0203
4.05.2012 10,0123 21,2306 Yes 10.04.2012 58942,00 8.05.2012 59325,48 0,0065
15.05.2012 12,2390 15,9598 Yes 10.04.2012 57934,26 17.05.2012 58316,23 0,0066
25.05.2012 7,2440 7,7310 Yes 10.04.2012 54946,79 29.05.2012 58274,25 0,0606
3.07.2012 95,5915 94,0809 Yes 6.02.2012 62118,12 6.07.2012 61404,86 0,0115
30.07.2012 97,9820 78,6187 Yes 6.02.2012 64026,52 2.08.2012 63265,15 0,0119
23.08.2012 87,7870 76,8667 Yes 30.07.2012 65695,22 27.08.2012 65695,22 0,0000
3.09.2012 93,3299 88,4660 Yes 30.07.2012 67823,18 6.09.2012 66473,11 0,0199
7.09.2012 94,4151 92,6223 Yes 30.07.2012 68079,65 11.09.2012 66473,11 0,0236
11.10.2012 96,8432 88,0576 Yes 30.07.2012 70216,12 16.10.2012 70112,30 0,0015
28.12.2012 86,3962 84,3788 Yes 4.12.2012 78857,34 2.01.2013 78680,79 0,0022
4.01.2013 93,0923 89,2031 Yes 4.12.2012 80417,23 9.01.2013 79815,05 0,0075
16.01.2013 97,3465 94,1314 Yes 4.12.2012 85297,46 21.01.2013 78647,84 0,0780
4.03.2013 96,5701 83,4281 Yes 4.12.2012 82348,26 7.03.2013 81546,20 0,0097
29.03.2013 95,6211 91,3261 Yes 4.03.2013 86091,71 2.04.2013 82033,19 0,0471
6.05.2013 94,2876 92,3221 Yes 29.03.2013 89738,59 8.05.2013 88872,61 0,0097
8.05.2013 94,4249 93,3507 Yes 29.03.2013 90218,29 10.05.2013 88872,61 0,0149
16.05.2013 95,5519 90,9925 Yes 29.03.2013 92172,88 20.05.2013 76983,66 0,1648
24.06.2013 5,5632 18,4173 Yes 3.06.2013 74620,62 27.06.2013 77016,03 0,0321
23.08.2013 6,6181 7,3679 Yes 24.06.2013 67632,63 27.08.2013 72431,52 0,0710
22.10.2013 93,4946 80,1553 Yes 18.09.2013 78939,79 25.10.2013 72132,61 0,0862

80
26.12.2013 7,0579 10,7173 Yes 12.11.2013 65292,37 30.12.2013 68959,19 0,0562
29.01.2014 15,2498 17,0341 Yes 26.12.2013 62666,61 31.01.2014 65048,25 0,0380
27.02.2014 6,8259 21,3245 Yes 12.11.2013 61654,54 3.03.2014 64311,15 0,0431
6.05.2014 89,7352 83,0012 Yes 8.04.2014 75348,72 8.05.2014 74570,48 0,0103
8.05.2014 91,2516 89,5612 Yes 14.04.2014 76330,62 13.05.2014 74570,48 0,0231
26.05.2014 93,3289 89,3552 Yes 8.04.2014 77603,62 28.05.2014 77269,80 0,0043
10.06.2014 94,4876 90,8522 Yes 8.04.2014 78328,92 12.06.2014 77443,76 0,0113
16.07.2014 98,0293 90,9933 Yes 8.04.2014 80940,52 18.07.2014 78955,05 0,0245
14.11.2014 86,8903 66,7063 Yes 23.10.2014 81694,85 19.11.2014 81168,09 0,0064
24.11.2014 97,6148 94,8597 Yes 23.10.2014 86214,06 1.12.2014 82572,68 0,0422
29.12.2014 86,3043 82,7717 Yes 24.11.2014 84589,50 31.12.2014 84520,68 0,0008
6.01.2015 96,8266 95,1905 Yes 24.11.2014 87404,88 8.01.2015 86862,51 0,0062
22.01.2015 97,4702 91,8647 Yes 24.11.2014 90549,11 26.01.2015 83242,68 0,0807
27.07.2015 6,5792 12,5154 Yes 10.03.2015 77633,03 30.07.2015 79909,68 0,0293
21.08.2015 7,9326 9,0043 Yes 27.07.2015 72191,09 25.08.2015 75320,70 0,0434
14.09.2015 17,2240 28,4202 Yes 21.08.2015 74052,52 17.09.2015 76902,54 0,0385

Detailed results of Table 4.3:

Max
MACD Is Is Trading Min/Max Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Price 10 Days Rate
19.09.2000 -609,8779 -428,1863 Yes 20.07.2000 11.360,45 27.09.2000 13.368,38 0,1767
23.02.2001 -564,7188 -375,7511 Yes 5.12.2000 9.406,65 2.03.2001 9.722,88 0,0336
29.03.2001 -417,9565 -339,7785 Yes 5.12.2000 8.117,75 5.04.2001 9.493,20 0,1694
27.09.2001 -587,2813 -488,3604 Yes 17.07.2001 7.843,50 3.10.2001 8.960,64 0,1424
26.03.2003 -434,8115 -298,2426 Yes 7.01.2003 9.804,88 3.04.2003 11.454,20 0,1682
29.03.2004 476,8496 375,2995 Yes 9.01.2004 20.322,00 2.04.2004 18.328,03 0,0981
25.11.2004 274,1992 226,3583 Yes 11.10.2004 22.790,00 30.11.2004 22.233,76 0,0244
15.10.2007 1.861,5508 1.579,4681 Yes 25.07.2007 56.209,49 19.10.2007 52.094,03 0,0732
-
21.03.2008 1.309,6172 -1.078,5028 Yes 11.02.2008 40.769,18 28.03.2008 43.173,29 0,0590
-
31.03.2008 1.209,0273 -1.146,1708 Yes 11.02.2008 41.189,23 2.04.2008 43.173,29 0,0482
-
4.07.2008 1.541,1563 -1.262,1256 Yes 11.02.2008 35.151,87 10.07.2008 39.064,48 0,1113
9.03.2009 -568,3770 -495,4112 Yes 27.10.2008 23.893,95 13.03.2009 25.753,81 0,0778
2.07.2009 849,8516 763,5660 Yes 8.05.2009 37.004,14 10.07.2009 36.275,32 0,0197
16.07.2009 715,5859 715,5533 Yes 8.05.2009 38.050,83 20.07.2009 37.786,03 0,0070
15.10.2009 1.235,8320 1.056,6035 Yes 25.08.2009 50.975,15 27.10.2009 45.815,66 0,1012
8.01.2010 1.412,7031 1.138,3235 Yes 25.08.2009 54.003,75 18.01.2010 53.149,01 0,0158
29.07.2010 1.060,0313 840,1421 Yes 9.04.2010 59.897,47 6.08.2010 57.654,55 0,0374
31.01.2011 -724,7109 -328,2305 Yes 20.12.2010 65.351,70 9.02.2011 66.354,62 0,0153
-
25.11.2011 1.475,0938 -960,5268 Yes 12.08.2011 53.941,90 2.12.2011 55.537,56 0,0296
9.01.2012 -692,3242 -604,4425 Yes 25.11.2011 52.529,22 13.01.2012 57.581,86 0,0962
27.03.2012 806,3867 729,1807 Yes 8.02.2012 61.925,21 30.03.2012 59.388,42 0,0410

81
3.04.2012 793,8359 742,0451 Yes 8.02.2012 61.818,23 6.04.2012 59.388,42 0,0393
10.07.2012 1.289,8242 1.117,9280 Yes 8.02.2012 62.929,81 17.07.2012 60.466,68 0,0391
11.09.2012 1.065,5781 992,2257 Yes 10.07.2012 68.151,98 14.09.2012 66.093,97 0,0302
1.11.2012 1.220,5078 1.000,9033 Yes 10.07.2012 71.818,19 12.11.2012 69.817,03 0,0279
17.05.2013 1.971,0469 1.691,6178 Yes 24.01.2013 91.169,17 27.05.2013 73.033,70 0,1989
-
29.08.2013 2.137,0859 -1.447,2955 Yes 25.06.2013 70.369,68 10.09.2013 80.569,53 0,1449
30.05.2014 1.607,9688 1.492,7288 Yes 14.04.2014 78.785,49 5.06.2014 77.443,76 0,0170
10.06.2014 1.694,7656 1.565,4749 Yes 14.04.2014 78.328,92 12.06.2014 77.443,76 0,0113
25.07.2014 1.341,1328 990,0767 Yes 10.06.2014 82.376,29 5.08.2014 76.539,60 0,0709
27.01.2015 1.653,2188 1.409,6343 Yes 1.12.2014 88.970,97 30.01.2015 82.975,25 0,0674
-
30.07.2015 1.049,4219 -655,8603 Yes 15.06.2015 78.887,36 12.08.2015 79.062,94 0,0022
-
26.08.2015 1.738,1719 -1.404,5847 Yes 16.03.2015 74.843,84 1.09.2015 74.899,14 0,0007

Detailed results of Table 4.4:

Min/Max Max
ROC Is Price 10 Gain
Date ROC Mov. Avg. Is Top Bottom Divergence1 Trading Price TradingDate Days Rate
10.03.2000 32,6775 12,7334 Yes 4.01.2000 17.545,57 22.03.2000 15.186,97 0,1344
28.04.2000 13,6243 7,5241 Yes 10.03.2000 19.406,02 3.05.2000 16.802,94 0,1341
-
19.06.2000 13,2751 -2,6452 Yes 18.05.2000 14.930,88 26.06.2000 15.029,43 0,0066
-
18.07.2000 11,9532 -5,6901 Yes 26.06.2000 13.601,46 24.07.2000 14.303,69 0,0516
3.11.2000 9,4734 5,9469 Yes 16.10.2000 14.215,33 8.11.2000 10.333,04 0,2731
19.01.2001 24,7691 17,7968 Yes 20.12.2000 11.093,73 23.01.2001 9.648,02 0,1303
-
21.02.2001 27,8519 -13,3753 Yes 4.12.2000 8.344,94 26.02.2001 9.722,88 0,1651
-
25.06.2001 10,0016 -1,3362 Yes 5.06.2001 11.084,94 29.06.2001 11.513,57 0,0387
19.11.2001 27,2830 13,2177 Yes 24.10.2001 11.719,40 26.11.2001 10.550,91 0,0997
19.12.2001 16,6760 7,1802 Yes 19.11.2001 12.875,79 26.12.2001 12.875,79 0,0000
7.01.2002 18,5191 10,2407 Yes 19.11.2001 14.042,80 10.01.2002 12.337,63 0,1214
20.03.2002 -7,6208 -2,9372 Yes 26.02.2002 11.471,06 22.03.2002 12.173,12 0,0612
9.05.2002 1,5738 -3,7972 Yes 4.04.2002 11.613,90 15.05.2002 10.454,70 0,0998
-
24.05.2002 10,0923 -5,1343 Yes 2.05.2002 10.386,99 5.06.2002 10.610,59 0,0215
-
12.06.2002 13,3489 -7,2393 Yes 20.02.2002 9.575,19 19.06.2002 9.616,51 0,0043
-
24.06.2002 14,3362 -11,3611 Yes 20.02.2002 9.094,77 26.06.2002 9.616,51 0,0574
17.09.2002 -3,3806 -2,5390 Yes 26.08.2002 9.257,54 19.09.2002 9.387,46 0,0140
24.09.2002 -6,0217 -1,9819 Yes 26.08.2002 8.945,30 27.09.2002 9.363,48 0,0467
8.10.2002 -5,5334 -3,1645 Yes 26.08.2002 9.145,58 10.10.2002 10.384,15 0,1354
21.02.2003 9,5877 5,4709 Yes 23.01.2003 11.392,58 25.02.2003 10.060,95 0,1169
-
17.03.2003 17,4453 -7,3046 Yes 30.12.2002 9.938,21 20.03.2003 10.200,90 0,0264
-
24.03.2003 17,9781 -9,4952 Yes 30.12.2002 9.572,25 28.03.2003 10.896,99 0,1384
2.06.2003 11,4107 2,1182 Yes 9.04.2003 10.973,38 9.06.2003 10.396,32 0,0526

82
4.07.2003 -5,4435 -,8370 Yes 13.06.2003 10.658,81 15.07.2003 10.993,27 0,0314
24.07.2003 -,6800 -,3239 Yes 4.07.2003 10.561,33 28.07.2003 11.764,52 0,1139
15.08.2003 13,7149 9,7018 Yes 9.04.2003 11.661,22 19.08.2003 11.411,74 0,0214
23.09.2003 20,6269 12,5584 Yes 9.04.2003 13.758,78 29.09.2003 12.833,87 0,0672
16.10.2003 19,4617 12,0322 Yes 23.09.2003 15.358,65 21.10.2003 14.392,49 0,0629
5.11.2003 6,6728 ,8285 Yes 16.10.2003 15.536,77 7.11.2003 14.617,53 0,0592
13.11.2003 10,2427 4,4448 Yes 16.10.2003 15.687,13 18.11.2003 14.617,53 0,0682
16.12.2003 17,7252 7,4253 Yes 16.10.2003 17.230,00 18.12.2003 17.230,77 0,0000
5.01.2004 14,3107 9,3373 Yes 16.12.2003 18.983,00 7.01.2004 17.713,03 0,0669
24.02.2004 9,0294 5,0214 Yes 16.12.2003 18.714,00 26.02.2004 18.675,69 0,0020
10.03.2004 8,2846 2,9506 Yes 5.01.2004 19.364,00 17.03.2004 19.123,11 0,0124
29.03.2004 7,7683 4,4561 Yes 10.03.2004 20.030,00 31.03.2004 18.652,48 0,0688
7.06.2004 10,3223 2,9665 Yes 16.12.2003 17.615,00 10.06.2004 16.629,63 0,0559
23.06.2004 -6,6606 -,4731 Yes 7.05.2004 17.356,00 28.06.2004 18.707,86 0,0779
5.07.2004 9,7828 1,1212 Yes 7.06.2004 18.492,00 14.07.2004 18.434,41 0,0031
30.07.2004 4,0016 2,9254 Yes 5.07.2004 19.429,00 4.08.2004 18.599,81 0,0427
9.08.2004 3,3250 2,7091 Yes 5.07.2004 19.402,00 11.08.2004 18.599,81 0,0413
6.10.2004 9,3931 4,0309 Yes 14.09.2004 22.751,00 12.10.2004 21.705,93 0,0459
3.11.2004 4,2741 ,8793 Yes 6.10.2004 22.561,00 10.11.2004 21.959,49 0,0267
26.11.2004 2,9944 ,8723 Yes 6.10.2004 22.486,00 1.12.2004 22.233,76 0,0112
2.12.2004 4,7292 1,3564 Yes 6.10.2004 23.030,00 7.12.2004 22.233,76 0,0346
28.12.2004 8,6828 6,4060 Yes 6.10.2004 24.971,68 3.01.2005 24.237,72 0,0294
3.01.2005 8,6568 6,9778 Yes 14.09.2004 24.417,03 6.01.2005 24.237,72 0,0073
26.01.2005 10,1547 7,5895 Yes 14.09.2004 27.074,09 31.01.2005 26.850,63 0,0083
15.02.2005 4,0260 3,8484 Yes 26.01.2005 27.661,58 17.02.2005 26.403,76 0,0455
28.02.2005 3,9818 -,8743 Yes 26.01.2005 27.226,38 3.03.2005 23.874,68 0,1231
9.03.2005 3,2835 ,5463 Yes 26.01.2005 26.936,75 15.03.2005 23.874,68 0,1137
18.04.2005 -8,8890 ,4705 Yes 29.03.2005 24.252,96 3.05.2005 25.325,67 0,0442
3.06.2005 4,8516 -,1906 Yes 16.05.2005 25.476,43 8.06.2005 25.358,89 0,0046
29.06.2005 5,9583 4,6951 Yes 10.06.2005 26.947,08 1.07.2005 26.922,03 0,0009
14.07.2005 6,3013 4,1444 Yes 10.06.2005 28.675,40 20.07.2005 28.593,47 0,0029
4.10.2005 6,9998 4,2189 Yes 5.09.2005 33.510,39 7.10.2005 30.633,42 0,0859
17.11.2005 13,1734 8,7789 Yes 5.09.2005 35.654,99 22.11.2005 35.044,91 0,0171
16.01.2006 13,7556 7,3834 Yes 5.09.2005 42.622,90 19.01.2006 42.622,90 0,0000
27.02.2006 8,1850 2,9666 Yes 25.01.2006 46.366,23 6.03.2006 41.465,27 0,1057
10.04.2006 -3,2154 -1,3713 Yes 15.03.2006 42.890,29 12.04.2006 45.712,51 0,0658
17.04.2006 -2,5175 -1,1163 Yes 15.03.2006 42.864,85 19.04.2006 45.712,51 0,0664
-
13.06.2006 16,0883 -6,0026 Yes 22.05.2006 34.228,99 23.06.2006 36.481,23 0,0658
15.09.2006 3,3789 1,3069 Yes 21.08.2006 38.324,81 21.09.2006 35.932,06 0,0624
27.10.2006 10,7400 6,8083 Yes 12.07.2006 40.580,02 2.11.2006 38.708,82 0,0461
10.01.2007 -6,0692 -2,8093 Yes 28.11.2006 38.138,21 15.01.2007 42.516,82 0,1148
16.02.2007 5,9580 3,3017 Yes 26.01.2007 44.085,76 21.02.2007 38.824,03 0,1194
26.02.2007 5,0224 3,7018 Yes 2.02.2007 40.732,39 28.02.2007 38.824,03 0,0469

83
22.03.2007 7,4795 ,4847 Yes 2.02.2007 42.582,50 28.03.2007 42.582,50 0,0000
5.04.2007 9,3176 5,7113 Yes 2.02.2007 45.402,56 11.04.2007 44.843,36 0,0123
17.05.2007 5,3540 -2,8239 Yes 5.04.2007 46.801,63 31.05.2007 43.516,46 0,0702
31.05.2007 4,8640 3,6218 Yes 16.04.2007 46.545,36 4.06.2007 43.516,46 0,0651
14.06.2007 -4,9518 -2,1793 Yes 11.05.2007 46.487,89 18.06.2007 47.764,21 0,0275
26.09.2007 11,7343 6,6941 Yes 4.09.2007 54.837,38 3.10.2007 53.843,74 0,0181
10.12.2007 8,2746 1,2228 Yes 26.09.2007 54.374,98 17.12.2007 53.348,12 0,0189
-
10.03.2008 10,5750 -1,5212 Yes 31.01.2008 43.105,47 13.03.2008 43.873,66 0,0178
-
17.03.2008 13,9970 -7,1364 Yes 31.01.2008 40.109,85 20.03.2008 41.868,28 0,0438
26.05.2008 -8,8581 -4,4060 Yes 28.03.2008 39.918,85 2.06.2008 40.830,39 0,0228
23.06.2008 -7,1182 -4,0679 Yes 26.05.2008 37.457,56 26.06.2008 37.516,09 0,0016
-
1.07.2008 13,2847 -6,6750 Yes 17.03.2008 34.410,21 8.07.2008 38.924,81 0,1312
-
20.11.2008 27,6556 -5,7164 Yes 17.10.2008 24.255,42 26.11.2008 26.395,82 0,0882
6.01.2009 8,7663 6,7456 Yes 12.12.2008 27.292,23 8.01.2009 24.035,25 0,1193
9.02.2009 9,7336 3,2393 Yes 29.12.2008 25.457,48 12.02.2009 23.160,00 0,0902
-
25.02.2009 10,6808 -6,9148 Yes 22.01.2009 24.040,44 27.02.2009 24.107,00 0,0028
2.04.2009 14,1493 8,6278 Yes 12.12.2008 26.117,04 8.04.2009 25.979,15 0,0053
9.04.2009 14,1786 10,9680 Yes 12.12.2008 27.806,59 15.04.2009 27.749,05 0,0021
16.04.2009 14,5870 12,1113 Yes 12.12.2008 28.456,74 21.04.2009 28.071,94 0,0135
5.05.2009 16,5580 9,3280 Yes 12.12.2008 32.629,22 14.05.2009 32.267,66 0,0111
25.06.2009 7,4571 1,2826 Yes 1.06.2009 36.898,66 7.07.2009 36.275,32 0,0169
9.07.2009 5,9544 5,7779 Yes 15.05.2009 36.461,63 13.07.2009 36.275,32 0,0051
24.08.2009 8,9785 7,3600 Yes 4.08.2009 47.027,81 27.08.2009 44.130,19 0,0616
27.08.2009 8,4819 6,2313 Yes 4.08.2009 46.957,98 1.09.2009 44.130,19 0,0602
29.09.2009 8,4775 2,7629 Yes 27.08.2009 47.258,29 2.10.2009 46.169,41 0,0230
14.10.2009 6,7136 4,7747 Yes 4.08.2009 49.884,10 19.10.2009 45.815,66 0,0816
20.10.2009 8,9505 5,7489 Yes 24.08.2009 51.567,59 23.10.2009 45.815,66 0,1115
26.11.2009 -5,7856 -2,7758 Yes 3.11.2009 48.257,47 3.12.2009 50.972,19 0,0563
16.12.2009 12,0553 7,5024 Yes 4.08.2009 50.251,01 21.12.2009 50.149,45 0,0020
6.01.2010 8,7935 5,0003 Yes 16.12.2009 54.120,57 12.01.2010 53.149,01 0,0180
28.01.2010 2,0383 1,9586 Yes 6.01.2010 54.730,74 1.02.2010 49.432,48 0,0968
2.02.2010 2,1146 ,8894 Yes 6.01.2010 52.968,34 5.02.2010 49.432,48 0,0668
25.02.2010 -4,1060 -3,5630 Yes 8.02.2010 50.481,53 1.03.2010 53.562,14 0,0610
2.03.2010 ,8074 -1,9766 Yes 16.12.2009 53.113,67 8.03.2010 51.780,85 0,0251
8.03.2010 1,6144 -,5496 Yes 16.12.2009 52.310,87 10.03.2010 51.780,85 0,0101
16.03.2010 7,0974 2,0923 Yes 16.12.2009 53.096,62 22.03.2010 53.063,43 0,0006
5.04.2010 9,5464 7,2265 Yes 16.12.2009 58.784,79 9.04.2010 56.770,58 0,0343
30.04.2010 1,5217 ,4276 Yes 5.04.2010 58.565,30 4.05.2010 52.570,52 0,1024
1.07.2010 -3,3445 1,9217 Yes 4.06.2010 57.615,31 9.07.2010 60.141,63 0,0438
21.07.2010 6,7830 4,1168 Yes 5.04.2010 59.570,81 26.07.2010 58.961,69 0,0102
15.09.2010 8,7707 4,2794 Yes 5.04.2010 64.123,55 22.09.2010 63.354,21 0,0120
13.10.2010 8,5716 5,0949 Yes 15.09.2010 69.636,25 21.10.2010 67.312,11 0,0334

84
8.11.2010 2,2728 ,9127 Yes 13.10.2010 70.895,80 11.11.2010 63.834,77 0,0996
20.12.2010 -5,1353 -1,6567 Yes 29.11.2010 66.430,45 28.12.2010 69.725,27 0,0496
5.01.2011 8,3894 2,1180 Yes 15.09.2010 68.238,70 11.01.2011 64.471,70 0,0552
31.01.2011 -7,7249 -4,2127 Yes 29.11.2010 65.252,76 2.02.2011 66.163,09 0,0140
1.03.2011 -9,3017 -2,2890 Yes 29.11.2010 61.987,57 10.03.2011 65.171,01 0,0514
7.04.2011 7,1151 3,5276 Yes 18.03.2011 68.810,39 18.04.2011 66.283,40 0,0367
23.06.2011 -4,4573 -1,9564 Yes 27.05.2011 63.111,54 29.06.2011 64.463,13 0,0214
4.07.2011 5,0232 -,6738 Yes 18.03.2011 62.382,27 12.07.2011 58.486,41 0,0625
22.07.2011 -5,4361 -1,3755 Yes 27.05.2011 61.011,46 28.07.2011 62.799,83 0,0293
-
24.11.2011 12,2094 -4,0375 Yes 18.08.2011 54.412,80 1.12.2011 55.537,56 0,0207
3.01.2012 2,3096 -2,3410 Yes 12.12.2011 51.183,12 6.01.2012 49.263,30 0,0375
9.01.2012 -3,4009 -1,0531 Yes 21.12.2011 52.529,22 13.01.2012 57.581,86 0,0962
1.03.2012 1,7830 ,4771 Yes 6.02.2012 59.716,51 6.03.2012 58.778,01 0,0157
27.03.2012 5,4158 3,5276 Yes 6.02.2012 61.925,21 30.03.2012 59.388,42 0,0410
15.05.2012 -5,3146 -2,8384 Yes 19.04.2012 56.471,47 23.05.2012 56.662,82 0,0034
21.06.2012 8,3156 5,8686 Yes 2.02.2012 59.704,72 26.06.2012 59.512,97 0,0032
4.07.2012 7,9918 6,5314 Yes 2.02.2012 62.118,12 6.07.2012 61.404,86 0,0115
8.08.2012 6,5229 3,5845 Yes 4.07.2012 65.327,71 14.08.2012 63.739,79 0,0243
5.09.2012 4,5622 2,6725 Yes 8.08.2012 68.079,65 11.09.2012 66.473,11 0,0236
22.10.2012 6,4417 4,1933 Yes 8.08.2012 70.676,54 30.10.2012 70.629,47 0,0007
17.01.2013 8,5052 5,2215 Yes 10.12.2012 84.902,67 28.01.2013 77.211,22 0,0906
1.04.2013 5,0386 2,1161 Yes 12.03.2013 84.803,76 4.04.2013 82.033,19 0,0327
8.05.2013 9,4100 4,4597 Yes 12.03.2013 92.172,88 20.05.2013 76.983,66 0,1648
3.07.2013 -6,6219 -4,7106 Yes 11.06.2013 75.637,22 5.07.2013 77.662,96 0,0268
5.07.2013 -7,2592 -4,0150 Yes 11.06.2013 72.483,00 9.07.2013 77.662,96 0,0715
2.08.2013 -3,9435 ,3143 Yes 11.06.2013 75.599,75 13.08.2013 76.134,10 0,0071
14.08.2013 2,3509 -1,4603 Yes 24.07.2013 72.282,21 20.08.2013 63.887,70 0,1161
-
28.08.2013 13,1637 -5,3051 Yes 11.06.2013 66.768,84 6.09.2013 80.569,53 0,2067
31.01.2014 -9,2118 -4,6277 Yes 2.01.2014 62.839,48 5.02.2014 65.915,73 0,0490
3.03.2014 -4,0395 -,9109 Yes 31.01.2014 64.077,95 7.03.2014 66.023,08 0,0304
14.05.2014 6,5263 3,3410 Yes 8.04.2014 75.310,80 20.05.2014 74.655,43 0,0087
26.05.2014 4,8501 3,9272 Yes 8.04.2014 77.603,62 28.05.2014 77.269,80 0,0043
30.05.2014 4,6364 3,4978 Yes 8.04.2014 78.964,68 3.06.2014 77.443,76 0,0193
5.06.2014 6,0430 4,2000 Yes 14.05.2014 80.832,90 10.06.2014 77.443,76 0,0419
18.07.2014 7,1360 2,5857 Yes 8.04.2014 82.371,24 1.08.2014 76.625,89 0,0697
2.09.2014 5,2391 1,6988 Yes 8.04.2014 80.105,66 10.09.2014 75.122,00 0,0622
24.09.2014 -8,5238 -4,4618 Yes 15.08.2014 75.000,80 1.10.2014 75.977,11 0,0130
26.11.2014 8,3607 3,8775 Yes 24.10.2014 84.967,13 3.12.2014 78.844,01 0,0721
2.01.2015 7,9147 1,1090 Yes 26.11.2014 87.746,04 9.01.2015 86.862,51 0,0101
22.01.2015 4,5947 3,8348 Yes 2.01.2015 89.691,25 29.01.2015 82.975,25 0,0749
26.02.2015 3,3675 -1,0937 Yes 2.01.2015 84.364,31 3.03.2015 76.642,13 0,0915
27.04.2015 4,3508 1,5959 Yes 31.03.2015 83.975,05 5.05.2015 81.754,47 0,0264

85
20.05.2015 4,5791 1,6073 Yes 31.03.2015 83.984,04 27.05.2015 75.268,15 0,1038
24.08.2015 -9,4681 -2,9736 Yes 8.06.2015 74.549,23 31.08.2015 75.320,70 0,0103
14.09.2015 -4,6971 -3,0024 Yes 24.08.2015 73.299,28 16.09.2015 76.189,52 0,0394
4.11.2015 6,6263 2,6525 Yes 14.10.2015 82.000,37 9.11.2015 79.744,79 0,0275

Detailed results of Table 4.5:

Min/Max
CCI Mov. Is Trading Price 10 Max Gain
Date CCI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
14.04.2000 139,6495 -22,4142 Yes 9.03.2000 16809,37 20.04.2000 16391,36 0,0249
17.08.2000 -106,3129 -63,1703 Yes 13.07.2000 13196,91 21.08.2000 13484,26 0,0218
22.08.2000 -126,1512 -85,9441 Yes 13.07.2000 13185,83 24.08.2000 13484,26 0,0226
21.11.2000 -257,1461 -87,3184 Yes 8.09.2000 10596,50 28.11.2000 10780,95 0,0174
12.02.2001 -195,6683 -125,6279 Yes 21.11.2000 9971,69 15.02.2001 10220,02 0,0249
21.02.2001 -241,3878 -142,7916 Yes 21.11.2000 8344,94 26.02.2001 9722,88 0,1651
29.03.2001 -219,1107 -64,2464 Yes 21.02.2001 7806,12 4.04.2001 9.420 0,2067
27.04.2001 247,0244 157,9438 Yes 10.01.2001 12093,41 2.05.2001 11511,68 0,0481
19.11.2001 246,2137 129,6525 Yes 11.10.2001 11856,00 23.11.2001 10550,91 0,1101
7.01.2002 217,0748 124,8644 Yes 19.11.2001 14042,80 10.01.2002 12337,63 0,1214
13.03.2002 -180,7111 -40,1372 Yes 8.02.2002 10776,31 21.03.2002 12173,12 0,1296
15.04.2002 177,9903 81,9933 Yes 19.11.2001 12010,09 19.04.2002 11206,35 0,0669
17.05.2002 -248,7702 -72,6341 Yes 8.02.2002 10894,27 27.05.2002 11218,03 0,0297
17.06.2002 -166,8570 -133,4362 Yes 17.05.2002 9575,19 19.06.2002 9616,51 0,0043
9.07.2002 -129,1720 -74,3363 Yes 17.05.2002 8990,20 12.07.2002 10803,59 0,2017
23.08.2002 -150,9287 -97,4373 Yes 11.06.2002 9394,61 29.08.2002 9656,11 0,0278
10.09.2002 -136,6447 -78,8610 Yes 17.05.2002 9234,25 13.09.2002 9387,46 0,0166
30.09.2002 -186,4248 -99,3472 Yes 17.05.2002 9001,18 3.10.2002 9698,98 0,0775
7.11.2002 264,0016 152,8162 Yes 17.07.2002 12773,73 12.11.2002 11990,21 0,0613
29.01.2003 67,4008 76,2319 Yes 18.12.2002 10945,73 31.01.2003 12025,94 0,0987
5.02.2003 -4,1085 103,4222 Yes 18.12.2002 11013,83 17.02.2003 12025,94 0,0919
24.03.2003 -199,0384 -129,8678 Yes 18.12.2002 9408,46 27.03.2003 10896,99 0,1582
2.06.2003 131,6856 33,9731 Yes 15.04.2003 11084,67 5.06.2003 10396,32 0,0621
3.11.2003 217,6694 45,9428 Yes 10.09.2003 15536,77 7.11.2003 14617,53 0,0592
19.12.2003 170,1577 136,2697 Yes 3.11.2003 18238,00 25.12.2003 17535,73 0,0385
5.01.2004 178,6679 120,1247 Yes 3.11.2003 19558,00 13.01.2004 17563,76 0,1020
16.02.2004 141,5304 -56,4474 Yes 10.09.2003 18603,00 23.02.2004 18227,46 0,0202
10.03.2004 146,7531 83,6695 Yes 5.01.2004 19386,00 15.03.2004 19123,11 0,0136
22.03.2004 188,2394 104,8634 Yes 3.11.2003 20030,00 31.03.2004 18652,48 0,0688
2.08.2004 195,3562 96,8154 Yes 7.06.2004 19055,00 5.08.2004 18599,81 0,0239
11.10.2004 154,2197 92,3034 Yes 1.09.2004 22289,00 13.10.2004 21705,93 0,0262
3.11.2004 220,5651 53,3074 Yes 1.09.2004 22615,00 9.11.2004 21959,49 0,0290
20.12.2004 209,1675 75,3445 Yes 3.11.2004 24537,00 27.12.2004 24237,72 0,0122
28.02.2005 112,3869 -25,7837 Yes 11.01.2005 27519,81 11.03.2005 23874,68 0,1325

86
18.04.2005 -230,1104 -34,5450 Yes 17.03.2005 24730,75 25.04.2005 25181,38 0,0182
20.05.2005 136,0689 85,0392 Yes 20.12.2004 24329,06 24.05.2005 23890,83 0,0180
3.06.2005 187,8348 27,2315 Yes 20.12.2004 25499,99 10.06.2005 25484,38 0,0006
4.07.2005 153,0608 114,8783 Yes 3.06.2005 27689,50 8.07.2005 27573,22 0,0042
15.07.2005 156,6343 128,9114 Yes 3.06.2005 29273,25 26.07.2005 28673,89 0,0205
30.11.2005 163,7543 126,1243 Yes 4.10.2005 38917,82 7.12.2005 37272,56 0,0423
4.01.2006 199,0158 135,9548 Yes 4.10.2005 42622,90 19.01.2006 42622,9 0,0000
20.02.2006 192,2528 19,1124 Yes 4.01.2006 47492,97 2.03.2006 41465,27 0,1269
24.08.2006 -24,8107 84,6437 Yes 15.05.2006 37489,28 4.09.2006 38646,03 0,0309
11.09.2006 -42,2265 31,1563 Yes 15.05.2006 37774,59 14.09.2006 38646,03 0,0231
25.09.2006 -176,8761 40,3413 Yes 15.05.2006 36917,37 6.10.2006 40188,87 0,0886
15.12.2006 158,5270 56,6311 Yes 19.10.2006 39071,10 20.12.2006 37398,22 0,0428
6.04.2007 174,2476 128,7659 Yes 15.02.2007 45402,56 11.04.2007 44843,36 0,0123
29.05.2007 134,3091 66,4664 Yes 6.04.2007 46801,63 31.05.2007 43516,46 0,0702
1.11.2007 74,5867 14,5841 Yes 19.09.2007 56599,59 6.11.2007 52632,26 0,0701
7.12.2007 162,4081 12,3221 Yes 19.09.2007 55604,27 14.12.2007 53371,99 0,0401
10.03.2008 -153,0193 -32,8669 Yes 16.01.2008 43105,47 13.03.2008 43873,66 0,0178
17.03.2008 -181,6478 -94,3359 Yes 16.01.2008 40109,85 20.03.2008 41868,28 0,0438
26.05.2008 -208,9015 -116,4214 Yes 16.01.2008 39918,85 2.06.2008 40830,39 0,0228
24.06.2008 -140,2368 -116,3720 Yes 26.05.2008 37457,56 26.06.2008 37516,09 0,0016
17.10.2008 -144,0915 -134,3140 Yes 15.09.2008 27027,98 21.10.2008 29400,1 0,0878
24.10.2008 -129,2268 -120,3888 Yes 15.09.2008 24720,19 28.10.2008 29400,1 0,1893
20.11.2008 -182,2949 -85,0379 Yes 15.09.2008 24313,74 25.11.2008 26004,21 0,0695
15.01.2009 -158,9066 12,1665 Yes 15.09.2008 24529,49 23.01.2009 26783,85 0,0919
18.02.2009 -184,8828 -15,7205 Yes 15.09.2008 24248,07 26.02.2009 24343,56 0,0039
5.05.2009 215,5625 125,4330 Yes 24.03.2009 33023,70 11.05.2009 32032,97 0,0300
19.06.2009 116,0646 -,6525 Yes 5.05.2009 35134,37 24.06.2009 34980,7 0,0044
26.06.2009 184,8185 60,1320 Yes 5.05.2009 36583,74 6.07.2009 36262,13 0,0088
24.07.2009 212,0516 130,8426 Yes 5.05.2009 40756,26 30.07.2009 40668,83 0,0021
30.07.2009 219,8500 171,3224 Yes 24.03.2009 44717,14 5.08.2009 42524,92 0,0490
29.09.2009 138,4941 67,6860 Yes 24.08.2009 47121,13 5.10.2009 46680,23 0,0094
12.10.2009 181,1658 122,3687 Yes 24.08.2009 51266,96 16.10.2009 45832,17 0,1060
5.01.2010 196,4253 125,2260 Yes 30.07.2009 54120,57 12.01.2010 53149,01 0,0180
26.04.2010 89,0674 64,0695 Yes 25.03.2010 57310,87 28.04.2010 52570,52 0,0827
13.05.2010 21,6884 -118,9079 Yes 25.03.2010 54604,10 21.05.2010 51757,2 0,0521
22.07.2010 152,7467 121,2430 Yes 17.06.2010 59570,81 26.07.2010 58961,69 0,0102
2.09.2010 185,1587 -2,0663 Yes 25.03.2010 64394,42 21.09.2010 63354,21 0,0162
28.01.2011 -179,0387 -95,5283 Yes 20.12.2010 65252,76 2.02.2011 66163,09 0,0140
15.06.2011 -224,1853 -46,9970 Yes 11.05.2011 62011,59 22.06.2011 64216,97 0,0356
22.07.2011 -212,8781 -57,4419 Yes 15.06.2011 61326,95 27.07.2011 62799,83 0,0240
22.12.2011 -58,0395 -50,9246 Yes 21.11.2011 52235,82 26.12.2011 52956,73 0,0138
2.01.2012 -80,6279 -53,0929 Yes 21.11.2011 52748,24 4.01.2012 54398,76 0,0313
9.01.2012 -262,9742 -89,5758 Yes 21.11.2011 51631,51 12.01.2012 57266,29 0,1091

87
20.02.2012 100,0237 84,4446 Yes 18.01.2012 59946,25 24.02.2012 58378,71 0,0261
19.03.2012 190,8725 1,2045 Yes 18.01.2012 61139,69 26.03.2012 60474,43 0,0109
29.06.2012 157,2228 124,4804 Yes 19.03.2012 62118,12 6.07.2012 61404,86 0,0115
3.09.2012 158,8752 118,9790 Yes 30.07.2012 68246,77 12.09.2012 66473,11 0,0260
2.10.2012 -27,7050 -47,7214 Yes 3.09.2012 67164,80 5.10.2012 67103,57 0,0009
12.10.2012 240,3991 34,8949 Yes 30.07.2012 70394,14 19.10.2012 70147,44 0,0035
3.01.2013 200,9293 114,5995 Yes 4.12.2012 81416,08 10.01.2013 80476,99 0,0115
17.01.2013 192,6857 151,6776 Yes 4.12.2012 85835,22 23.01.2013 78647,84 0,0837
6.03.2013 220,8988 24,0738 Yes 4.12.2012 82766,00 14.03.2013 81847,66 0,0111
29.03.2013 227,0358 95,3185 Yes 4.12.2012 84803,76 4.04.2013 82033,19 0,0327
3.05.2013 257,3748 66,6876 Yes 4.12.2012 90218,29 10.05.2013 88872,61 0,0149
8.07.2013 -111,5926 -55,6150 Yes 3.06.2013 74275,51 15.07.2013 77662,96 0,0456
29.07.2013 -74,6171 26,1809 Yes 3.06.2013 74271,43 6.08.2013 76134,1 0,0251
7.08.2013 -44,4313 -32,4998 Yes 3.06.2013 75599,75 13.08.2013 76134,1 0,0071
22.08.2013 -306,1729 -76,7445 Yes 3.06.2013 67446,34 2.09.2013 74482,43 0,1043
20.01.2014 -99,1372 -32,2393 Yes 18.12.2013 67007,61 22.01.2014 67450,72 0,0066
29.01.2014 -213,1143 -97,0235 Yes 18.12.2013 62839,48 5.02.2014 65915,73 0,0490
3.03.2014 -142,1545 -50,2862 Yes 29.01.2014 63150,56 5.03.2014 66023,08 0,0455
10.06.2014 146,1291 123,5648 Yes 2.05.2014 78328,92 12.06.2014 77443,76 0,0113
16.07.2014 227,6032 72,2194 Yes 2.05.2014 82702,53 23.07.2014 77226,97 0,0662
25.09.2014 -159,3354 -121,4760 Yes 2.07.2014 75000,80 1.10.2014 75977,11 0,0130
8.01.2015 156,4577 85,4331 Yes 21.11.2014 88080,10 15.01.2015 86862,51 0,0138
23.01.2015 160,4920 120,5494 Yes 21.11.2014 89691,25 29.01.2015 82975,25 0,0749
8.06.2015 -227,4199 -102,9266 Yes 5.03.2015 79985,54 11.06.2015 84529,26 0,05680675

Detailed results of Table 4.6:

MFI Min/Max Max

Mov. Is Trading Price 10 Gain
Date MFI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
14.04.2000 71,7610 60,9032 Yes 9.03.2000 16.938,84 21.04.2000 16474,61 0,0274
29.06.2000 26,8825 40,4901 Yes 31.05.2000 14.638,28 6.07.2000 15018,22 0,0260
22.08.2000 26,3435 39,3092 Yes 18.07.2000 13.158,73 25.08.2000 13484,26 0,0247
19.09.2000 20,8681 32,5285 Yes 18.07.2000 11.320,78 22.09.2000 12533,84 0,1072
13.02.2001 22,4889 39,5448 Yes 8.12.2000 9.763,90 16.02.2001 10220,02 0,0467
29.03.2001 26,4910 42,6945 Yes 13.02.2001 7.855,67 3.04.2001 9.420 0,1991
22.05.2001 68,0632 61,7763 Yes 30.04.2001 12.052,38 24.05.2001 10031,26 0,1677
17.07.2001 27,2132 43,9570 Yes 13.02.2001 9.684,55 23.07.2001 10267,13 0,0602
19.09.2001 27,4864 50,3858 Yes 17.07.2001 7.594,91 26.09.2001 8048,28 0,0597
20.11.2001 81,0617 70,7518 Yes 30.10.2001 11.721,91 28.11.2001 10550,91 0,0999
13.12.2001 69,6774 66,1662 Yes 20.11.2001 12.761,86 19.12.2001 12349,39 0,0323
21.02.2002 32,5494 41,4112 Yes 28.01.2002 11.470,86 4.03.2002 11968,42 0,0434
13.03.2002 36,2272 43,4225 Yes 28.01.2002 10.643,70 20.03.2002 12173,12 0,1437
29.05.2002 24,3923 39,7882 Yes 6.05.2002 10.383,36 6.06.2002 10610,59 0,0219

88
26.06.2002 24,6730 33,3920 Yes 29.05.2002 9.009,19 28.06.2002 9616,51 0,0674
28.08.2002 19,3313 37,0026 Yes 6.05.2002 9.469,79 5.09.2002 9656,11 0,0197
27.03.2003 31,8468 39,6468 Yes 30.12.2002 9.773,83 2.04.2003 11379,06 0,1642
16.04.2003 80,6537 71,2718 Yes 27.01.2003 11.259,87 21.04.2003 10838,5 0,0374
29.05.2003 70,6125 48,2739 Yes 16.04.2003 10.973,38 9.06.2003 10396,32 0,0526
23.09.2003 93,3861 78,5989 Yes 13.08.2003 13.758,78 29.09.2003 12833,87 0,0672
4.11.2003 67,1204 50,6445 Yes 7.10.2003 15.536,77 7.11.2003 14617,53 0,0592
14.11.2003 62,3688 53,4061 Yes 7.10.2003 14.617,53 1.12.2003 14617,53 0,0000
9.12.2003 85,2938 62,2449 Yes 23.09.2003 17.230,00 18.12.2003 17230,77 0,0000
27.02.2004 74,5782 63,5285 Yes 23.12.2003 19.015,00 5.03.2004 18938,34 0,0040
10.03.2004 79,8327 70,3327 Yes 23.12.2003 19.364,00 17.03.2004 19123,11 0,0124
29.03.2004 79,3972 71,4401 Yes 9.12.2003 20.030,00 31.03.2004 18652,48 0,0688
25.06.2004 39,8892 49,5011 Yes 22.04.2004 17.709,00 29.06.2004 18707,86 0,0564
2.08.2004 63,6891 57,8539 Yes 5.07.2004 19.429,00 4.08.2004 18599,81 0,0427
20.08.2004 39,5997 52,2233 Yes 22.04.2004 19.657,00 25.08.2004 21572,01 0,0974
11.10.2004 70,5883 58,6704 Yes 9.09.2004 22.318,00 15.10.2004 21705,93 0,0274
25.10.2004 72,4351 66,1966 Yes 9.09.2004 22.899,00 1.11.2004 21959,49 0,0410
3.11.2004 78,4778 72,0430 Yes 9.09.2004 23.215,00 8.11.2004 21959,49 0,0541
6.12.2004 70,6936 54,0731 Yes 9.09.2004 22.679,00 10.12.2004 22526,36 0,0067
3.01.2005 83,2517 75,3936 Yes 9.09.2004 24.417,03 6.01.2005 24237,72 0,0073
18.01.2005 85,5588 76,5115 Yes 9.09.2004 26.474,29 25.01.2005 26246,66 0,0086
27.01.2005 86,3672 80,9042 Yes 9.09.2004 27.546,85 4.02.2005 26868,18 0,0246
10.06.2005 61,6641 60,3067 Yes 20.05.2005 25.609,99 14.06.2005 25609,99 0,0000
2.09.2005 83,9133 57,8702 Yes 1.08.2005 32.202,66 12.09.2005 32110,91 0,0028
4.10.2005 68,6032 63,0498 Yes 2.09.2005 34.775,67 6.10.2005 30633,42 0,1191
10.11.2005 84,8870 65,6937 Yes 1.08.2005 34.171,51 15.11.2005 34171,51 0,0000
21.11.2005 85,4736 76,6077 Yes 1.08.2005 36.620,95 29.11.2005 36267,05 0,0097
17.01.2006 86,2526 72,9460 Yes 6.12.2005 45.315,15 30.01.2006 43400,3 0,0423
10.02.2006 60,6848 60,3440 Yes 17.01.2006 44.046,29 14.02.2006 42944,83 0,0250
24.02.2006 74,6198 60,4406 Yes 17.01.2006 47.492,97 2.03.2006 41465,27 0,1269
8.05.2006 70,0047 58,3783 Yes 17.01.2006 43.713,19 12.05.2006 35277,93 0,1930
11.08.2006 72,3095 62,7714 Yes 4.07.2006 37.881,61 16.08.2006 36173,85 0,0451
18.09.2006 67,1775 57,8812 Yes 23.08.2006 37.777,41 22.09.2006 35932,06 0,0488
20.02.2007 64,0659 55,8772 Yes 25.01.2007 40.367,95 2.03.2007 38824,03 0,0382
21.05.2007 64,0260 49,8726 Yes 6.04.2007 46.511,59 28.05.2007 43516,46 0,0644
31.05.2007 67,3285 58,8205 Yes 6.04.2007 45.792,56 7.06.2007 43516,46 0,0497
9.07.2007 82,2096 64,3408 Yes 23.03.2007 51.693,31 17.07.2007 50478,46 0,0235
11.12.2007 73,3158 53,3141 Yes 27.09.2007 54.374,98 17.12.2007 53348,12 0,0189
10.03.2008 31,8844 51,1992 Yes 23.01.2008 39.588,24 17.03.2008 41641,92 0,0519
26.05.2008 26,3209 44,4026 Yes 23.01.2008 39.918,85 2.06.2008 40830,39 0,0228
1.07.2008 29,3281 33,9238 Yes 26.05.2008 34.137,34 4.07.2008 38782,98 0,1361
24.10.2008 28,5660 34,9348 Yes 18.09.2008 26.685,09 30.10.2008 29400,1 0,1017
20.11.2008 29,9657 45,4930 Yes 24.10.2008 25.476,97 28.11.2008 27034,2 0,0611

89
26.01.2009 30,4560 45,4968 Yes 18.09.2008 26.672,68 29.01.2009 27131,87 0,0172
27.02.2009 28,5401 41,0688 Yes 18.09.2008 23.993,67 5.03.2009 24114,87 0,0051
7.05.2009 83,8518 66,7683 Yes 6.04.2009 34.246,26 20.05.2009 33923,72 0,0094
2.06.2009 72,2382 70,4958 Yes 7.05.2009 34.979,17 4.06.2009 33264,78 0,0490
2.07.2009 75,2800 64,8349 Yes 20.05.2009 37.372,32 9.07.2009 36275,32 0,0294
4.08.2009 88,7699 73,2387 Yes 6.04.2009 43.551,34 7.08.2009 42524,92 0,0236
1.09.2009 72,1208 62,7620 Yes 10.08.2009 45.669,34 7.09.2009 44130,19 0,0337
15.10.2009 74,1194 66,0678 Yes 10.08.2009 49.884,10 19.10.2009 45815,66 0,0816
21.10.2009 73,5369 68,4008 Yes 10.08.2009 50.975,15 27.10.2009 45815,66 0,1012
16.12.2009 82,7800 64,0366 Yes 4.08.2009 51.398,29 24.12.2009 51032,37 0,0071
8.01.2010 87,7136 74,4899 Yes 4.08.2009 53.479,71 13.01.2010 53149,01 0,0062
7.04.2010 82,7775 72,8712 Yes 8.01.2010 58.570,24 13.04.2010 56770,58 0,0307
28.06.2010 82,2113 69,8179 Yes 8.01.2010 54.237,68 1.07.2010 53911,38 0,0060
22.07.2010 72,3681 63,8144 Yes 28.06.2010 59.727,42 27.07.2010 58871,14 0,0143
3.09.2010 73,0751 61,2708 Yes 14.07.2010 60.562,81 8.09.2010 60312,29 0,0041
13.10.2010 83,6106 78,7417 Yes 22.09.2010 69.412,73 15.10.2010 67312,11 0,0303
13.12.2010 65,2273 54,3081 Yes 22.09.2010 65.364,43 16.12.2010 62436,72 0,0448
6.01.2011 84,0140 60,2903 Yes 30.09.2010 67.807,65 12.01.2011 64471,7 0,0492
18.02.2011 82,4744 59,2022 Yes 22.09.2010 61.389,89 25.02.2011 58068,41 0,0541
7.04.2011 74,0044 58,3781 Yes 18.02.2011 ,00 1.01.0001 0,0000
2.05.2011 70,0325 61,4460 Yes 7.04.2011 67.879,85 10.05.2011 62512,03 0,0791
16.06.2011 34,7093 35,8340 Yes 24.05.2011 61.102,10 20.06.2011 64186,73 0,0505
27.06.2011 26,5266 33,4544 Yes 24.05.2011 63.111,54 29.06.2011 64463,13 0,0214
22.07.2011 27,6764 50,9522 Yes 27.06.2011 62.731,80 1.08.2011 62799,83 0,0011
11.08.2011 26,1099 33,2032 Yes 24.05.2011 53.785,78 18.08.2011 55760,63 0,0367
19.08.2011 23,6747 27,3139 Yes 24.05.2011 53.586,14 23.08.2011 56979,8 0,0633
10.01.2012 32,7256 47,5155 Yes 1.11.2011 53.466,61 18.01.2012 59334,51 0,1097
19.03.2012 77,1043 55,7511 Yes 30.01.2012 61.139,69 26.03.2012 60474,43 0,0109
18.05.2012 28,5227 43,2574 Yes 27.02.2012 55.169,99 30.05.2012 58546,09 0,0612
30.07.2012 60,8347 57,8542 Yes 22.06.2012 64.206,63 1.08.2012 63265,15 0,0147
10.09.2012 79,7280 66,0222 Yes 22.06.2012 68.151,98 14.09.2012 66093,97 0,0302
1.11.2012 85,5853 73,1369 Yes 22.06.2012 72.422,71 7.11.2012 70224,38 0,0304
18.12.2012 95,0534 84,3619 Yes 22.06.2012 76.467,23 21.12.2012 76408,56 0,0008
16.04.2013 64,7742 60,8410 Yes 15.03.2013 84.517,63 18.04.2013 82323,01 0,0260
17.05.2013 86,7165 78,2962 Yes 15.03.2013 91.706,47 24.05.2013 73033,7 0,2036
7.08.2013 30,2841 52,2021 Yes 11.06.2013 73.693,10 19.08.2013 73693,1
28.10.2013 62,2701 45,7285 Yes 19.09.2013 77.903,65 1.11.2013 70835,67 0,0907
13.11.2013 22,9389 39,5518 Yes 9.10.2013 74.596,80 20.11.2013 77044,07 0,0328
27.12.2013 21,1071 34,7279 Yes 9.10.2013 68.445,56 8.01.2014 68959,19 0,0075
19.03.2014 66,1433 49,9273 Yes 21.02.2014 63.958,51 25.03.2014 63836,05 0,0019
26.05.2014 66,1691 59,0595 Yes 10.04.2014 77.603,62 28.05.2014 77269,8 0,0043
30.05.2014 74,0145 63,1596 Yes 10.04.2014 78.785,49 5.06.2014 77443,76 0,0170
10.06.2014 74,9436 69,4645 Yes 10.04.2014 78.328,92 12.06.2014 77443,76 0,0113

90
24.07.2014 84,2823 73,6953 Yes 10.04.2014 82.371,24 1.08.2014 76625,89 0,0697
1.12.2014 87,7791 73,8403 Yes 5.09.2014 84.979,69 4.12.2014 78844,01 0,0722
13.01.2015 94,9945 81,1650 Yes 5.09.2014 87.648,67 16.01.2015 86862,51 0,0090
17.03.2015 39,1539 46,4453 Yes 11.02.2015 81.474,94 19.03.2015 83768,48 0,0282
15.04.2015 39,6722 53,0756 Yes 11.02.2015 84.397,12 22.04.2015 86754,56 0,0279
28.04.2015 66,9597 52,4032 Yes 25.03.2015 83.880,82 4.05.2015 81754,47 0,0253
20.08.2015 21,7461 35,7055 Yes 8.06.2015 74.981,53 28.08.2015 75320,7 0,0045
26.11.2015 25,6955 36,8085 Yes 8.06.2015 76.785,45 2.12.2015 77766,72 0,0128

Detailed results of Table 4.7:

Min/Max Max
RSI Mov. Is Trading Price 10 Gain
Date RSI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
26.05.2000 39,9610 47,2621 Yes 14.04.2000 10.528,28 31.05.2000 10.863,00 0,0318
1.02.2001 62,5905 53,3040 Yes 31.10.2000 10.878,51 9.02.2001 10.294,01 0,0537
22.03.2001 26,6345 34,4665 Yes 12.10.2000 9.687,93 27.03.2001 10.155,24 0,0482
21.08.2001 38,8317 44,0401 Yes 24.07.2001 10.422,76 27.08.2001 10.441,37 0,0018
28.12.2001 62,1749 57,9940 Yes 5.12.2001 10.021,71 2.01.2002 9.711,10 0,0310
4.01.2002 64,8492 59,5556 Yes 26.11.2001 10.153,18 9.01.2002 9.680,51 0,0466
11.06.2002 33,6323 37,8460 Yes 29.04.2002 9.612,87 13.06.2002 9.733,39 0,0125
24.09.2002 29,2641 38,5648 Yes 23.07.2002 7.996,01 27.09.2002 7.996,01 0,0000
11.03.2003 34,0916 39,5057 Yes 13.02.2003 7.822,17 14.03.2003 8.522,18 0,0895
2.05.2003 61,6284 58,5356 Yes 21.03.2003 8.531,28 6.05.2003 8.416,72 0,0134
12.05.2003 64,4041 59,4817 Yes 21.03.2003 8.649,22 15.05.2003 8.416,72 0,0269
19.08.2003 64,3194 56,5961 Yes 17.06.2003 9.349,44 25.08.2003 9.233,08 0,0124
4.09.2003 69,6635 61,0186 Yes 17.06.2003 9.504,88 10.09.2003 9.380,95 0,0130
14.10.2003 66,8684 59,2616 Yes 4.09.2003 9.721,50 20.10.2003 9.497,72 0,0230
11.02.2004 65,9169 55,7253 Yes 8.01.2004 10.628,88 17.02.2004 10.521,70 0,0101
17.05.2004 29,5438 36,6790 Yes 11.03.2004 9.939,34 21.05.2004 10.391,15 0,0455
26.07.2004 30,9879 37,8784 Yes 11.03.2004 10.084,03 28.07.2004 10.203,34 0,0118
9.08.2004 29,3548 42,1383 Yes 11.03.2004 9.955,50 17.08.2004 10.211,10 0,0257
25.10.2004 30,3480 37,1946 Yes 9.08.2004 9.888,25 27.10.2004 10.439,02 0,0557
23.12.2004 70,7550 65,2529 Yes 18.11.2004 10.776,06 28.12.2004 10.504,72 0,0252
15.02.2005 65,6613 59,9010 Yes 23.12.2004 10.755,15 18.02.2005 10.583,64 0,0159
20.07.2005 63,1637 57,0095 Yes 17.06.2005 10.624,19 22.07.2005 10.512,49 0,0105
21.09.2005 38,9156 51,6288 Yes 26.08.2005 10.472,61 29.09.2005 10.637,00 0,0157
11.01.2006 67,2150 57,0654 Yes 25.11.2005 10.957,55 17.01.2006 10.607,36 0,0320
16.02.2006 65,8629 54,0925 Yes 11.01.2006 11.068,33 24.02.2006 10.885,35 0,0165
17.03.2006 68,6781 57,7320 Yes 25.11.2005 11.270,61 24.03.2006 11.069,78 0,0178
27.04.2006 62,6751 57,7240 Yes 17.03.2006 11.372,74 2.05.2006 11.273,65 0,0087
10.05.2006 74,0129 66,2841 Yes 25.11.2005 11.500,01 12.05.2006 10.980,29 0,0452
28.09.2006 69,8421 65,2528 Yes 10.05.2006 11.670,11 3.10.2006 11.608,23 0,0053

91
17.11.2006 74,9181 67,6596 Yes 26.10.2006 12.279,13 27.11.2006 12.070,52 0,0170
19.12.2006 70,1883 63,5598 Yes 17.11.2006 12.407,87 22.12.2006 12.301,40 0,0086
16.01.2007 66,9860 59,7566 Yes 19.12.2006 12.467,96 23.01.2007 12.391,44 0,0061
1.02.2007 64,8357 57,8056 Yes 19.12.2006 12.595,90 12.02.2007 12.078,85 0,0410
20.02.2007 67,5885 61,4606 Yes 19.12.2006 12.679,89 23.02.2007 11.973,58 0,0557
27.04.2007 77,7698 72,5969 Yes 26.10.2006 13.062,75 1.05.2007 12.993,02 0,0053
4.06.2007 75,0088 72,5439 Yes 9.05.2007 13.590,66 6.06.2007 13.207,73 0,0282
9.07.2007 60,6040 52,6407 Yes 15.06.2007 13.500,40 11.07.2007 13.435,45 0,0048
17.07.2007 69,2405 61,0228 Yes 4.06.2007 13.851,73 23.07.2007 13.041,77 0,0585
1.10.2007 69,1548 63,6397 Yes 17.07.2007 13.967,89 4.10.2007 13.738,66 0,0164
8.01.2008 30,5139 43,8115 Yes 12.11.2007 12.850,74 11.01.2008 12.866,10 0,0012
10.03.2008 31,4527 44,1461 Yes 22.01.2008 12.148,61 12.03.2008 12.687,61 0,0444
17.09.2008 34,5871 43,6953 Yes 15.07.2008 11.027,51 19.09.2008 11.450,81 0,0384
10.10.2008 23,0911 34,9406 Yes 2.07.2008 9.388,97 14.10.2008 9.924,28 0,0570
12.11.2008 38,3999 45,7944 Yes 10.10.2008 8.822,19 14.11.2008 8.980,93 0,0180
20.11.2008 34,4956 41,5612 Yes 27.10.2008 8.048,09 24.11.2008 9.151,61 0,1371
20.01.2009 34,9713 45,0615 Yes 27.10.2008 8.117,39 27.01.2009 8.446,33 0,0405
3.03.2009 25,3150 30,7484 Yes 10.10.2008 6.874,01 5.03.2009 7.624,45 0,1092
17.04.2009 60,9903 59,1778 Yes 26.03.2009 7.841,73 21.04.2009 7.791,95 0,0063
12.06.2009 63,9836 62,9110 Yes 6.05.2009 8.612,44 16.06.2009 8.259,43 0,0410
27.08.2009 69,7574 63,8251 Yes 4.08.2009 9.492,32 1.09.2009 9.252,93 0,0252
18.09.2009 71,6777 65,5170 Yes 7.08.2009 9.749,99 24.09.2009 9.430,08 0,0328
15.10.2009 69,8796 59,5054 Yes 18.09.2009 9.946,18 22.10.2009 9.678,95 0,0269
17.11.2009 68,1427 61,8784 Yes 15.10.2009 10.327,91 20.11.2009 10.231,25 0,0094
14.12.2009 61,5534 58,0501 Yes 17.11.2009 10.309,39 18.12.2009 10.263,90 0,0044
30.12.2009 61,8932 57,3276 Yes 25.11.2009 10.430,69 4.01.2010 10.430,69 0,0000
14.01.2010 66,0112 61,3325 Yes 17.11.2009 10.608,37 19.01.2010 10.043,75 0,0532
2.07.2010 30,6245 41,3089 Yes 20.05.2010 10.019,26 8.07.2010 10.407,82 0,0388
23.12.2010 68,3154 64,6805 Yes 5.11.2010 11.569,33 31.12.2010 11.530,32 0,0034
5.01.2011 74,9436 69,0310 Yes 5.11.2010 11.672,34 10.01.2011 11.573,87 0,0084
18.02.2011 78,9337 76,4255 Yes 27.01.2011 12.211,81 23.02.2011 11.983,17 0,0187
6.04.2011 63,7852 60,1407 Yes 18.02.2011 12.380,43 11.04.2011 12.093,89 0,0231
29.04.2011 72,6709 61,9918 Yes 18.02.2011 12.723,65 5.05.2011 12.378,84 0,0271
7.07.2011 67,9507 55,2651 Yes 18.02.2011 12.505,54 12.07.2011 12.296,23 0,0167
22.09.2011 36,8818 46,1804 Yes 19.08.2011 11.189,10 28.09.2011 11.625,30 0,0390
3.10.2011 38,8846 43,8367 Yes 8.08.2011 10.939,87 6.10.2011 11.652,74 0,0652
7.12.2011 60,7260 51,9180 Yes 8.11.2011 12.018,66 13.12.2011 11.735,19 0,0236
4.01.2012 61,9550 58,7461 Yes 28.10.2011 12.359,31 9.01.2012 12.311,79 0,0038
12.01.2012 62,5371 60,7822 Yes 28.10.2011 12.423,12 17.01.2012 12.423,12 0,0000
1.05.2012 60,0865 53,2830 Yes 2.04.2012 13.035,85 7.05.2012 12.336,76 0,0536
17.08.2012 65,4457 62,4741 Yes 15.03.2012 13.198,31 22.08.2012 12.977,09 0,0168
5.10.2012 63,9137 59,3047 Yes 14.09.2012 13.473,53 10.10.2012 13.063,63 0,0304
14.03.2013 75,4902 69,0427 Yes 29.01.2013 14.452,06 19.03.2013 14.382,09 0,0048

92
11.04.2013 71,9229 65,2303 Yes 14.03.2013 14.599,20 16.04.2013 14.444,03 0,0106
21.05.2013 72,9432 69,8803 Yes 14.03.2013 15.300,57 23.05.2013 14.844,22 0,0298
23.07.2013 65,9704 63,6099 Yes 28.05.2013 15.539,17 25.07.2013 15.405,16 0,0086
2.08.2013 67,8057 64,2299 Yes 28.05.2013 15.608,44 6.08.2013 14.992,16 0,0395
8.10.2013 32,9566 43,6797 Yes 21.08.2013 15.126,52 11.10.2013 15.570,60 0,0294
29.10.2013 66,1811 59,7848 Yes 18.09.2013 15.558,01 1.11.2013 15.522,18 0,0023
6.11.2013 65,4585 62,2118 Yes 18.09.2013 15.591,54 8.11.2013 15.579,35 0,0008
18.11.2013 68,9088 63,7087 Yes 18.09.2013 15.908,07 21.11.2013 15.791,29 0,0073
27.11.2013 70,5289 68,1520 Yes 18.09.2013 16.004,72 3.12.2013 15.703,79 0,0188
13.05.2014 62,8568 57,0767 Yes 2.04.2014 16.613,52 15.05.2014 16.341,30 0,0164
10.06.2014 68,7828 62,4112 Yes 31.12.2013 16.840,48 12.06.2014 16.703,73 0,0081
4.07.2014 66,9830 59,4490 Yes 10.06.2014 16.916,83 9.07.2014 16.805,38 0,0066
27.08.2014 64,8258 58,3963 Yes 4.07.2014 17.067,24 3.09.2014 16.937,67 0,0076
19.09.2014 66,9245 58,6710 Yes 4.07.2014 17.165,91 23.09.2014 16.674,04 0,0287
16.10.2014 29,9825 39,4611 Yes 7.08.2014 16.373,15 20.10.2014 17.410,65 0,0634
25.02.2015 64,0847 60,4432 Yes 5.12.2014 18.134,05 2.03.2015 17.620,49 0,0283
2.03.2015 64,2162 61,6968 Yes 5.12.2014 18.203,37 4.03.2015 17.620,49 0,0320
19.05.2015 60,3373 54,7346 Yes 2.03.2015 18.229,75 26.05.2015 17.714,97 0,0282

Detailed results of Table 4.8:

Stochastic Min/Max Max

Mov. Is Trading Price 10 Gain
Date Stochastic Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
10.05.2000 19,4986 26,5137 Yes 11.02.2000 10.606,97 15.05.2000 10.971,24 0,03434
26.05.2000 16,2914 22,6050 Yes 11.02.2000 10.532,27 1.06.2000 10.863,00 0,03140
22.06.2000 10,9678 16,2903 Yes 11.02.2000 10.541,58 27.06.2000 10.834,32 0,02777
9.08.2000 91,9303 85,7791 Yes 17.07.2000 10.905,98 11.08.2000 10.902,68 0,00030
14.08.2000 93,4301 90,0584 Yes 23.03.2000 11.010,95 17.08.2000 10.984,40 0,00241
25.08.2000 94,2383 91,8703 Yes 23.03.2000 11.249,27 29.08.2000 11.096,35 0,01359
12.10.2000 5,9880 10,3521 Yes 18.09.2000 10.184,78 16.10.2000 10.869,52 0,06723
1.02.2001 94,8755 89,4872 Yes 31.10.2000 10.860,44 5.02.2001 10.722,15 0,01273
21.02.2001 11,1776 32,2052 Yes 18.09.2000 10.447,59 26.02.2001 10.859,50 0,03943
21.05.2001 94,2166 91,3178 Yes 27.04.2001 11.257,76 23.05.2001 10.835,49 0,03751
21.08.2001 16,5598 26,6038 Yes 10.07.2001 10.232,48 24.08.2001 10.441,37 0,02041
31.08.2001 9,0192 17,4685 Yes 10.07.2001 9.998,12 5.09.2001 10.066,69 0,00686
8.11.2001 87,8602 82,8169 Yes 12.10.2001 9.606,13 12.11.2001 9.408,58 0,02056
28.12.2001 87,3230 80,3080 Yes 27.11.2001 10.021,71 2.01.2002 9.711,10 0,03099
7.01.2002 90,6895 86,3961 Yes 27.11.2001 10.153,18 9.01.2002 9.680,51 0,04655
14.02.2002 90,1088 83,8137 Yes 27.11.2001 9.899,24 19.02.2002 9.734,21 0,01667
4.03.2002 92,3624 86,8380 Yes 19.11.2001 10.578,10 7.03.2002 10.354,74 0,02112
12.03.2002 93,5675 92,6071 Yes 19.11.2001 10.501,29 14.03.2002 10.276,76 0,02138
4.06.2002 11,4059 13,4408 Yes 29.04.2002 9.795,70 6.06.2002 9.802,55 0,00070
13.06.2002 11,6320 13,9510 Yes 29.04.2002 9.476,50 17.06.2002 9.733,39 0,02711

93
12.07.2002 11,7813 17,2936 Yes 13.06.2002 8.635,31 16.07.2002 8.762,14 0,01469
25.11.2002 93,1471 81,3825 Yes 21.10.2002 8.678,96 27.11.2002 8.469,55 0,02413
6.01.2003 92,9519 69,4562 Yes 21.10.2002 8.596,68 9.01.2003 8.112,43 0,05633
7.02.2003 6,0180 8,9886 Yes 23.09.2002 7.920,93 11.02.2003 8.076,02 0,01958
12.03.2003 9,0722 11,9238 Yes 12.02.2003 7.822,17 14.03.2003 8.522,18 0,08949
24.04.2003 89,0701 81,9584 Yes 19.03.2003 8.306,84 28.04.2003 8.305,03 0,00022
6.05.2003 88,5386 85,2233 Yes 19.03.2003 8.558,67 8.05.2003 8.416,72 0,01659
13.05.2003 90,8655 83,6740 Yes 19.03.2003 8.710,36 16.05.2003 8.416,72 0,03371
5.06.2003 93,8520 90,0157 Yes 19.03.2003 9.061,18 9.06.2003 8.945,59 0,01276
18.06.2003 95,4594 93,4135 Yes 19.03.2003 9.180,93 20.06.2003 8.871,20 0,03374
19.08.2003 94,9115 89,9845 Yes 18.06.2003 9.436,04 22.08.2003 9.233,08 0,02151
9.10.2003 87,9036 85,8694 Yes 18.09.2003 9.675,72 13.10.2003 9.497,72 0,01840
3.12.2003 87,8419 81,7900 Yes 15.10.2003 9.862,01 8.12.2003 9.859,57 0,00025
8.12.2003 91,3080 87,9885 Yes 15.10.2003 9.922,38 10.12.2003 9.882,38 0,00403
12.12.2003 91,4479 87,9339 Yes 15.10.2003 10.128,75 17.12.2003 10.094,75 0,00336
12.02.2004 83,7824 73,4869 Yes 16.01.2004 10.706,68 18.02.2004 10.521,70 0,01728
6.04.2004 98,3697 94,8316 Yes 18.12.2003 10.482,77 8.04.2004 10.250,48 0,02216
11.05.2004 8,9776 11,0796 Yes 24.03.2004 10.044,31 13.05.2004 10.222,24 0,01771
9.08.2004 7,6475 27,3006 Yes 19.07.2004 9.936,48 12.08.2004 10.199,07 0,02643
25.10.2004 7,4364 10,5632 Yes 27.09.2004 9.888,25 27.10.2004 10.439,02 0,05570
15.12.2004 95,2983 83,3852 Yes 15.11.2004 10.652,14 20.12.2004 10.587,48 0,00607
23.12.2004 95,8350 89,9844 Yes 15.11.2004 10.776,06 28.12.2004 10.504,72 0,02518
16.02.2005 89,1654 88,1638 Yes 30.12.2004 10.755,15 18.02.2005 10.583,64 0,01595
18.04.2005 10,9881 19,6397 Yes 24.03.2005 10.131,18 20.04.2005 10.412,20 0,02774
27.06.2005 9,1463 24,4912 Yes 24.03.2005 10.405,94 29.06.2005 10.696,96 0,02797
15.07.2005 88,3130 81,7301 Yes 20.05.2005 10.629,52 20.07.2005 10.530,50 0,00932
9.09.2005 85,5076 78,2431 Yes 21.07.2005 10.545,85 14.09.2005 10.303,51 0,02298
12.10.2005 11,5226 14,9050 Yes 27.06.2005 10.216,59 14.10.2005 10.483,21 0,02610
11.01.2006 88,8110 86,6664 Yes 23.11.2005 10.961,48 13.01.2006 10.607,36 0,03231
16.02.2006 89,4731 83,7060 Yes 23.11.2005 11.086,98 22.02.2006 10.885,35 0,01819
17.03.2006 86,8018 84,2461 Yes 16.02.2006 11.275,89 21.03.2006 11.069,78 0,01828
20.04.2006 79,1406 62,7616 Yes 24.03.2006 11.336,56 25.04.2006 11.213,05 0,01089
9.05.2006 89,1463 88,0231 Yes 16.02.2006 11.639,29 11.05.2006 10.980,29 0,05662
14.06.2006 14,4732 18,0672 Yes 19.05.2006 11.009,10 16.06.2006 11.288,86 0,02541
4.08.2006 86,2652 84,1655 Yes 3.07.2006 11.218,18 8.08.2006 10.998,06 0,01962
28.09.2006 85,9671 80,4751 Yes 1.09.2006 11.678,99 2.10.2006 11.608,23 0,00606
8.11.2006 74,1482 59,6663 Yes 16.10.2006 12.084,89 13.11.2006 12.051,68 0,00275
20.11.2006 86,3681 85,5858 Yes 16.10.2006 12.321,91 22.11.2006 12.070,52 0,02040
20.12.2006 81,5032 81,2496 Yes 20.11.2006 12.407,87 22.12.2006 12.301,40 0,00858
17.01.2007 80,9452 72,6672 Yes 20.12.2006 12.566,33 22.01.2007 12.389,68 0,01406
7.02.2007 77,7262 77,4914 Yes 17.01.2007 12.638,03 9.02.2007 12.518,58 0,00945
16.02.2007 84,9714 78,8048 Yes 20.11.2006 12.735,77 22.02.2007 11.973,58 0,05985
23.03.2007 90,2706 85,6819 Yes 16.10.2006 12.468,59 27.03.2007 12.234,50 0,01877

94
5.04.2007 91,3076 84,0071 Yes 16.10.2006 12.573,12 11.04.2007 12.407,50 0,01317
27.04.2007 90,4544 89,1798 Yes 5.04.2007 13.062,75 1.05.2007 12.993,02 0,00534
9.05.2007 90,2999 89,7841 Yes 5.04.2007 13.212,20 11.05.2007 13.192,62 0,00148
16.07.2007 90,4029 83,0387 Yes 27.04.2007 13.955,05 18.07.2007 13.041,77 0,06544
12.11.2007 14,7692 18,6418 Yes 31.07.2007 13.305,47 14.11.2007 13.465,20 0,01200
21.11.2007 11,4515 15,0887 Yes 31.07.2007 12.979,99 26.11.2007 13.807,02 0,06372
28.04.2008 84,2959 80,1376 Yes 3.04.2008 12.831,45 30.04.2008 12.648,09 0,01429
5.05.2008 84,0099 82,8285 Yes 3.04.2008 13.010,82 7.05.2008 12.550,39 0,03539
24.06.2008 11,0985 12,6565 Yes 23.05.2008 11.808,57 26.06.2008 11.808,57 0,00000
30.06.2008 7,3106 8,7336 Yes 10.03.2008 11.382,34 2.07.2008 11.538,50 0,01372
12.08.2008 78,2549 74,0731 Yes 22.07.2008 11.532,07 14.08.2008 11.240,18 0,02531
5.09.2008 26,9625 36,5072 Yes 7.07.2008 11.514,73 9.09.2008 11.623,50 0,00945
17.09.2008 17,3370 27,8022 Yes 11.07.2008 11.027,51 19.09.2008 11.450,81 0,03839
14.11.2008 31,7136 32,6964 Yes 9.10.2008 8.273,34 18.11.2008 8.840,33 0,06853
20.11.2008 10,6389 17,4362 Yes 9.10.2008 8.445,14 25.11.2008 9.151,61 0,08365
14.01.2009 12,7103 21,1981 Yes 9.10.2008 8.279,63 20.01.2009 8.446,33 0,02013
23.02.2009 6,1013 7,5664 Yes 9.10.2008 7.349,58 25.02.2009 7.451,13 0,01382
3.03.2009 4,6256 6,8182 Yes 9.10.2008 6.874,01 5.03.2009 7.624,45 0,10917
17.04.2009 91,3953 86,5450 Yes 26.03.2009 7.841,73 21.04.2009 7.791,95 0,00635
4.06.2009 88,5158 88,2381 Yes 6.05.2009 8.759,35 8.06.2009 8.334,55 0,04850
8.06.2009 89,5685 88,4097 Yes 6.05.2009 8.763,66 10.06.2009 8.259,88 0,05749
27.08.2009 86,9864 86,1779 Yes 5.08.2009 9.492,32 1.09.2009 9.252,93 0,02522
16.09.2009 95,6312 93,8727 Yes 5.08.2009 9.784,75 18.09.2009 9.430,08 0,03625
15.10.2009 95,8071 92,5599 Yes 5.08.2009 10.092,42 20.10.2009 9.678,95 0,04097
11.11.2009 96,3309 91,5054 Yes 5.08.2009 10.197,85 13.11.2009 10.192,03 0,00057
18.11.2009 98,2456 93,9955 Yes 27.07.2009 10.327,91 20.11.2009 10.231,25 0,00936
15.12.2009 85,3389 75,3610 Yes 18.11.2009 10.439,99 17.12.2009 10.263,90 0,01687
29.12.2009 95,6277 92,3166 Yes 18.11.2009 10.548,51 31.12.2009 10.423,13 0,01189
11.01.2010 98,1950 95,9301 Yes 18.11.2009 10.628,09 13.01.2010 10.055,08 0,05391
15.03.2010 98,2291 95,2727 Yes 18.11.2009 10.733,44 18.03.2010 10.694,22 0,00365
6.04.2010 94,1258 89,0408 Yes 15.03.2010 10.896,99 8.04.2010 10.844,09 0,00485
15.04.2010 96,3666 94,8163 Yes 15.03.2010 11.018,36 19.04.2010 10.965,38 0,00481
24.05.2010 19,6205 27,7690 Yes 25.01.2010 10.258,00 28.05.2010 10.328,67 0,00689
8.06.2010 14,3922 24,6157 Yes 25.01.2010 10.166,78 11.06.2010 10.594,16 0,04204
2.07.2010 7,2690 9,8110 Yes 25.01.2010 9.736,85 7.07.2010 10.407,82 0,06891
27.07.2010 97,2322 92,1223 Yes 17.06.2010 10.498,94 29.07.2010 10.268,71 0,02193
20.09.2010 96,7531 96,3605 Yes 27.07.2010 10.761,11 22.09.2010 10.640,92 0,01117
5.11.2010 96,7223 88,9602 Yes 20.09.2010 11.342,81 10.11.2010 10.978,93 0,03208
6.12.2010 96,4841 85,0109 Yes 17.06.2010 11.354,30 8.12.2010 11.327,49 0,00236
19.01.2011 93,1141 91,1363 Yes 23.12.2010 11.822,95 21.01.2011 11.803,04 0,00168
26.01.2011 96,3497 95,1693 Yes 6.12.2010 11.990,36 28.01.2011 11.803,04 0,01562
6.04.2011 96,2690 95,7118 Yes 18.02.2011 12.409,87 8.04.2011 12.093,89 0,02546
26.04.2011 96,7108 91,5926 Yes 18.02.2011 12.689,90 28.04.2011 12.521,28 0,01329

95
29.04.2011 97,4195 96,9316 Yes 18.02.2011 12.806,38 3.05.2011 12.378,84 0,03338
6.07.2011 97,2108 97,1697 Yes 18.02.2011 12.717,90 8.07.2011 12.296,23 0,03316
23.09.2011 21,8391 37,8969 Yes 22.08.2011 11.189,10 28.09.2011 11.625,30 0,03898
7.12.2011 92,7297 89,3537 Yes 24.10.2011 11.996,03 9.12.2011 11.735,19 0,02174
27.12.2011 92,3373 84,1024 Yes 24.10.2011 12.152,09 29.12.2011 12.152,09 0,00000
21.02.2012 93,3204 86,7427 Yes 20.01.2012 12.937,08 23.02.2012 12.734,86 0,01563
15.03.2012 97,8877 88,8182 Yes 20.01.2012 13.238,45 20.03.2012 13.002,77 0,01780
18.06.2012 95,6090 90,2118 Yes 20.01.2012 12.823,10 21.06.2012 12.450,17 0,02908
3.07.2012 96,3791 77,6147 Yes 20.01.2012 12.772,02 9.07.2012 12.492,25 0,02190
30.07.2012 89,2771 70,1750 Yes 3.07.2012 12.969,70 2.08.2012 12.778,90 0,01471
10.08.2012 95,2397 93,6408 Yes 3.07.2012 13.157,47 15.08.2012 13.027,20 0,00990
20.08.2012 97,6566 94,3836 Yes 15.03.2012 13.198,31 22.08.2012 12.977,09 0,01676
11.09.2012 87,8692 80,7035 Yes 20.08.2012 13.329,71 13.09.2012 13.325,11 0,00035
13.09.2012 92,3563 89,0413 Yes 20.08.2012 13.552,33 18.09.2012 13.367,27 0,01366
9.11.2012 6,1892 12,6532 Yes 12.10.2012 12.746,54 14.11.2012 13.062,56 0,02479
4.01.2013 96,8696 76,6563 Yes 10.12.2012 13.329,92 9.01.2013 13.329,08 0,00006
11.03.2013 97,7429 96,2840 Yes 23.01.2013 14.455,28 14.03.2013 14.382,09 0,00506
15.03.2013 97,7848 97,5865 Yes 23.01.2013 14.452,06 19.03.2013 14.382,09 0,00484
12.04.2013 95,1535 91,7527 Yes 15.03.2013 14.599,20 16.04.2013 14.444,03 0,01063
8.05.2013 97,6719 95,3979 Yes 15.03.2013 15.113,42 13.05.2013 15.053,46 0,00397
15.07.2013 96,9866 96,2213 Yes 8.05.2013 15.456,92 17.07.2013 15.405,16 0,00335
5.08.2013 90,8200 79,4367 Yes 15.07.2013 15.516,21 7.08.2013 14.880,84 0,04095
9.10.2013 3,8549 5,9689 Yes 21.08.2013 15.126,52 11.10.2013 15.570,60 0,02936
15.11.2013 98,9762 95,9914 Yes 18.10.2013 15.974,06 19.11.2013 15.791,29 0,01144
26.12.2013 98,5530 95,7540 Yes 15.11.2013 16.512,38 31.12.2013 16.240,60 0,01646
2.04.2014 95,2135 83,9183 Yes 18.02.2014 16.414,15 7.04.2014 16.015,32 0,02430
1.05.2014 94,8528 88,0331 Yes 18.02.2014 16.509,75 5.05.2014 16.357,35 0,00923
6.06.2014 98,0828 96,0086 Yes 26.12.2013 16.943,16 11.06.2014 16.703,73 0,01413
4.07.2014 96,3805 87,7262 Yes 6.06.2014 17.022,09 8.07.2014 16.805,38 0,01273
21.08.2014 96,9759 86,7255 Yes 6.06.2014 17.079,57 26.08.2014 16.974,57 0,00615
18.09.2014 87,2174 68,6300 Yes 27.08.2014 17.165,91 23.09.2014 16.674,04 0,02865
4.12.2014 93,5383 86,9723 Yes 7.11.2014 17.847,37 9.12.2014 17.067,59 0,04369
24.12.2014 95,4879 90,2295 Yes 7.11.2014 18.035,02 30.12.2014 17.262,37 0,04284
17.02.2015 99,1273 96,3153 Yes 7.11.2014 17.985,77 20.02.2015 17.825,15 0,00893
16.04.2015 89,2389 83,0754 Yes 17.02.2015 17.841,18 20.04.2015 17.774,89 0,00372
18.05.2015 98,1991 89,7141 Yes 17.02.2015 18.285,87 21.05.2015 17.822,90 0,02532
1.07.2015 12,6294 19,4466 Yes 8.06.2015 17.763,32 3.07.2015 18.131,61 0,02073
28.07.2015 17,4807 24,8879 Yes 1.07.2015 17.743,24 30.07.2015 17.783,59 0,00227
7.08.2015 12,5544 16,7712 Yes 8.06.2015 17.593,59 11.08.2015 17.593,59 0,00000
21.08.2015 8,6693 30,2445 Yes 8.06.2015 15.676,26 26.08.2015 16.669,97 0,06339
29.09.2015 14,8655 19,9352 Yes 21.08.2015 16.258,25 2.10.2015 17.220,02 0,05916
13.11.2015 10,8937 39,2130 Yes 8.06.2015 17.485,49 18.11.2015 17.914,34 0,02453
1.12.2015 84,0766 82,9650 Yes 4.11.2015 17.741,57 3.12.2015 17.138,47 0,03399

96
Detailed results of Table 4.9:

Min/Max Max
MACD Is Is Trading Price 10 Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
28.08.2000 126,0166 110,3112 Yes 4.04.2000 11.261,72 8.09.2000 10.567,32 0,0617
4.01.2001 56,9453 26,7134 Yes 8.11.2000 10.568,48 10.01.2001 10.362,72 0,0195
7.02.2001 75,2793 47,7055 Yes 8.11.2000 10.800,65 15.02.2001 10.294,01 0,0469
23.08.2001 -63,1621 -51,5918 Yes 11.07.2001 10.422,76 27.08.2001 10.441,37 0,0018
7.01.2002 96,7822 88,9711 Yes 26.11.2001 10.092,50 10.01.2002 9.680,51 0,0408
9.10.2002 -255,7920 -222,2314 Yes 23.07.2002 7.848,21 14.10.2002 8.558,63 0,0905
21.08.2003 71,3184 51,8064 Yes 18.06.2003 9.334,35 28.08.2003 9.261,57 0,0078
8.09.2003 87,9619 73,4056 Yes 18.06.2003 9.415,05 11.09.2003 9.342,98 0,0077
19.09.2003 75,4189 69,2722 Yes 18.06.2003 9.575,97 24.09.2003 9.230,47 0,0361
16.10.2003 88,1592 62,8057 Yes 18.06.2003 9.597,20 23.10.2003 9.497,72 0,0104
20.05.2004 -111,0127 -89,3428 Yes 24.03.2004 10.116,84 26.05.2004 10.432,81 0,0312
13.08.2004 -88,6650 -71,1816 Yes 20.05.2004 10.082,78 19.08.2004 10.301,42 0,0217
25.10.2004 -88,4229 -59,6233 Yes 13.08.2004 10.004,69 29.10.2004 10.539,60 0,0535
29.12.2004 103,0342 94,7316 Yes 18.11.2004 10.783,75 3.01.2005 10.456,61 0,0303
16.02.2005 61,5977 32,4294 Yes 29.12.2004 10.672,24 24.02.2005 10.612,24 0,0056
8.03.2005 67,3965 55,0016 Yes 29.12.2004 10.773,92 14.03.2005 10.351,76 0,0392
22.07.2005 53,7969 31,4038 Yes 2.06.2005 10.610,34 5.08.2005 10.472,45 0,0130
11.01.2006 55,5068 38,9709 Yes 28.11.2005 10.855,18 19.01.2006 10.607,36 0,0228
22.02.2006 65,7227 38,5177 Yes 28.11.2005 11.024,23 3.03.2006 10.885,35 0,0126
24.03.2006 80,6777 67,8423 Yes 28.11.2005 11.154,94 29.03.2006 11.017,99 0,0123
10.05.2006 104,4609 77,1245 Yes 28.11.2005 11.428,21 16.05.2006 10.980,29 0,0392
20.12.2006 77,4209 68,4398 Yes 26.10.2006 12.341,94 26.12.2006 12.301,40 0,0033
28.12.2006 70,7139 68,5482 Yes 26.10.2006 12.467,32 4.01.2007 12.313,01 0,0124
18.01.2007 62,3174 57,9512 Yes 22.11.2006 12.467,96 23.01.2007 12.391,44 0,0061
7.02.2007 59,1084 52,9073 Yes 20.12.2006 12.595,90 12.02.2007 12.078,85 0,0410
20.02.2007 66,3916 56,0238 Yes 28.12.2006 12.647,88 26.02.2007 11.973,58 0,0533
19.07.2007 128,3066 88,1741 Yes 21.05.2007 13.783,12 26.07.2007 13.041,77 0,0538
9.10.2007 175,8359 157,1752 Yes 21.05.2007 14.092,43 15.10.2007 13.337,90 0,0535
10.03.2008 -134,1104 -77,5583 Yes 22.01.2008 12.391,52 19.03.2008 12.790,28 0,0322
21.11.2008 -369,3096 -315,4839 Yes 15.10.2008 8.464,49 26.11.2008 9.151,61 0,0812
4.02.2009 -146,6572 -130,9672 Yes 21.11.2008 8.281,38 9.02.2009 8.376,56 0,0115
9.03.2009 -376,0488 -323,6926 Yes 15.10.2008 6.932,39 12.03.2009 7.931,33 0,1441
22.09.2009 140,4248 127,6124 Yes 7.08.2009 9.706,68 25.09.2009 9.430,08 0,0285
20.10.2009 120,6719 99,3449 Yes 27.08.2009 9.868,34 27.10.2009 9.678,95 0,0192
18.11.2009 146,0010 107,4829 Yes 27.08.2009 10.343,82 1.12.2009 10.235,63 0,0105
30.12.2009 67,9326 65,4641 Yes 18.11.2009 10.430,69 4.01.2010 10.430,69 0,0000
14.01.2010 81,0996 73,0990 Yes 18.11.2009 10.603,91 21.01.2010 9.998,03 0,0571
30.03.2010 127,4063 116,0596 Yes 18.11.2009 10.896,99 8.04.2010 10.844,09 0,0049
15.04.2010 125,7246 119,5056 Yes 18.11.2009 11.018,36 19.04.2010 10.965,38 0,0048

97
6.07.2010 -145,7539 -99,4896 Yes 26.05.2010 10.199,24 12.07.2010 10.526,79 0,0321
6.01.2011 101,1240 94,4013 Yes 8.11.2010 11.638,51 11.01.2011 11.635,48 0,0003
27.01.2011 123,5225 110,9652 Yes 8.11.2010 11.892,50 1.02.2011 11.892,50 0,0000
7.04.2011 92,6582 61,4267 Yes 18.02.2011 12.270,24 14.04.2011 12.093,89 0,0144
3.05.2011 146,1875 108,9696 Yes 18.02.2011 12.685,13 10.05.2011 12.331,77 0,0279
23.09.2011 -119,6787 -91,4855 Yes 11.08.2011 11.152,32 30.09.2011 11.646,83 0,0443
4.10.2011 -136,9014 -112,6017 Yes 11.08.2011 11.123,41 7.10.2011 11.812,46 0,0619
25.01.2012 162,2373 147,0040 Yes 28.10.2011 12.654,78 31.01.2012 12.567,33 0,0069
19.03.2012 106,9170 86,2302 Yes 8.02.2012 13.045,99 23.03.2012 12.903,78 0,0109
5.07.2012 63,0215 23,3119 Yes 8.02.2012 12.602,71 12.07.2012 12.492,25 0,0088
15.03.2013 169,1211 144,0247 Yes 1.02.2013 14.421,49 22.03.2013 14.395,00 0,0018
21.05.2013 176,7197 152,2310 Yes 1.02.2013 15.306,02 30.05.2013 14.844,22 0,0302
23.07.2013 130,0586 96,8502 Yes 21.05.2013 15.503,85 1.08.2013 15.094,03 0,0264
19.09.2013 100,0068 15,6212 Yes 23.07.2013 15.249,82 30.09.2013 14.719,43 0,0348
9.10.2013 -83,5908 -22,7414 Yes 30.08.2013 15.300,30 15.10.2013 15.683,08 0,0250
1.05.2014 59,5801 44,5473 Yes 10.03.2014 16.401,66 7.05.2014 16.341,30 0,0037
13.05.2014 72,8164 56,7902 Yes 3.04.2014 16.447,32 16.05.2014 16.341,30 0,0064
10.06.2014 105,3477 78,0629 Yes 31.12.2013 16.765,56 16.06.2014 16.722,86 0,0025
22.07.2014 67,4199 66,0930 Yes 10.06.2014 17.079,50 25.07.2014 16.333,78 0,0437
5.09.2014 83,4902 62,6469 Yes 23.06.2014 17.044,05 12.09.2014 16.937,67 0,0062
30.12.2014 116,3184 82,2499 Yes 13.11.2014 17.504,18 6.01.2015 17.243,55 0,0149
2.03.2015 149,5781 125,2232 Yes 13.11.2014 18.135,72 6.03.2015 17.620,49 0,0284

Detailed results of Table 4.10:

Min/Max Max
ROC Mov. Is Is Trading Price 10 Gain
Date ROC Avg. Top Bottom Divergence1 Price TradingDate Days Rate
25.04.2000 ,0949 -1,7963 Yes 23.03.2000 10.892,76 28.04.2000 10.292,10 0,0551
23.06.2000 -3,7743 -,6253 Yes 11.05.2000 10.506,39 28.06.2000 10.834,32 0,0312
12.07.2000 3,6427 ,3837 Yes 14.06.2000 10.731,44 24.07.2000 10.464,50 0,0249
14.08.2000 5,5734 1,4309 Yes 23.03.2000 11.058,85 21.08.2000 11.027,07 0,0029
6.09.2000 2,3913 1,8935 Yes 14.08.2000 11.261,72 8.09.2000 10.567,32 0,0617
28.12.2000 1,3329 ,0562 Yes 3.11.2000 10.637,42 3.01.2001 10.362,72 0,0258
4.01.2001 4,5755 ,2467 Yes 3.11.2000 10.658,73 8.01.2001 10.362,72 0,0278
6.02.2001 3,4931 2,0563 Yes 4.01.2001 10.878,51 9.02.2001 10.294,01 0,0537
21.05.2001 5,0133 3,1184 Yes 26.04.2001 11.257,76 23.05.2001 10.835,49 0,0375
21.08.2001 -3,2212 -1,0764 Yes 10.07.2001 10.422,76 27.08.2001 10.441,37 0,0018
30.08.2001 -4,7309 -1,9007 Yes 10.07.2001 10.028,35 6.09.2001 10.028,35 0,0000
6.11.2001 4,2047 1,1034 Yes 9.10.2001 9.551,43 13.11.2001 9.551,43 0,0000
16.11.2001 8,7255 4,0637 Yes 9.10.2001 9.833,09 23.11.2001 9.691,39 0,0144
19.12.2001 3,1394 ,7224 Yes 16.11.2001 10.036,59 24.12.2001 9.935,70 0,0101
4.01.2002 3,7179 1,6347 Yes 16.11.2001 10.153,18 9.01.2002 9.680,51 0,0466
14.02.2002 3,9898 ,2306 Yes 16.11.2001 9.742,37 20.02.2002 9.734,21 0,0008

98
25.02.2002 5,1000 1,5950 Yes 16.11.2001 10.111,04 1.03.2002 10.111,04 0,0000
7.03.2002 8,0064 4,9478 Yes 16.11.2001 10.501,29 14.03.2002 10.276,76 0,0214
3.07.2002 -6,5286 -4,4100 Yes 11.06.2002 9.375,70 8.07.2002 9.410,38 0,0037
27.09.2002 -10,2517 -6,3277 Yes 23.07.2002 7.936,57 2.10.2002 8.255,68 0,0402
15.11.2002 1,7998 1,6748 Yes 25.10.2002 8.484,93 19.11.2002 8.405,12 0,0094
21.11.2002 1,9230 ,7637 Yes 25.10.2002 8.804,97 25.11.2002 8.469,55 0,0381
27.11.2002 6,8517 1,8889 Yes 25.10.2002 8.734,22 4.12.2002 8.407,72 0,0374
15.01.2003 5,0507 3,1238 Yes 25.10.2002 8.586,26 21.01.2003 7.917,16 0,0779
11.03.2003 -6,1617 -2,0163 Yes 30.01.2003 7.822,17 14.03.2003 8.522,18 0,0895
21.03.2003 9,5989 1,4831 Yes 25.10.2002 7.992,83 1.04.2003 7.979,69 0,0016
5.05.2003 3,3177 2,4458 Yes 21.03.2003 8.492,69 9.05.2003 8.416,72 0,0089
13.05.2003 4,4893 2,4865 Yes 21.03.2003 8.649,22 15.05.2003 8.416,72 0,0269
27.05.2003 3,4168 1,4566 Yes 21.03.2003 8.711,46 30.05.2003 8.711,39 0,0000
11.06.2003 6,7645 4,1990 Yes 21.03.2003 9.117,56 16.06.2003 8.970,28 0,0162
16.06.2003 6,9770 5,2697 Yes 21.03.2003 9.322,67 18.06.2003 8.871,20 0,0484
5.08.2003 -1,6525 ,5332 Yes 3.07.2003 9.218,12 12.08.2003 9.499,97 0,0306
21.08.2003 4,2867 1,5449 Yes 16.06.2003 9.339,82 27.08.2003 9.261,57 0,0084
11.09.2003 1,5253 1,5014 Yes 21.08.2003 9.471,19 15.09.2003 9.293,22 0,0188
16.09.2003 2,0602 1,5183 Yes 21.08.2003 9.544,04 18.09.2003 9.230,47 0,0329
16.10.2003 5,5704 2,4392 Yes 16.06.2003 9.721,50 20.10.2003 9.497,72 0,0230
12.11.2003 2,5048 1,0979 Yes 20.10.2003 9.836,46 14.11.2003 9.585,50 0,0255
16.12.2003 3,5482 2,6415 Yes 16.10.2003 10.141,41 18.12.2003 10.137,34 0,0004
23.12.2003 4,8524 3,4145 Yes 16.10.2003 10.305,85 26.12.2003 10.304,82 0,0001
29.12.2003 5,3230 3,8356 Yes 16.10.2003 10.411,85 5.01.2004 10.367,41 0,0043
21.01.2004 2,0535 1,7059 Yes 29.12.2003 10.625,25 23.01.2004 10.417,85 0,0195
26.01.2004 1,6476 1,2770 Yes 29.12.2003 10.610,07 28.01.2004 10.417,85 0,0181
17.02.2004 1,9466 ,2320 Yes 21.01.2004 10.566,59 25.02.2004 10.284,67 0,0267
12.04.2004 4,6509 2,8258 Yes 29.12.2003 10.378,10 14.04.2004 10.250,48 0,0123
10.05.2004 -4,5041 -1,4277 Yes 23.03.2004 9.962,55 19.05.2004 10.288,81 0,0327
9.08.2004 -2,3449 -1,0458 Yes 19.07.2004 9.931,24 11.08.2004 10.199,07 0,0270
13.08.2004 -2,8835 -1,2168 Yes 19.07.2004 10.082,78 19.08.2004 10.301,42 0,0217
23.09.2004 -2,9229 ,3024 Yes 19.07.2004 10.191,40 4.10.2004 10.270,08 0,0077
16.12.2004 2,6623 ,8476 Yes 10.11.2004 10.652,14 20.12.2004 10.587,48 0,0061
23.12.2004 3,7023 1,6906 Yes 10.11.2004 10.800,30 31.12.2004 10.463,26 0,0312
15.02.2005 3,9332 2,2689 Yes 10.11.2004 10.755,15 18.02.2005 10.583,64 0,0159
8.03.2005 1,4725 ,6612 Yes 15.02.2005 10.806,28 10.03.2005 10.384,34 0,0390
10.03.2005 2,2647 ,9152 Yes 15.02.2005 10.804,29 15.03.2005 10.351,76 0,0419
15.04.2005 -4,3015 -1,0941 Yes 23.03.2005 10.194,58 28.04.2005 10.454,40 0,0255
21.06.2005 1,3259 ,4486 Yes 1.06.2005 10.422,28 24.06.2005 10.142,24 0,0269
20.07.2005 3,7435 1,3290 Yes 1.06.2005 10.579,45 27.07.2005 10.497,45 0,0078
27.09.2005 -2,0822 -,2171 Yes 29.08.2005 10.540,51 30.09.2005 10.637,00 0,0092
30.12.2005 -,9814 -,0204 Yes 12.12.2005 10.880,39 5.01.2006 11.099,15 0,0201
9.01.2006 1,9097 ,2978 Yes 25.11.2005 10.855,18 19.01.2006 10.607,36 0,0228

99
19.01.2006 1,5228 1,1674 Yes 14.11.2005 10.668,75 23.01.2006 10.607,36 0,0058
22.02.2006 3,1829 1,7489 Yes 25.11.2005 10.993,25 1.03.2006 10.885,35 0,0098
22.03.2006 3,2745 1,2344 Yes 25.11.2005 11.154,94 29.03.2006 11.017,99 0,0123
3.05.2006 2,9484 1,8658 Yes 22.03.2006 11.440,62 5.05.2006 11.009,98 0,0376
2.08.2006 4,2109 ,5848 Yes 29.06.2006 11.073,14 10.08.2006 10.998,06 0,0068
30.08.2006 2,5684 1,6203 Yes 2.08.2006 11.427,41 1.09.2006 11.273,89 0,0134
13.09.2006 2,2977 1,1751 Yes 2.08.2006 11.532,91 22.09.2006 11.423,57 0,0095
27.09.2006 2,5656 1,6046 Yes 30.08.2006 11.678,99 2.10.2006 11.608,23 0,0061
10.10.2006 3,1202 2,1696 Yes 2.08.2006 11.977,40 17.10.2006 11.849,16 0,0107
21.11.2006 2,7995 1,1967 Yes 10.10.2006 12.279,13 27.11.2006 12.070,52 0,0170
14.12.2006 2,3097 ,3808 Yes 21.11.2006 12.407,87 22.12.2006 12.301,40 0,0086
12.01.2007 1,7246 ,5733 Yes 14.12.2006 12.467,96 23.01.2007 12.391,44 0,0061
24.01.2007 1,8048 ,7851 Yes 14.12.2006 12.503,28 26.01.2007 12.391,44 0,0089
14.02.2007 2,0101 ,8658 Yes 14.12.2006 12.782,87 21.02.2007 11.973,58 0,0633
16.05.2007 3,2506 2,8230 Yes 27.04.2007 13.476,40 18.05.2007 13.391,56 0,0063
29.05.2007 2,3171 2,0796 Yes 27.04.2007 13.673,19 5.06.2007 13.207,73 0,0340
21.06.2007 -,3650 -,4661 Yes 29.05.2007 13.360,09 25.06.2007 13.259,86 0,0075
25.06.2007 ,6431 -,3203 Yes 27.04.2007 13.336,93 27.06.2007 13.259,86 0,0058
28.06.2007 ,9573 -,1839 Yes 27.04.2007 13.409,60 2.07.2007 13.406,59 0,0002
9.07.2007 1,1902 ,0507 Yes 29.05.2007 13.500,40 11.07.2007 13.435,45 0,0048
13.07.2007 4,2705 ,8923 Yes 27.04.2007 13.851,73 23.07.2007 13.041,77 0,0585
4.09.2007 4,6948 ,3008 Yes 27.04.2007 13.116,39 10.09.2007 12.992,02 0,0095
10.09.2007 -,8181 1,2386 Yes 3.08.2007 13.441,95 17.09.2007 14.147,30 0,0525
31.10.2007 -,3918 -2,1598 Yes 26.09.2007 13.569,90 2.11.2007 12.910,40 0,0486
14.03.2008 -5,8545 -3,1115 Yes 17.01.2008 12.391,52 19.03.2008 12.790,28 0,0322
1.05.2008 5,2379 2,6496 Yes 2.04.2008 12.968,89 6.05.2008 12.648,09 0,0247
23.06.2008 -6,0462 -3,5118 Yes 17.01.2008 11.805,31 25.06.2008 12.008,70 0,0172
28.07.2008 -,8722 ,6040 Yes 2.07.2008 11.397,56 30.07.2008 11.933,55 0,0470
4.09.2008 -2,5364 -1,1109 Yes 2.07.2008 11.514,73 9.09.2008 11.623,50 0,0094
17.09.2008 -8,0901 -2,5957 Yes 2.07.2008 11.394,42 22.09.2008 11.450,81 0,0049
20.11.2008 -21,5369 -5,1175 Yes 10.10.2008 8.445,14 25.11.2008 9.151,61 0,0837
2.01.2009 5,4896 -,0733 Yes 9.12.2008 8.599,26 12.01.2009 7.856,86 0,0863
3.03.2009 -15,2121 -10,5587 Yes 20.11.2008 6.547,01 10.03.2009 7.796,57 0,1909
16.04.2009 8,0219 5,1276 Yes 25.03.2009 7.841,73 21.04.2009 7.791,95 0,0063
8.05.2009 8,7247 3,8514 Yes 25.03.2009 8.285,92 14.05.2009 8.221,01 0,0078
9.06.2009 5,6792 2,8132 Yes 8.05.2009 8.770,01 12.06.2009 8.259,43 0,0582
12.06.2009 6,0149 4,6247 Yes 8.05.2009 8.612,44 16.06.2009 8.259,43 0,0410
28.07.2009 11,6639 7,1414 Yes 25.03.2009 9.173,65 3.08.2009 9.116,52 0,0062
27.08.2009 3,6702 1,6136 Yes 28.07.2009 9.492,32 1.09.2009 9.252,93 0,0252
18.09.2009 5,4733 1,8734 Yes 28.07.2009 9.706,68 25.09.2009 9.430,08 0,0285
19.10.2009 6,1299 1,7929 Yes 28.07.2009 9.972,33 26.10.2009 9.678,95 0,0294
17.11.2009 7,4612 2,6320 Yes 28.07.2009 10.451,25 24.11.2009 10.231,25 0,0211
15.12.2009 1,3781 ,1962 Yes 17.11.2009 10.309,39 18.12.2009 10.263,90 0,0044

100
24.12.2009 2,2762 ,4483 Yes 17.11.2009 10.430,69 4.01.2010 10.430,69 0,0000
7.01.2010 2,6912 1,4207 Yes 17.11.2009 10.706,99 15.01.2010 10.043,75 0,0619
18.03.2010 3,5863 2,6338 Yes 25.02.2010 10.837,51 25.03.2010 10.816,43 0,0019
14.04.2010 2,5137 1,7755 Yes 18.03.2010 11.018,36 19.04.2010 10.965,38 0,0048
23.04.2010 2,8150 1,8626 Yes 18.03.2010 10.988,87 28.04.2010 9.869,62 0,1019
2.07.2010 -6,9454 -,6182 Yes 1.06.2010 10.137,93 9.07.2010 10.441,95 0,0300
26.08.2010 -6,1859 -3,6836 Yes 20.05.2010 10.145,58 30.08.2010 10.588,32 0,0436
17.09.2010 5,9226 3,5411 Yes 22.07.2010 10.761,11 22.09.2010 10.640,92 0,0112
11.10.2010 3,2630 2,5591 Yes 17.09.2010 11.022,82 13.10.2010 10.917,62 0,0095
18.10.2010 3,2966 2,4108 Yes 17.09.2010 10.974,52 20.10.2010 10.970,89 0,0003
20.10.2010 3,3177 2,3635 Yes 17.09.2010 11.146,41 22.10.2010 11.020,82 0,0113
4.11.2010 4,1555 1,3262 Yes 17.09.2010 11.281,28 12.11.2010 10.929,28 0,0312
16.12.2010 4,4815 2,8441 Yes 17.09.2010 11.491,30 20.12.2010 11.442,68 0,0042
5.01.2011 2,0099 1,6225 Yes 16.12.2010 11.672,34 10.01.2011 11.573,87 0,0084
12.01.2011 1,7344 1,4052 Yes 16.12.2010 11.732,13 14.01.2011 11.698,83 0,0028
18.01.2011 2,3183 1,5488 Yes 16.12.2010 11.822,95 21.01.2011 11.803,04 0,0017
27.01.2011 3,0280 2,0680 Yes 16.12.2010 11.824,39 31.01.2011 11.817,88 0,0006
8.02.2011 3,0434 2,2999 Yes 16.12.2010 12.239,66 10.02.2011 11.983,17 0,0210
15.02.2011 3,4079 2,4622 Yes 16.12.2010 12.318,67 18.02.2011 11.983,17 0,0272
29.04.2011 4,4600 1,1401 Yes 1.04.2011 12.685,13 10.05.2011 12.331,77 0,0279
1.07.2011 5,7618 1,0445 Yes 1.04.2011 12.505,54 12.07.2011 12.296,23 0,0167
23.09.2011 -5,6363 -1,7254 Yes 8.08.2011 11.189,10 28.09.2011 11.625,30 0,0390
3.10.2011 -6,8037 -2,1254 Yes 8.08.2011 11.123,41 7.10.2011 11.812,46 0,0619
12.12.2011 6,7851 2,0069 Yes 19.10.2011 11.825,29 15.12.2011 11.735,19 0,0076
6.01.2012 5,0454 2,6705 Yes 12.12.2011 12.394,51 10.01.2012 12.311,79 0,0067
3.02.2012 2,2520 2,1359 Yes 6.01.2012 12.844,37 7.02.2012 12.743,56 0,0078
14.02.2012 1,7205 1,5622 Yes 25.01.2012 12.779,81 16.02.2012 12.779,58 0,0000
16.02.2012 2,1465 1,4615 Yes 25.01.2012 12.937,08 23.02.2012 12.734,86 0,0156
5.03.2012 1,4229 1,0387 Yes 25.01.2012 12.756,12 7.03.2012 12.751,51 0,0004
26.03.2012 2,5851 1,8665 Yes 25.01.2012 13.125,99 29.03.2012 12.710,56 0,0316
26.04.2012 3,8431 -,5828 Yes 6.01.2012 13.204,62 4.05.2012 12.336,76 0,0657
30.07.2012 3,9746 ,7979 Yes 20.06.2012 12.884,82 3.08.2012 12.884,82 0,0000
9.08.2012 4,3422 2,5462 Yes 20.06.2012 13.168,11 14.08.2012 13.027,20 0,0107
18.09.2012 4,3377 1,7850 Yes 9.08.2012 13.559,92 25.09.2012 13.367,27 0,0142
5.12.2012 3,5444 1,1903 Yes 20.06.2012 13.250,05 12.12.2012 12.964,08 0,0216
4.04.2013 1,0659 ,9050 Yes 13.03.2013 14.565,25 8.04.2013 14.444,03 0,0083
11.04.2013 2,8890 1,1957 Yes 13.03.2013 14.599,20 16.04.2013 14.444,03 0,0106
8.05.2013 3,6929 1,2893 Yes 13.03.2013 15.234,75 17.05.2013 15.115,57 0,0078
17.05.2013 4,4450 3,1895 Yes 13.03.2013 15.387,12 22.05.2013 14.844,22 0,0353
18.11.2013 2,7678 1,7561 Yes 25.10.2013 15.908,07 21.11.2013 15.791,29 0,0073
25.11.2013 3,0689 2,0514 Yes 25.10.2013 16.073,37 27.11.2013 15.703,79 0,0230
31.12.2013 5,3193 2,4013 Yes 18.09.2013 16.527,66 8.01.2014 16.140,58 0,0234
1.04.2014 2,9064 ,1712 Yes 24.02.2014 16.245,16 8.04.2014 16.015,32 0,0141

101
29.04.2014 3,1736 ,5453 Yes 24.02.2014 16.509,75 5.05.2014 16.357,35 0,0092
6.06.2014 3,3587 1,0885 Yes 24.02.2014 16.840,48 12.06.2014 16.703,73 0,0081
3.07.2014 1,5455 ,4574 Yes 6.06.2014 16.916,83 9.07.2014 16.805,38 0,0066
16.07.2014 1,8518 ,8518 Yes 6.06.2014 16.978,16 18.07.2014 16.437,07 0,0319
19.09.2014 1,1796 ,2626 Yes 25.08.2014 17.056,64 24.09.2014 16.663,26 0,0231
3.12.2014 1,5757 1,4723 Yes 3.11.2014 17.903,05 5.12.2014 17.067,59 0,0467
5.12.2014 1,5320 1,3917 Yes 3.11.2014 17.847,37 9.12.2014 17.067,59 0,0437
2.01.2015 3,7958 1,3953 Yes 3.11.2014 17.374,78 7.01.2015 17.243,55 0,0076
5.02.2015 2,1105 -,2886 Yes 2.01.2015 17.736,15 10.02.2015 17.729,24 0,0004
18.02.2015 5,0388 2,3084 Yes 3.11.2014 18.112,57 24.02.2015 17.662,94 0,0248
15.04.2015 2,2580 ,0312 Yes 18.02.2015 17.841,18 20.04.2015 17.774,89 0,0037
18.05.2015 2,5692 ,5191 Yes 18.02.2015 18.045,08 27.05.2015 17.714,97 0,0183
23.06.2015 1,6505 -,2664 Yes 18.02.2015 17.936,74 29.06.2015 17.465,68 0,0263
16.07.2015 2,8420 -,6117 Yes 18.02.2015 17.731,05 24.07.2015 17.279,08 0,0255
29.09.2015 -2,3365 -,0433 Yes 4.09.2015 16.774,02 6.10.2015 17.264,88 0,0293
6.11.2015 4,2019 3,8100 Yes 15.10.2015 17.724,13 10.11.2015 17.210,43 0,0290
2.12.2015 2,8091 ,3498 Yes 15.10.2015 17.482,68 4.12.2015 17.124,31 0,0205
29.12.2015 2,6398 -,7219 Yes 15.10.2015 17.590,66 1.01.2016 15.842,11 0,0994

Detailed results of Table 4.11:

Min/Max Max
CCI Mov. Is Trading Price 10 Gain
Date CCI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
16.05.2000 89,8887 -58,6432 Yes 21.03.2000 10.624,79 22.05.2000 10.258,81 0,0344
26.05.2000 -134,3668 -30,7321 Yes 14.04.2000 10.532,27 1.06.2000 10.863,00 0,0314
14.08.2000 193,5999 88,7667 Yes 21.03.2000 11.010,95 17.08.2000 10.984,40 0,0024
14.03.2001 -209,3866 -78,9560 Yes 12.10.2000 9.509,25 26.03.2001 9.992,53 0,0508
9.08.2001 -156,6536 -10,7216 Yes 15.06.2001 10.407,05 15.08.2001 10.469,74 0,0060
21.08.2001 -151,3757 -91,4432 Yes 10.07.2001 10.422,76 27.08.2001 10.441,37 0,0018
4.06.2002 -183,2585 -47,0378 Yes 29.04.2002 9.647,62 11.06.2002 9.758,80 0,0115
26.06.2002 -195,0206 -117,1785 Yes 29.04.2002 9.239,25 1.07.2002 9.410,38 0,0185
22.07.2002 -194,8721 -157,1809 Yes 29.04.2002 8.185,89 25.07.2002 8.762,14 0,0704
5.09.2002 -178,9184 -6,0445 Yes 29.04.2002 8.604,27 11.09.2002 8.726,90 0,0143
24.09.2002 -185,3335 -120,4655 Yes 22.07.2002 7.996,01 27.09.2002 7.996,01 0,0000
22.11.2002 178,8247 47,5707 Yes 21.10.2002 8.734,22 4.12.2002 8.407,72 0,0374
11.03.2003 -170,9624 -111,6292 Yes 27.01.2003 7.822,17 14.03.2003 8.522,18 0,0895
2.06.2003 190,5357 72,6407 Yes 21.03.2003 8.980,79 10.06.2003 8.980,65 0,0000
2.07.2003 -4,7504 -6,6568 Yes 2.06.2003 9.073,92 7.07.2003 8.996,76 0,0085
8.07.2003 61,4807 -17,4294 Yes 2.06.2003 9.036,39 11.07.2003 9.017,84 0,0021
14.07.2003 47,2982 -12,2471 Yes 2.06.2003 9.089,34 17.07.2003 9.017,84 0,0079
28.07.2003 164,9128 48,1439 Yes 2.06.2003 9.154,18 4.08.2003 8.997,11 0,0172
18.08.2003 180,6334 49,8760 Yes 2.06.2003 9.349,44 25.08.2003 9.233,08 0,0124
14.10.2003 140,1277 79,7008 Yes 3.09.2003 9.791,86 17.10.2003 9.497,72 0,0300

102
3.11.2003 128,0770 46,4790 Yes 3.09.2003 9.756,53 11.11.2003 9.585,50 0,0175
19.12.2003 175,3522 138,4548 Yes 18.08.2003 10.305,85 26.12.2003 10.304,82 0,0001
22.01.2004 138,5253 91,4964 Yes 19.12.2003 10.568,00 26.01.2004 10.417,85 0,0142
26.01.2004 152,2909 95,6236 Yes 19.12.2003 10.467,41 29.01.2004 10.417,85 0,0047
11.02.2004 162,0944 -5,7162 Yes 19.12.2003 10.619,55 23.02.2004 10.521,70 0,0092
6.04.2004 164,7762 34,8802 Yes 19.12.2003 10.378,10 14.04.2004 10.250,48 0,0123
10.05.2004 -264,2356 -122,7670 Yes 11.03.2004 10.008,43 14.05.2004 10.222,24 0,0214
7.06.2004 168,8634 61,7432 Yes 19.12.2003 10.336,51 15.06.2004 10.307,32 0,0028
6.08.2004 -224,7163 -68,5803 Yes 6.07.2004 9.955,50 17.08.2004 10.211,10 0,0257
23.09.2004 -185,6877 13,2971 Yes 6.07.2004 10.082,04 1.10.2004 10.270,08 0,0187
14.10.2004 -166,8836 -49,4472 Yes 6.07.2004 9.888,25 27.10.2004 10.439,02 0,0557
14.12.2004 203,6679 72,9863 Yes 5.11.2004 10.776,06 28.12.2004 10.504,72 0,0252
7.02.2005 179,9362 1,0826 Yes 14.12.2004 10.835,03 17.02.2005 10.583,64 0,0232
7.03.2005 200,9888 85,3104 Yes 14.12.2004 10.806,28 10.03.2005 10.384,34 0,0390
19.07.2005 105,9363 27,3481 Yes 17.06.2005 10.597,60 26.07.2005 10.497,45 0,0095
28.07.2005 88,4328 84,6709 Yes 17.06.2005 10.641,78 1.08.2005 10.497,45 0,0136
3.08.2005 78,1037 73,3236 Yes 17.06.2005 10.610,34 5.08.2005 10.472,45 0,0130
11.08.2005 54,4831 11,0197 Yes 17.06.2005 10.599,19 15.08.2005 10.321,42 0,0262
12.09.2005 143,5346 -9,6977 Yes 17.06.2005 10.545,85 15.09.2005 10.303,51 0,0230
6.10.2005 -167,9738 -58,6887 Yes 26.08.2005 10.287,42 17.10.2005 10.539,16 0,0245
16.02.2006 180,3378 47,6764 Yes 9.01.2006 11.068,33 24.02.2006 10.885,35 0,0165
21.04.2006 195,0361 -15,4071 Yes 16.03.2006 11.372,74 2.05.2006 11.273,65 0,0087
4.08.2006 111,9601 63,7041 Yes 3.07.2006 11.168,47 9.08.2006 10.998,06 0,0153
18.08.2006 173,7841 79,7689 Yes 3.07.2006 11.297,82 24.08.2006 11.218,66 0,0070
24.10.2006 148,9309 121,7573 Yes 13.09.2006 12.074,01 30.10.2006 11.928,97 0,0120
16.01.2007 186,6491 69,6119 Yes 16.11.2006 12.467,96 23.01.2007 12.391,44 0,0061
15.02.2007 162,0940 98,5980 Yes 16.01.2007 12.679,89 23.02.2007 11.973,58 0,0557
20.04.2007 196,4440 139,1842 Yes 16.11.2006 12.951,42 25.04.2007 12.929,80 0,0017
31.10.2007 1,9639 -102,8902 Yes 19.09.2007 13.592,58 5.11.2007 12.871,14 0,0531
4.01.2008 -199,5790 -45,1823 Yes 9.11.2007 12.850,74 11.01.2008 12.866,10 0,0012
10.03.2008 -215,3244 -53,0263 Yes 22.10.2007 12.096,49 13.03.2008 12.687,61 0,0489
19.05.2008 135,2622 53,9790 Yes 18.04.2008 12.824,94 21.05.2008 12.283,74 0,0422
27.06.2008 -198,2149 -143,2382 Yes 23.05.2008 11.382,34 2.07.2008 11.538,50 0,0137
4.08.2008 -16,0959 41,8380 Yes 27.06.2008 11.603,64 6.08.2008 11.933,55 0,0284
5.09.2008 -191,3542 -30,6588 Yes 27.06.2008 11.514,73 9.09.2008 11.623,50 0,0094
20.11.2008 -175,2121 -83,3059 Yes 6.10.2008 8.445,14 25.11.2008 9.151,61 0,0837
15.01.2009 -169,6478 -1,8674 Yes 6.10.2008 8.117,39 27.01.2009 8.446,33 0,0405
17.02.2009 -238,9279 -88,5488 Yes 6.10.2008 7.349,58 25.02.2009 7.451,13 0,0138
30.03.2009 64,9849 107,8230 Yes 17.02.2009 7.980,63 3.04.2009 8.190,66 0,0263
20.07.2009 191,0011 -3,1927 Yes 2.06.2009 9.106,92 28.07.2009 9.007,47 0,0109
24.08.2009 196,4864 79,2146 Yes 2.06.2009 9.492,32 1.09.2009 9.252,93 0,0252
15.10.2009 188,2939 61,1653 Yes 24.08.2009 9.946,18 22.10.2009 9.678,95 0,0269
11.11.2009 183,2396 29,7481 Yes 2.06.2009 10.425,33 19.11.2009 10.231,25 0,0186

103
14.12.2009 148,2069 47,9766 Yes 11.11.2009 10.309,39 18.12.2009 10.263,90 0,0044
29.12.2009 151,2801 58,1016 Yes 11.11.2009 10.430,69 4.01.2010 10.430,69 0,0000
11.01.2010 152,0311 115,8119 Yes 11.11.2009 10.628,09 13.01.2010 10.055,08 0,0539
19.02.2010 150,5597 -16,9066 Yes 11.11.2009 10.321,41 26.02.2010 10.272,29 0,0048
17.03.2010 146,1308 125,2712 Yes 11.11.2009 10.741,00 22.03.2010 10.695,13 0,0043
23.03.2010 147,6942 131,3830 Yes 19.02.2010 10.837,51 25.03.2010 10.816,43 0,0019
7.06.2010 -109,9345 -93,6518 Yes 6.05.2010 9.901,67 10.06.2010 10.594,16 0,0699
1.07.2010 -151,9043 -2,1636 Yes 20.05.2010 10.019,26 8.07.2010 10.407,82 0,0388
27.07.2010 136,6916 66,4952 Yes 18.06.2010 10.468,82 2.08.2010 10.209,53 0,0248
4.08.2010 135,2987 115,0729 Yes 18.06.2010 10.668,55 6.08.2010 10.147,24 0,0489
24.08.2010 -167,2466 -84,8707 Yes 6.05.2010 10.145,58 30.08.2010 10.588,32 0,0436
21.09.2010 134,4192 112,0229 Yes 4.08.2010 10.664,39 24.09.2010 10.664,31 0,0000
23.12.2010 109,8171 100,9548 Yes 4.11.2010 11.554,80 28.12.2010 11.530,32 0,0021
29.12.2010 119,5446 99,1004 Yes 4.11.2010 11.569,33 31.12.2010 11.530,32 0,0034
5.01.2011 158,7403 118,1247 Yes 4.11.2010 11.672,34 10.01.2011 11.573,87 0,0084
18.01.2011 164,9563 125,3095 Yes 4.11.2010 11.822,95 21.01.2011 11.803,04 0,0017
24.01.2011 183,0772 130,6002 Yes 4.11.2010 11.990,36 28.01.2011 11.803,04 0,0156
30.03.2011 128,7708 16,0890 Yes 8.02.2011 12.409,87 8.04.2011 12.093,89 0,0255
27.04.2011 243,1452 75,9267 Yes 4.11.2010 12.806,29 4.05.2011 12.378,84 0,0334
12.09.2011 -101,7485 25,8132 Yes 29.07.2011 11.433,71 16.09.2011 11.550,22 0,0102
22.09.2011 -185,0945 -22,2318 Yes 29.07.2011 11.189,10 28.09.2011 11.625,30 0,0390
23.11.2011 -213,5262 -46,2038 Yes 29.07.2011 11.559,27 30.11.2011 12.257,67 0,0604
27.12.2011 144,8877 51,7795 Yes 28.10.2011 12.359,31 9.01.2012 12.311,79 0,0038
21.02.2012 136,1863 104,7838 Yes 20.01.2012 12.976,74 28.02.2012 12.734,86 0,0186
1.05.2012 142,5896 36,5205 Yes 14.03.2012 13.035,85 7.05.2012 12.336,76 0,0536
17.05.2012 -172,9410 -109,3597 Yes 10.04.2012 12.505,38 22.05.2012 12.611,61 0,0085
4.06.2012 -168,2457 -103,4746 Yes 10.04.2012 12.416,53 7.06.2012 12.898,94 0,0389
12.07.2012 -87,8914 45,7151 Yes 10.04.2012 12.796,98 18.07.2012 13.128,64 0,0259
19.07.2012 133,6759 21,2324 Yes 19.06.2012 12.720,93 24.07.2012 12.521,84 0,0157
24.07.2012 -72,1415 12,1258 Yes 10.04.2012 12.888,91 27.07.2012 13.215,97 0,0254
30.07.2012 169,7811 60,1855 Yes 19.06.2012 12.884,82 3.08.2012 12.884,82 0,0000
28.12.2012 -114,1270 41,6293 Yes 24.10.2012 13.413,01 3.01.2013 13.633,89 0,0165
24.01.2013 157,6536 126,6471 Yes 14.09.2012 13.910,42 31.01.2013 13.852,20 0,0042
11.04.2013 250,3869 140,0676 Yes 5.03.2013 14.599,20 16.04.2013 14.444,03 0,0106
10.06.2013 6,6899 -14,2412 Yes 3.05.2013 15.130,39 12.06.2013 14.551,27 0,0383
18.06.2013 46,4993 -68,8456 Yes 3.05.2013 14.760,62 21.06.2013 14.551,27 0,0142
11.07.2013 146,1175 36,2814 Yes 3.05.2013 15.524,27 19.07.2013 15.405,16 0,0077
2.08.2013 121,1334 78,0502 Yes 11.04.2013 15.516,21 7.08.2013 14.880,84 0,0409
16.09.2013 202,3397 58,0492 Yes 11.04.2013 15.452,31 23.09.2013 14.920,83 0,0344
8.10.2013 -177,5703 -64,5679 Yes 15.08.2013 15.126,52 11.10.2013 15.570,60 0,0294
25.10.2013 134,1233 80,4232 Yes 16.09.2013 15.558,01 1.11.2013 15.522,18 0,0023
15.11.2013 184,1687 115,5433 Yes 16.09.2013 15.908,07 21.11.2013 15.791,29 0,0073
26.12.2013 184,3973 35,8166 Yes 16.09.2013 16.456,89 3.01.2014 16.240,60 0,0131

104
2.04.2014 178,1561 58,0700 Yes 26.12.2013 16.245,16 8.04.2014 16.015,32 0,0141
3.07.2014 179,8555 67,6230 Yes 13.05.2014 16.916,83 9.07.2014 16.805,38 0,0066
26.08.2014 130,8887 58,2890 Yes 3.07.2014 17.097,42 2.09.2014 16.937,67 0,0093
31.10.2014 162,7903 38,4503 Yes 19.09.2014 17.568,98 10.11.2014 17.536,17 0,0019
28.11.2014 119,2082 94,6189 Yes 19.09.2014 17.778,85 2.12.2014 17.067,59 0,0400
3.12.2014 125,6359 101,9220 Yes 31.10.2014 17.903,05 5.12.2014 17.067,59 0,0467
5.12.2014 130,8206 110,2608 Yes 31.10.2014 17.847,37 9.12.2014 17.067,59 0,0437
24.12.2014 105,0634 -64,5949 Yes 19.09.2014 17.823,07 2.01.2015 17.243,55 0,0325
13.02.2015 129,8530 75,1123 Yes 5.12.2014 17.985,77 20.02.2015 17.825,15 0,0089
15.04.2015 109,3041 23,1115 Yes 13.02.2015 17.841,18 20.04.2015 17.774,89 0,0037
12.08.2015 -124,0360 -83,5109 Yes 30.06.2015 17.410,12 14.08.2015 17.568,40 0,0091

Detailed results of Table 4.12:

Min/Max Max
MFI Mov. Is Trading Price 10 Gain
Date MFI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
26.05.2000 38,0874 44,4044 Yes 2.05.2000 10.532,27 1.06.2000 10.863,00 ,031402
23.06.2000 35,3896 48,6492 Yes 2.05.2000 10.523,90 29.06.2000 10.834,32 ,029497
6.09.2000 71,5575 63,1775 Yes 3.04.2000 11.219,54 11.09.2000 10.567,32 ,058132
22.01.2001 36,7902 44,2081 Yes 7.12.2000 10.651,85 24.01.2001 11.035,14 ,035983
23.02.2001 33,7665 53,2751 Yes 7.12.2000 10.468,93 5.03.2001 10.859,50 ,037308
29.03.2001 26,1571 34,2556 Yes 28.11.2000 9.774,78 3.04.2001 10.687,14 ,093338
2.05.2001 79,6269 76,9632 Yes 28.12.2000 10.793,20 4.05.2001 10.673,22 ,011116
12.07.2001 23,3429 34,0917 Yes 11.06.2001 10.594,54 18.07.2001 10.679,12 ,007983
19.11.2001 74,1494 66,5365 Yes 11.10.2001 9.833,09 23.11.2001 9.691,39 ,014411
4.01.2002 70,6845 52,9197 Yes 19.11.2001 10.092,50 10.01.2002 9.680,51 ,040821
24.09.2002 29,7922 34,3727 Yes 23.07.2002 7.844,62 26.09.2002 8.012,42 ,021390
9.10.2002 21,8155 27,0658 Yes 23.07.2002 7.540,74 11.10.2002 8.558,63 ,134985
10.01.2003 71,7639 56,5543 Yes 12.08.2002 8.695,82 17.01.2003 7.917,16 ,089544
4.02.2003 27,5765 39,6415 Yes 19.12.2002 7.865,74 10.02.2003 8.076,02 ,026734
2.06.2003 64,5204 58,4680 Yes 10.01.2003 8.919,94 4.06.2003 8.909,01 ,001225
4.09.2003 72,5464 64,5439 Yes 12.06.2003 9.504,88 10.09.2003 9.380,95 ,013039
19.09.2003 71,4219 63,9182 Yes 12.06.2003 9.575,97 24.09.2003 9.230,47 ,036080
20.10.2003 78,7936 66,3435 Yes 12.06.2003 9.600,98 24.10.2003 9.497,72 ,010755
13.11.2003 73,7453 62,9009 Yes 20.10.2003 9.711,44 18.11.2003 9.585,50 ,012968
25.02.2004 65,0264 57,0519 Yes 31.12.2003 10.581,55 27.02.2004 10.120,38 ,043582
29.12.2004 78,9522 70,0836 Yes 15.11.2004 10.783,75 3.01.2005 10.456,61 ,030336
17.02.2005 85,4500 72,0718 Yes 15.11.2004 10.609,28 23.02.2005 10.583,64 ,002417
20.04.2005 34,0780 46,6174 Yes 23.03.2005 10.158,52 25.04.2005 10.454,40 ,029126
28.04.2005 34,7496 41,1560 Yes 23.03.2005 10.192,00 2.05.2005 10.454,40 ,025746
3.06.2005 65,3494 53,7292 Yes 6.05.2005 10.477,75 9.06.2005 10.401,49 ,007278
20.06.2005 66,3057 56,9772 Yes 6.05.2005 10.422,28 24.06.2005 10.142,24 ,026869
8.07.2005 34,2639 49,1068 Yes 23.03.2005 10.559,86 14.07.2005 10.745,68 ,017597

105
20.07.2005 65,7170 51,8053 Yes 20.06.2005 10.597,60 26.07.2005 10.497,45 ,009450
28.07.2005 65,5625 63,8212 Yes 20.06.2005 10.641,78 1.08.2005 10.497,45 ,013563
16.09.2005 64,3915 54,1659 Yes 6.05.2005 10.376,20 22.09.2005 10.200,81 ,016903
27.09.2005 39,0799 50,6039 Yes 9.08.2005 10.534,36 4.10.2005 10.618,41 ,007979
11.01.2006 71,0089 63,5507 Yes 29.11.2005 10.961,48 13.01.2006 10.607,36 ,032306
27.02.2006 65,0195 58,2066 Yes 11.01.2006 11.024,23 3.03.2006 10.885,35 ,012598
3.03.2006 64,0008 60,2979 Yes 29.11.2005 10.957,31 7.03.2006 10.885,35 ,006567
22.03.2006 78,4753 64,3849 Yes 29.11.2005 11.154,94 29.03.2006 11.017,99 ,012277
2.05.2006 80,8083 62,6253 Yes 29.11.2005 11.500,01 12.05.2006 10.980,29 ,045193
17.07.2006 34,9680 50,2239 Yes 30.05.2006 11.007,26 20.07.2006 11.304,78 ,027029
31.08.2006 67,9733 51,9741 Yes 4.08.2006 11.332,24 8.09.2006 11.295,18 ,003270
15.09.2006 78,1857 64,0927 Yes 4.08.2006 11.532,91 22.09.2006 11.423,57 ,009481
12.10.2006 73,1747 62,4585 Yes 15.09.2006 11.947,62 18.10.2006 11.881,34 ,005548
26.10.2006 78,8430 71,4158 Yes 2.05.2006 12.086,18 31.10.2006 11.928,97 ,013007
30.11.2006 69,7299 58,3741 Yes 26.10.2006 12.310,13 7.12.2006 12.222,65 ,007106
18.12.2006 65,7184 54,6575 Yes 26.10.2006 12.341,94 26.12.2006 12.301,40 ,003285
3.01.2007 65,8829 59,0322 Yes 30.11.2006 12.393,93 8.01.2007 12.313,01 ,006529
1.02.2007 64,6070 54,0719 Yes 3.01.2007 12.661,66 6.02.2007 12.518,58 ,011300
15.02.2007 64,9554 55,9004 Yes 3.01.2007 12.735,77 22.02.2007 11.973,58 ,059846
23.03.2007 75,3818 47,5862 Yes 26.10.2006 12.301,48 29.03.2007 12.237,87 ,005171
5.04.2007 78,6550 65,2755 Yes 26.10.2006 12.483,64 12.04.2007 12.407,50 ,006099
21.05.2007 85,8948 76,8488 Yes 26.04.2007 13.441,94 25.05.2007 13.207,73 ,017424
17.07.2007 77,5555 48,5553 Yes 1.06.2007 13.821,40 25.07.2007 13.041,77 ,056408
3.08.2007 32,2840 47,5518 Yes 6.07.2007 13.652,33 9.08.2007 13.675,66 ,001709
2.10.2007 66,3783 64,3233 Yes 6.09.2007 13.967,89 4.10.2007 13.738,66 ,016411
5.10.2007 65,8662 63,1498 Yes 6.09.2007 14.043,73 9.10.2007 13.337,90 ,050259
12.11.2007 33,4996 36,9712 Yes 22.10.2007 13.305,47 14.11.2007 13.465,20 ,012005
20.11.2007 27,0687 36,6086 Yes 22.10.2007 13.287,91 29.11.2007 13.850,92 ,042370
11.12.2007 63,4047 53,5773 Yes 6.09.2007 13.168,66 18.12.2007 12.968,44 ,015204
10.03.2008 28,4826 40,9209 Yes 22.01.2008 12.096,49 13.03.2008 12.687,61 ,048867
22.08.2008 61,7012 48,6872 Yes 31.07.2008 11.545,63 2.09.2008 10.604,70 ,081497
17.09.2008 33,4082 44,0052 Yes 3.07.2008 11.394,42 22.09.2008 11.450,81 ,004949
10.10.2008 25,8351 41,3833 Yes 3.07.2008 9.301,91 15.10.2008 9.405,05 ,011088
21.10.2008 25,9880 31,1921 Yes 3.07.2008 9.062,33 29.10.2008 9.711,46 ,071629
11.12.2008 66,2508 56,4391 Yes 14.11.2008 8.565,65 16.12.2008 8.349,24 ,025265
29.12.2008 36,7010 49,5289 Yes 21.10.2008 9.027,13 5.01.2009 9.175,19 ,016402
15.01.2009 38,6395 46,8218 Yes 21.10.2008 8.224,43 22.01.2009 8.446,33 ,026981
27.01.2009 30,3486 38,0223 Yes 21.10.2008 8.373,06 29.01.2009 8.376,56 ,000418
23.02.2009 27,5430 37,0604 Yes 21.10.2008 7.269,06 26.02.2009 7.451,13 ,025047
6.05.2009 61,3795 57,1088 Yes 27.03.2009 8.410,73 8.05.2009 8.221,01 ,022557
11.05.2009 60,8623 57,9926 Yes 17.04.2009 8.461,80 13.05.2009 8.221,01 ,028456
12.06.2009 61,4643 50,2983 Yes 17.04.2009 8.556,96 19.06.2009 8.205,99 ,041016
28.08.2009 72,6890 60,3657 Yes 28.07.2009 9.306,21 2.09.2009 9.252,93 ,005725

106
10.09.2009 71,3692 67,3465 Yes 28.07.2009 9.626,42 15.09.2009 9.580,93 ,004726
22.09.2009 80,8364 70,5228 Yes 28.07.2009 9.663,23 28.09.2009 9.430,08 ,024128
22.10.2009 67,1284 58,3022 Yes 22.09.2009 9.972,33 26.10.2009 9.678,95 ,029419
23.11.2009 70,8585 58,0410 Yes 22.09.2009 10.309,77 30.11.2009 10.235,63 ,007191
11.01.2010 87,8472 60,2949 Yes 28.07.2009 10.608,37 19.01.2010 10.043,75 ,053224
8.02.2010 24,0792 34,1876 Yes 9.12.2009 10.037,85 11.02.2010 10.438,55 ,039919
17.03.2010 80,2155 73,9136 Yes 11.01.2010 10.741,00 22.03.2010 10.695,13 ,004271
12.04.2010 61,1767 57,5955 Yes 17.03.2010 11.020,70 14.04.2010 10.965,38 ,005020
15.04.2010 62,1789 57,4095 Yes 17.03.2010 11.018,36 19.04.2010 10.965,38 ,004808
21.04.2010 66,2484 58,9946 Yes 17.03.2010 11.132,18 23.04.2010 9.869,62 ,113415
26.04.2010 66,2092 60,3989 Yes 17.03.2010 11.045,64 29.04.2010 9.869,62 ,106469
12.07.2010 34,2076 44,2346 Yes 2.06.2010 10.367,10 15.07.2010 10.584,99 ,021018
26.08.2010 26,1560 32,6656 Yes 2.06.2010 10.270,08 2.09.2010 10.650,16 ,037008
8.11.2010 68,3726 53,6255 Yes 21.09.2010 11.326,69 11.11.2010 10.978,93 ,030703
29.12.2010 90,2064 84,7303 Yes 21.09.2010 11.569,33 31.12.2010 11.530,32 ,003372
9.02.2011 82,7715 74,6285 Yes 29.12.2010 12.227,78 11.02.2011 11.983,17 ,020004
18.02.2011 81,5613 73,0828 Yes 29.12.2010 12.104,56 24.02.2011 11.974,39 ,010754
10.05.2011 72,8111 67,6574 Yes 6.04.2011 12.629,96 12.05.2011 12.309,52 ,025371
16.06.2011 34,9191 42,9575 Yes 20.05.2011 12.189,71 22.06.2011 12.753,89 ,046283
7.07.2011 75,2014 54,9997 Yes 6.04.2011 12.447,33 13.07.2011 12.289,69 ,012665
10.01.2012 73,3760 54,0874 Yes 24.10.2011 12.423,12 17.01.2012 12.423,12 ,000000
26.01.2012 73,6084 64,7715 Yes 24.10.2011 12.654,78 31.01.2012 12.567,33 ,006910
3.02.2012 74,6758 69,9676 Yes 24.10.2011 12.799,11 13.02.2012 12.753,62 ,003554
21.02.2012 75,0418 69,7367 Yes 24.10.2011 12.937,08 23.02.2012 12.734,86 ,015631
16.03.2012 67,6004 52,5838 Yes 23.02.2012 13.082,62 26.03.2012 12.710,56 ,028439
27.03.2012 68,7136 59,8413 Yes 23.02.2012 13.147,94 30.03.2012 12.710,56 ,033266
1.05.2012 70,3358 57,4194 Yes 23.02.2012 13.035,85 7.05.2012 12.336,76 ,053628
1.08.2012 60,2211 50,2802 Yes 21.06.2012 13.158,10 8.08.2012 13.094,96 ,004799
13.03.2013 70,9766 59,0274 Yes 29.01.2013 14.514,11 18.03.2013 14.382,09 ,009096
11.04.2013 70,8101 51,0825 Yes 13.03.2013 14.537,14 19.04.2013 14.444,03 ,006405
9.05.2013 93,3851 67,3261 Yes 29.01.2013 15.234,75 17.05.2013 15.115,57 ,007823
23.07.2013 80,0185 70,2525 Yes 21.05.2013 15.547,85 26.07.2013 15.346,65 ,012941
19.09.2013 84,7785 66,3405 Yes 21.05.2013 15.402,54 24.09.2013 14.773,47 ,040842
29.10.2013 86,9773 64,7419 Yes 9.05.2013 15.628,72 6.11.2013 15.579,35 ,003159
27.11.2013 75,3485 68,0783 Yes 29.10.2013 16.004,72 3.12.2013 15.703,79 ,018803
3.01.2014 81,6495 68,8628 Yes 29.10.2013 16.471,41 9.01.2014 15.879,11 ,035959
3.04.2014 74,7063 60,3305 Yes 28.02.2014 16.437,24 10.04.2014 16.015,32 ,025669
1.05.2014 78,8735 60,4156 Yes 28.02.2014 16.401,66 7.05.2014 16.341,30 ,003680
10.06.2014 79,9562 64,7393 Yes 28.02.2014 16.734,64 13.06.2014 16.718,60 ,000959
2.07.2014 78,0047 70,4946 Yes 10.06.2014 16.916,83 9.07.2014 16.805,38 ,006588
16.07.2014 80,2325 67,7202 Yes 28.02.2014 17.054,97 22.07.2014 16.369,55 ,040189
19.09.2014 73,3116 63,3917 Yes 27.08.2014 17.070,45 30.09.2014 16.273,64 ,046678
16.10.2014 25,8492 47,0028 Yes 7.08.2014 16.615,26 22.10.2014 17.486,59 ,052442

107
31.12.2014 64,2866 55,9994 Yes 24.11.2014 17.504,18 6.01.2015 17.243,55 ,014890
8.01.2015 66,6078 61,8204 Yes 24.11.2014 17.742,05 12.01.2015 17.243,55 ,028097
26.01.2015 60,1312 44,1145 Yes 11.11.2014 17.169,99 2.02.2015 17.037,76 ,007701
20.02.2015 87,8436 69,9308 Yes 11.11.2014 18.134,05 2.03.2015 17.620,49 ,028320
20.05.2015 71,0403 58,2580 Yes 20.02.2015 18.229,75 26.05.2015 17.714,97 ,028238
7.08.2015 21,8115 37,1778 Yes 9.06.2015 17.410,12 14.08.2015 17.568,40 ,009091
13.11.2015 31,6675 61,2933 Yes 7.08.2015 17.732,75 20.11.2015 17.914,34 ,010240
21.12.2015 31,2640 39,4421 Yes 7.08.2015 17.593,26 24.12.2015 17.750,02 ,008910

Detailed results of Table 4.13:

Min/Max Max
RSI Mov. Is Is Trading Price 10 Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
10.02.2000 69,2509 62,2629 Yes 17.01.2000 7.401,26 16.02.2000 7.342,65 ,007919
7.03.2000 70,3643 64,2028 Yes 17.01.2000 7.952,51 10.03.2000 7.411,76 ,067997
4.09.2000 62,7771 54,1299 Yes 17.07.2000 7.327,66 7.09.2000 6.581,93 ,101769
30.11.2000 33,9697 40,7442 Yes 18.10.2000 6.507,64 4.12.2000 6.813,30 ,046969
21.12.2000 36,1395 44,0965 Yes 30.11.2000 6.337,06 28.12.2000 6.556,94 ,034697
23.02.2001 29,0532 42,0359 Yes 12.10.2000 6.218,12 6.03.2001 6.342,54 ,020009
22.05.2001 60,8282 54,7688 Yes 30.04.2001 6.225,66 28.05.2001 5.994,66 ,037104
11.07.2001 37,3101 46,2214 Yes 18.06.2001 5.927,45 16.07.2001 5.928,89 ,000243
18.07.2001 36,0094 41,7771 Yes 27.06.2001 5.820,29 20.07.2001 5.930,45 ,018927
20.08.2001 25,9927 33,3511 Yes 22.03.2001 5.268,80 24.08.2001 5.455,12 ,035363
4.01.2002 64,1355 54,7109 Yes 6.12.2001 5.228,09 11.01.2002 4.974,58 ,048490
23.07.2002 27,3969 36,6162 Yes 26.06.2002 3.852,93 30.07.2002 3.945,38 ,023995
5.09.2002 36,2650 44,6425 Yes 23.07.2002 3.507,50 11.09.2002 3.615,59 ,030817
24.09.2002 28,3989 35,9224 Yes 23.07.2002 3.020,71 27.09.2002 3.050,77 ,009951
9.10.2002 29,1158 32,9138 Yes 24.06.2002 2.731,84 11.10.2002 3.299,01 ,207615
27.01.2003 29,2731 39,8443 Yes 24.09.2002 2.750,40 3.02.2003 2.802,93 ,019099
26.02.2003 34,8050 41,4250 Yes 4.02.2003 2.553,74 3.03.2003 2.600,76 ,018412
14.07.2003 65,7123 60,3870 Yes 18.06.2003 3.328,91 18.07.2003 3.254,19 ,022446
31.07.2003 66,7727 59,2493 Yes 18.06.2003 3.414,10 5.08.2003 3.299,77 ,033488
21.08.2003 68,4440 58,7474 Yes 18.06.2003 3.498,89 26.08.2003 3.438,86 ,017157
7.11.2003 68,8482 63,0523 Yes 4.09.2003 3.730,14 12.11.2003 3.576,52 ,041183
3.12.2003 68,4525 58,6455 Yes 7.11.2003 3.812,92 9.12.2003 3.798,00 ,003913
19.02.2004 61,0793 56,2535 Yes 19.01.2004 4.074,11 23.02.2004 3.960,41 ,027908
10.05.2004 32,2887 47,6536 Yes 15.03.2004 3.855,63 20.05.2004 3.940,71 ,022066
26.07.2004 30,8180 36,0447 Yes 15.03.2004 3.829,04 28.07.2004 3.911,30 ,021483
23.12.2004 62,2730 59,7066 Yes 2.12.2004 4.253,81 28.12.2004 4.193,24 ,014239
3.01.2005 65,2081 59,9090 Yes 2.12.2004 4.260,37 6.01.2005 4.191,14 ,016250
7.01.2005 65,3652 62,1473 Yes 2.12.2004 4.257,64 12.01.2005 4.160,83 ,022738
15.02.2005 69,0599 65,2215 Yes 17.11.2004 4.370,32 17.02.2005 4.276,01 ,021580
9.09.2005 65,5290 54,9671 Yes 10.08.2005 4.906,91 14.09.2005 4.827,86 ,016110

108
4.10.2005 65,7706 55,9572 Yes 10.08.2005 5.004,13 7.10.2005 4.825,96 ,035605
23.11.2005 70,0877 64,2464 Yes 10.08.2005 5.167,37 29.11.2005 5.155,34 ,002328
2.12.2005 75,8218 69,3807 Yes 2.08.2005 5.271,35 6.12.2005 5.222,24 ,009316
29.12.2005 78,4775 73,1968 Yes 2.08.2005 5.410,24 2.01.2006 5.409,28 ,000178
1.02.2006 71,8848 56,7948 Yes 4.01.2006 5.627,75 8.02.2006 5.598,05 ,005277
27.02.2006 77,2714 71,3732 Yes 29.12.2005 5.806,96 1.03.2006 5.664,19 ,024586
24.03.2006 67,5988 62,7529 Yes 27.02.2006 5.914,65 28.03.2006 5.863,07 ,008721
3.04.2006 66,5753 62,7136 Yes 27.02.2006 5.951,08 10.04.2006 5.860,50 ,015221
26.04.2006 65,2011 57,4507 Yes 3.04.2006 6.014,38 2.05.2006 5.785,14 ,038115
13.06.2006 31,2789 37,8188 Yes 22.05.2006 5.454,34 16.06.2006 5.698,21 ,044711
18.07.2006 38,0693 48,5351 Yes 22.05.2006 5.559,67 20.07.2006 5.708,37 ,026746
16.11.2006 75,9390 71,0113 Yes 16.10.2006 6.394,08 20.11.2006 6.195,81 ,031008
18.12.2006 70,7350 62,4164 Yes 22.11.2006 6.571,98 22.12.2006 6.493,99 ,011867
3.01.2007 68,6104 65,0007 Yes 16.11.2006 6.603,55 8.01.2007 6.531,25 ,010949
7.02.2007 70,8672 64,3281 Yes 22.11.2006 6.868,68 13.02.2007 6.814,57 ,007878
4.07.2007 62,5807 58,2448 Yes 1.06.2007 7.987,12 6.07.2007 7.799,93 ,023436
9.07.2007 60,8477 57,9954 Yes 1.06.2007 7.922,23 11.07.2007 7.659,61 ,033150
12.10.2007 71,2263 68,9169 Yes 1.06.2007 7.946,12 16.10.2007 7.763,64 ,022965
12.12.2007 66,1719 60,1176 Yes 12.10.2007 7.949,00 14.12.2007 7.777,40 ,021588
17.03.2008 29,6396 36,6421 Yes 23.01.2008 6.429,24 19.03.2008 6.806,66 ,058704
2.07.2008 26,4605 32,3360 Yes 23.01.2008 6.314,17 8.07.2008 6.484,29 ,026943
21.08.2008 38,2204 48,3850 Yes 2.07.2008 6.336,35 27.08.2008 6.553,90 ,034334
17.09.2008 30,1567 39,2609 Yes 2.07.2008 6.188,58 22.09.2008 6.235,13 ,007522
21.11.2008 32,4035 40,3240 Yes 24.10.2008 4.521,85 25.11.2008 4.850,39 ,072656
23.01.2009 30,1547 35,5995 Yes 24.10.2008 4.322,99 27.01.2009 4.688,59 ,084571
3.03.2009 26,5730 31,1047 Yes 10.10.2008 3.864,18 5.03.2009 4.137,80 ,070809
2.06.2009 67,4107 62,2953 Yes 4.05.2009 5.059,80 4.06.2009 4.761,20 ,059014
23.07.2009 70,3056 57,5391 Yes 4.05.2009 5.168,89 29.07.2009 5.159,25 ,001865
3.08.2009 71,5696 68,0820 Yes 17.04.2009 5.389,58 6.08.2009 5.158,60 ,042857
25.08.2009 65,7794 57,8423 Yes 3.08.2009 5.479,35 1.09.2009 5.263,11 ,039465
17.09.2009 69,8803 62,7994 Yes 3.08.2009 5.686,84 22.09.2009 5.440,23 ,043365
14.10.2009 63,3200 54,7435 Yes 22.09.2009 5.761,30 19.10.2009 5.376,63 ,066768
16.11.2009 61,4598 49,3399 Yes 22.09.2009 5.724,93 20.11.2009 5.519,48 ,035887
29.12.2009 65,3520 60,1933 Yes 22.09.2009 5.975,52 4.01.2010 5.866,84 ,018188
12.03.2010 66,2180 61,8687 Yes 17.09.2009 5.935,19 16.03.2010 5.910,85 ,004101
21.06.2010 64,6789 56,7072 Yes 15.04.2010 6.232,38 24.06.2010 5.809,37 ,067873
5.08.2010 64,6580 59,3521 Yes 21.06.2010 6.326,62 9.08.2010 5.995,37 ,052358
14.09.2010 63,2836 56,8344 Yes 6.04.2010 6.231,28 20.09.2010 6.128,54 ,016488
13.12.2010 65,3748 61,7665 Yes 19.11.2010 7.000,38 20.12.2010 6.842,90 ,022496
21.12.2010 66,1380 63,6470 Yes 19.11.2010 7.055,32 27.12.2010 6.835,74 ,031123
18.01.2011 63,8066 54,8384 Yes 21.12.2010 7.047,70 21.01.2011 7.000,41 ,006710
16.02.2011 75,2726 70,2541 Yes 9.11.2010 7.293,11 22.02.2011 7.072,47 ,030253
2.05.2011 70,1823 60,7406 Yes 16.02.2011 7.416,38 5.05.2011 7.253,89 ,021910

109
6.09.2011 27,3590 32,7944 Yes 10.08.2011 5.410,08 8.09.2011 5.655,95 ,045447
12.09.2011 29,5197 33,6727 Yes 10.08.2011 5.386,86 15.09.2011 5.704,41 ,058949
24.11.2011 35,0911 44,9104 Yes 22.08.2011 5.725,68 29.11.2011 6.170,04 ,077608
16.03.2012 69,3358 59,0969 Yes 20.02.2012 7.088,76 21.03.2012 6.772,95 ,044551
8.05.2012 36,9292 45,2987 Yes 10.04.2012 6.499,79 14.05.2012 6.520,86 ,003242
21.08.2012 68,3974 65,1834 Yes 19.07.2012 7.065,99 23.08.2012 6.871,00 ,027596
25.01.2013 67,6855 59,7406 Yes 2.01.2013 7.800,45 31.01.2013 7.537,29 ,033737
14.03.2013 66,8179 60,4692 Yes 25.01.2013 7.980,54 19.03.2013 7.750,38 ,028840
19.09.2013 70,6331 62,2349 Yes 22.05.2013 8.645,24 24.09.2013 8.510,42 ,015595
29.10.2013 73,2173 69,8479 Yes 22.05.2013 9.035,91 4.11.2013 8.962,42 ,008133
11.11.2013 73,0101 71,0136 Yes 22.05.2013 9.056,71 13.11.2013 8.981,09 ,008350
27.12.2013 70,5074 53,9778 Yes 29.11.2013 9.409,66 3.01.2014 9.367,99 ,004428
15.01.2014 69,7591 60,7419 Yes 29.11.2013 9.646,65 24.01.2014 9.071,25 ,059648
24.02.2014 64,3326 61,2387 Yes 29.11.2013 9.660,55 27.02.2014 9.017,35 ,066580
4.04.2014 62,9254 55,8220 Yes 29.11.2013 9.525,07 8.04.2014 9.166,53 ,037642
13.05.2014 61,9814 55,3526 Yes 4.04.2014 9.646,56 16.05.2014 9.534,56 ,011610
2.06.2014 68,9199 64,1319 Yes 15.01.2014 9.929,41 5.06.2014 9.829,09 ,010103
3.07.2014 62,9703 52,6757 Yes 10.06.2014 9.918,27 8.07.2014 9.597,62 ,032329
26.01.2015 74,0248 63,4964 Yes 28.11.2014 10.719,18 2.02.2015 10.594,32 ,011648
10.04.2015 69,2605 62,9504 Yes 16.03.2015 12.220,10 15.04.2015 11.410,54 ,066248
7.07.2015 35,3292 45,2026 Yes 9.06.2015 11.170,71 10.07.2015 11.802,37 ,056546
24.09.2015 29,7180 38,5551 Yes 24.08.2015 9.633,68 28.09.2015 10.187,09 ,057445
30.11.2015 68,6569 64,7054 Yes 6.11.2015 11.301,51 2.12.2015 10.122,95 ,104283

Detailed results of Table 4.14:

Stochastic Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date Stochastic Avg. Top Bottom Divergence1 Price TradingDate Days Rate
6.03.2000 93,8176 89,4771 Yes 10.02.2000 8.069,98 8.03.2000 7.411,76 ,081564
12.05.2000 33,1043 40,7948 Yes 5.04.2000 7.203,58 16.05.2000 7.398,48 ,027056
5.09.2000 85,4818 68,2743 Yes 15.08.2000 7.327,66 7.09.2000 6.581,93 ,101769
12.10.2000 24,9661 35,7117 Yes 14.09.2000 6.622,01 17.10.2000 7.087,92 ,070358
14.11.2000 36,6177 46,3613 Yes 14.09.2000 6.950,94 16.11.2000 6.950,94 ,000000
22.11.2000 7,1974 9,6158 Yes 14.09.2000 6.607,98 24.11.2000 6.804,22 ,029697
18.12.2000 13,3445 32,9428 Yes 22.11.2000 6.240,12 21.12.2000 6.556,94 ,050771
22.12.2000 12,7317 14,8210 Yes 22.11.2000 6.337,06 28.12.2000 6.556,94 ,034697
9.02.2001 7,9200 20,6518 Yes 22.11.2000 6.556,09 14.02.2001 6.591,67 ,005427
14.03.2001 10,6503 17,2351 Yes 20.02.2001 5.881,62 16.03.2001 5.944,25 ,010648
21.03.2001 7,5278 10,8464 Yes 23.02.2001 5.557,82 26.03.2001 5.944,25 ,069529
18.06.2001 7,1423 16,5360 Yes 23.02.2001 5.881,70 21.06.2001 6.131,97 ,042551
11.07.2001 20,8209 28,5888 Yes 18.06.2001 5.889,30 13.07.2001 5.939,85 ,008583
20.07.2001 17,3087 19,5334 Yes 27.06.2001 5.780,75 24.07.2001 5.930,45 ,025896
25.07.2001 11,7069 17,4760 Yes 18.06.2001 5.749,25 30.07.2001 5.930,45 ,031517

110
13.08.2001 10,1449 15,5308 Yes 18.06.2001 5.521,46 15.08.2001 5.530,78 ,001688
20.08.2001 7,3594 9,5250 Yes 18.06.2001 5.204,31 22.08.2001 5.455,12 ,048193
9.11.2001 92,0065 85,0024 Yes 11.10.2001 4.825,55 13.11.2001 4.821,82 ,000773
19.11.2001 93,6638 89,9114 Yes 11.10.2001 5.089,90 22.11.2001 4.872,25 ,042761
7.01.2002 87,4022 82,6843 Yes 19.11.2001 5.228,18 9.01.2002 4.974,58 ,048506
6.03.2002 94,9718 94,5140 Yes 11.10.2001 5.293,18 8.03.2002 5.233,66 ,011245
5.06.2002 7,3984 9,4329 Yes 6.05.2002 4.630,43 7.06.2002 4.686,13 ,012029
14.06.2002 5,8030 9,3445 Yes 6.05.2002 4.481,02 18.06.2002 4.503,80 ,005084
16.07.2002 19,0615 25,9915 Yes 24.06.2002 4.095,44 18.07.2002 4.152,45 ,013920
23.07.2002 4,9596 18,0307 Yes 6.05.2002 3.632,90 25.07.2002 3.945,38 ,086014
5.09.2002 7,4662 11,7584 Yes 23.07.2002 3.480,57 9.09.2002 3.615,59 ,038793
29.11.2002 89,9563 81,2535 Yes 21.10.2002 3.389,13 3.12.2002 3.029,74 ,106042
27.01.2003 5,6273 7,1108 Yes 19.09.2002 2.711,84 30.01.2003 2.802,93 ,033590
26.02.2003 11,4417 23,1922 Yes 27.01.2003 2.553,74 3.03.2003 2.600,76 ,018412
10.03.2003 3,9521 9,7356 Yes 19.09.2002 2.356,36 14.03.2003 2.731,57 ,159233
4.06.2003 93,4492 87,4150 Yes 6.05.2003 3.054,99 6.06.2003 3.054,99 ,000000
12.06.2003 95,6062 94,0613 Yes 6.05.2003 3.156,80 16.06.2003 3.122,40 ,010897
18.06.2003 95,7019 92,5111 Yes 23.04.2003 3.237,23 20.06.2003 3.119,35 ,036414
9.07.2003 88,1688 79,8431 Yes 18.06.2003 3.264,58 11.07.2003 3.245,45 ,005860
16.07.2003 89,3371 86,8645 Yes 18.06.2003 3.328,91 18.07.2003 3.254,19 ,022446
31.07.2003 92,7048 87,8128 Yes 18.06.2003 3.433,72 4.08.2003 3.299,77 ,039010
22.08.2003 89,5807 88,7769 Yes 31.07.2003 3.498,89 26.08.2003 3.438,86 ,017157
4.09.2003 94,9942 88,7322 Yes 18.06.2003 3.612,85 8.09.2003 3.456,27 ,043340
4.11.2003 94,3356 92,4580 Yes 4.09.2003 3.719,85 6.11.2003 3.576,52 ,038531
3.12.2003 95,4415 87,2544 Yes 18.06.2003 3.834,89 8.12.2003 3.778,73 ,014644
19.02.2004 72,2124 56,8127 Yes 19.01.2004 4.067,91 24.02.2004 3.960,41 ,026426
8.03.2004 90,2847 81,7464 Yes 19.01.2004 4.077,64 10.03.2004 3.692,40 ,094476
15.03.2004 12,5339 23,9792 Yes 6.02.2004 3.898,38 18.03.2004 3.928,63 ,007760
29.06.2004 88,7727 76,7707 Yes 8.06.2004 4.030,46 2.07.2004 3.837,63 ,047843
10.08.2004 12,7722 21,0373 Yes 19.07.2004 3.683,66 12.08.2004 3.839,32 ,042257
13.08.2004 11,3396 14,1469 Yes 19.07.2004 3.696,21 17.08.2004 3.856,03 ,043239
5.10.2004 89,7228 73,5501 Yes 14.09.2004 4.028,79 8.10.2004 3.889,72 ,034519
3.11.2004 92,7869 85,8399 Yes 20.09.2004 4.075,01 5.11.2004 4.048,05 ,006616
12.11.2004 94,1808 90,3786 Yes 14.09.2004 4.126,60 17.11.2004 4.088,59 ,009211
3.12.2004 83,3345 67,4087 Yes 12.11.2004 4.185,07 8.12.2004 4.131,24 ,012862
16.12.2004 83,2784 81,0205 Yes 18.11.2004 4.178,17 20.12.2004 4.176,38 ,000428
28.12.2004 92,3549 89,4264 Yes 12.11.2004 4.254,38 30.12.2004 4.191,14 ,014865
8.04.2005 91,6464 83,4689 Yes 8.02.2005 4.395,34 13.04.2005 4.157,51 ,054110
30.05.2005 97,6160 94,3449 Yes 8.02.2005 4.544,73 3.06.2005 4.490,12 ,012016
13.07.2005 97,6412 88,3520 Yes 8.02.2005 4.717,59 18.07.2005 4.705,29 ,002607
8.09.2005 96,4063 88,3192 Yes 20.07.2005 4.989,72 13.09.2005 4.827,86 ,032439
4.10.2005 97,5983 93,6275 Yes 20.07.2005 5.037,50 6.10.2005 4.825,96 ,041993
15.11.2005 97,8933 94,9887 Yes 20.07.2005 5.097,67 17.11.2005 5.089,67 ,001569

111
23.12.2005 97,4179 96,8042 Yes 15.11.2005 5.437,28 28.12.2005 5.385,07 ,009602
6.01.2006 98,3611 94,4289 Yes 20.07.2005 5.524,20 11.01.2006 5.290,49 ,042307
30.01.2006 98,1533 79,5245 Yes 6.01.2006 5.738,50 2.02.2006 5.598,05 ,024475
27.02.2006 95,4449 93,7496 Yes 30.01.2006 5.806,96 1.03.2006 5.664,19 ,024586
24.03.2006 96,2324 92,4246 Yes 30.01.2006 5.914,65 28.03.2006 5.863,07 ,008721
9.05.2006 93,8271 82,6295 Yes 5.04.2006 6.122,01 11.05.2006 5.513,43 ,099408
17.08.2006 95,9643 85,1863 Yes 4.07.2006 5.816,21 22.08.2006 5.744,11 ,012396
15.09.2006 90,8075 81,3313 Yes 17.08.2006 5.877,08 20.09.2006 5.857,89 ,003265
28.09.2006 93,8875 84,1461 Yes 17.08.2006 5.986,74 3.10.2006 5.944,57 ,007044
12.10.2006 97,3246 96,1881 Yes 4.07.2006 6.133,78 18.10.2006 6.133,78 ,000000
8.11.2006 97,3901 86,4641 Yes 4.07.2006 6.350,65 13.11.2006 6.297,61 ,008352
15.12.2006 97,8718 96,7551 Yes 4.07.2006 6.572,97 19.12.2006 6.493,99 ,012016
15.01.2007 95,3529 77,4065 Yes 15.12.2006 6.721,09 18.01.2007 6.627,96 ,013856
7.02.2007 91,7033 90,9374 Yes 15.01.2007 6.890,65 9.02.2007 6.844,39 ,006713
9.02.2007 91,6669 91,1066 Yes 15.01.2007 6.868,68 13.02.2007 6.814,57 ,007878
16.02.2007 95,3672 92,2275 Yes 15.12.2006 6.978,52 20.02.2007 6.437,25 ,077562
23.03.2007 95,0878 88,0152 Yes 15.12.2006 6.830,73 28.03.2007 6.788,33 ,006207
4.05.2007 97,8627 95,8230 Yes 10.04.2007 7.471,95 9.05.2007 7.304,61 ,022396
31.05.2007 97,3179 94,8337 Yes 4.05.2007 7.987,11 5.06.2007 7.499,43 ,061058
16.07.2007 85,3939 71,6726 Yes 19.06.2007 7.934,02 19.07.2007 7.372,89 ,070725
4.09.2007 96,3658 89,3538 Yes 4.05.2007 7.618,34 6.09.2007 7.369,70 ,032637
11.09.2007 19,3368 37,6263 Yes 13.08.2007 7.514,62 14.09.2007 7.882,18 ,048913
26.09.2007 94,5307 94,3814 Yes 4.09.2007 7.850,94 28.09.2007 7.790,23 ,007733
3.10.2007 97,4578 97,0627 Yes 4.05.2007 7.954,25 5.10.2007 7.870,73 ,010500
31.10.2007 81,5387 73,3065 Yes 5.10.2007 7.846,91 2.11.2007 7.564,66 ,035970
7.12.2007 94,9431 91,3673 Yes 3.10.2007 7.968,93 12.12.2007 7.777,40 ,024035
7.02.2008 37,4305 40,9255 Yes 17.01.2008 6.723,97 11.02.2008 7.079,74 ,052911
4.03.2008 11,2441 27,0714 Yes 17.01.2008 6.550,55 7.03.2008 6.666,58 ,017713
10.03.2008 9,5343 14,2829 Yes 17.01.2008 6.529,62 13.03.2008 6.623,42 ,014365
17.03.2008 8,4185 16,2997 Yes 17.01.2008 6.331,06 20.03.2008 6.843,25 ,080901
28.04.2008 89,4591 84,2745 Yes 3.04.2008 6.888,21 30.04.2008 6.851,52 ,005326
5.05.2008 93,2267 90,9368 Yes 3.04.2008 7.040,84 7.05.2008 6.961,63 ,011250
27.05.2008 10,5102 17,1958 Yes 17.01.2008 7.055,72 29.05.2008 7.124,61 ,009764
9.06.2008 9,3481 14,3806 Yes 17.01.2008 6.701,50 13.06.2008 6.855,84 ,023031
15.07.2008 9,6274 14,2754 Yes 9.06.2008 6.177,07 17.07.2008 6.577,10 ,064761
18.09.2008 8,9136 14,3847 Yes 21.08.2008 6.188,58 22.09.2008 6.235,13 ,007522
28.05.2009 78,4848 75,4615 Yes 6.05.2009 4.992,10 1.06.2009 4.886,40 ,021173
3.06.2009 88,9887 85,8173 Yes 6.05.2009 5.092,62 5.06.2009 4.761,20 ,065078
17.07.2009 93,9909 83,2187 Yes 17.04.2009 5.098,84 22.07.2009 5.050,40 ,009500
23.07.2009 96,0016 94,3521 Yes 17.04.2009 5.277,72 27.07.2009 5.159,25 ,022447
25.08.2009 95,6276 76,9259 Yes 23.07.2009 5.512,17 28.08.2009 5.263,11 ,045184
17.09.2009 95,8885 94,2688 Yes 23.07.2009 5.698,53 21.09.2009 5.440,23 ,045327
12.10.2009 88,5611 79,8847 Yes 17.09.2009 5.756,69 14.10.2009 5.493,59 ,045703

112
14.10.2009 88,3181 86,8023 Yes 17.09.2009 5.761,30 19.10.2009 5.376,63 ,066768
21.10.2009 87,7467 84,2361 Yes 17.09.2009 5.787,98 23.10.2009 5.312,64 ,082125
17.11.2009 94,2029 85,4667 Yes 17.09.2009 5.724,93 20.11.2009 5.519,48 ,035887
16.12.2009 90,1210 79,7528 Yes 17.11.2009 5.841,81 21.12.2009 5.841,69 ,000021
29.12.2009 95,5089 94,1154 Yes 17.09.2009 5.975,52 4.01.2010 5.866,84 ,018188
5.03.2010 95,6280 95,4637 Yes 17.09.2009 5.872,57 9.03.2010 5.838,17 ,005858
16.06.2010 96,0795 93,0174 Yes 26.03.2010 6.320,41 21.06.2010 5.809,37 ,080856
4.08.2010 96,4328 88,1096 Yes 9.03.2010 6.326,62 9.08.2010 5.995,37 ,052358
18.10.2010 94,2501 92,7902 Yes 10.09.2010 6.470,30 20.10.2010 6.461,48 ,001363
6.12.2010 94,2545 85,6204 Yes 22.10.2010 6.976,19 8.12.2010 6.947,90 ,004055
15.12.2010 94,7334 92,5144 Yes 22.10.2010 7.042,83 17.12.2010 6.897,22 ,020675
17.01.2011 96,4322 89,7574 Yes 22.10.2010 7.074,89 20.01.2011 7.000,41 ,010527
29.04.2011 97,9786 97,0527 Yes 8.02.2011 7.518,60 3.05.2011 7.253,89 ,035207
4.08.2011 5,9233 8,4969 Yes 14.03.2011 6.170,69 8.08.2011 6.272,94 ,016570
6.09.2011 12,3432 28,7250 Yes 8.08.2011 5.383,63 9.09.2011 5.655,95 ,050583
13.09.2011 13,7289 18,8859 Yes 22.08.2011 5.386,86 15.09.2011 5.704,41 ,058949
10.11.2011 20,5247 24,1413 Yes 8.08.2011 6.097,27 14.11.2011 6.116,07 ,003083
2.12.2011 90,3238 79,4159 Yes 12.10.2011 6.116,26 7.12.2011 5.637,53 ,078272
4.01.2012 94,7442 89,6079 Yes 12.10.2011 6.114,64 6.01.2012 5.987,75 ,020752
19.01.2012 96,4616 93,4599 Yes 12.10.2011 6.387,33 23.01.2012 6.339,00 ,007567
15.03.2012 96,3260 90,4657 Yes 3.02.2012 7.121,92 20.03.2012 6.841,97 ,039308
10.05.2012 18,8567 19,6585 Yes 10.04.2012 6.499,79 14.05.2012 6.520,86 ,003242
18.05.2012 8,1035 10,1067 Yes 10.04.2012 6.381,83 22.05.2012 6.446,00 ,010055
11.09.2012 93,9716 89,1009 Yes 17.08.2012 7.341,78 13.09.2012 7.255,77 ,011715
18.10.2012 91,7663 69,4217 Yes 11.09.2012 7.339,16 23.10.2012 7.120,68 ,029769
29.11.2012 95,1151 86,3183 Yes 17.08.2012 7.428,13 4.12.2012 7.417,30 ,001458
12.12.2012 96,5090 95,1849 Yes 9.08.2012 7.599,03 14.12.2012 7.564,07 ,004601
29.01.2013 90,1975 84,5462 Yes 4.01.2013 7.800,45 31.01.2013 7.537,29 ,033737
11.03.2013 92,6452 91,1472 Yes 4.01.2013 8.013,25 14.03.2013 7.750,38 ,032804
15.03.2013 94,6526 92,9046 Yes 20.12.2012 7.980,54 19.03.2013 7.750,38 ,028840
26.08.2013 82,3652 62,1539 Yes 5.08.2013 8.202,86 28.08.2013 8.094,22 ,013244
13.09.2013 96,9089 92,0963 Yes 19.07.2013 8.617,45 18.09.2013 8.546,72 ,008208
15.10.2013 96,7241 87,1088 Yes 18.09.2013 8.817,11 17.10.2013 8.765,47 ,005857
29.11.2013 96,4697 94,9706 Yes 15.10.2013 9.246,89 4.12.2013 8.984,28 ,028400
17.02.2014 97,4562 89,3086 Yes 27.12.2013 9.524,58 20.02.2014 9.358,73 ,017413
25.02.2014 97,2469 94,3247 Yes 27.12.2013 9.592,90 28.02.2014 8.913,27 ,070847
13.03.2014 7,7440 10,0111 Yes 5.02.2014 9.172,05 18.03.2014 9.634,82 ,050454
14.05.2014 94,3431 91,9254 Yes 3.04.2014 9.646,56 16.05.2014 9.534,56 ,011610
28.05.2014 97,7563 94,4730 Yes 27.12.2013 9.926,73 30.05.2014 9.829,09 ,009836
24.11.2014 94,5914 93,4647 Yes 31.10.2014 9.934,78 27.11.2014 9.763,41 ,017250
28.11.2014 97,6780 95,7250 Yes 27.08.2014 9.978,89 3.12.2014 9.219,05 ,076145
26.01.2015 97,7972 97,5766 Yes 27.08.2014 10.719,40 28.01.2015 10.552,76 ,015546
13.04.2015 96,7426 92,8352 Yes 13.03.2015 12.220,10 15.04.2015 11.410,54 ,066248

113
21.05.2015 96,9365 76,9750 Yes 27.02.2015 11.647,04 27.05.2015 10.864,68 ,067172
8.07.2015 6,8871 15,4147 Yes 9.06.2015 11.170,71 10.07.2015 11.802,37 ,056546
24.09.2015 6,3008 9,0228 Yes 21.08.2015 9.633,68 28.09.2015 10.187,09 ,057445
27.11.2015 93,5456 86,4037 Yes 3.11.2015 11.301,51 2.12.2015 10.122,95 ,104283

Detailed results of Table 4.15:

Min/Max Max
MACD Is Is Trading Price 10 Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
14.02.2000 225,6167 194,0055 Yes 3.01.2000 7.584,39 18.02.2000 7.447,71 ,018021
26.09.2000 -127,7500 -87,5234 Yes 26.05.2000 6.819,12 5.10.2000 6.921,08 ,014952
18.10.2000 -130,6016 -118,9902 Yes 26.05.2000 6.614,18 23.10.2000 7.185,66 ,086402
4.12.2000 -98,9790 -66,6463 Yes 18.10.2000 6.702,25 11.12.2000 6.813,30 ,016569
22.12.2000 -112,2817 -82,4453 Yes 18.10.2000 6.443,87 4.01.2001 6.668,67 ,034886
2.03.2001 -110,7910 -79,2439 Yes 22.12.2000 6.264,22 9.03.2001 6.264,22 ,000000
22.08.2001 -152,3198 -119,3068 Yes 23.03.2001 5.406,26 28.08.2001 5.454,99 ,009014
9.01.2002 69,4824 54,4646 Yes 23.11.2001 5.059,84 15.01.2002 4.974,58 ,016850
19.03.2002 108,6235 79,8055 Yes 23.11.2001 5.384,68 27.03.2002 5.128,02 ,047665
9.10.2002 -210,6611 -194,4071 Yes 26.07.2002 2.928,63 14.10.2002 3.299,01 ,126469
26.02.2003 -80,4988 -77,0497 Yes 9.10.2002 2.553,74 3.03.2003 2.600,76 ,018412
12.03.2003 -106,0220 -85,9894 Yes 9.10.2002 2.490,78 18.03.2003 2.731,57 ,096673
18.06.2003 95,8728 74,8577 Yes 6.05.2003 3.217,23 25.06.2003 3.119,35 ,030424
31.07.2003 57,7341 52,9771 Yes 18.06.2003 3.427,49 6.08.2003 3.299,77 ,037263
22.08.2003 52,4133 42,0348 Yes 16.07.2003 3.486,37 28.08.2003 3.465,68 ,005935
8.09.2003 61,3445 52,2464 Yes 16.07.2003 3.525,50 11.09.2003 3.285,98 ,067939
10.11.2003 71,3840 54,8694 Yes 18.06.2003 3.693,08 18.11.2003 3.576,52 ,031562
8.01.2004 69,0100 60,8214 Yes 10.11.2003 3.993,33 14.01.2004 3.980,33 ,003255
26.07.2004 -44,5308 -29,4750 Yes 18.05.2004 3.891,18 2.08.2004 3.891,78 ,000154
13.08.2004 -58,4292 -43,4961 Yes 24.03.2004 3.716,60 20.08.2004 3.882,78 ,044713
4.01.2005 35,1846 33,4463 Yes 18.11.2004 4.260,37 6.01.2005 4.191,14 ,016250
10.01.2005 36,8950 34,7770 Yes 18.11.2004 4.257,64 12.01.2005 4.160,83 ,022738
15.02.2005 39,5449 28,6583 Yes 3.12.2004 4.293,65 23.02.2005 4.276,01 ,004108
14.04.2005 13,5474 9,0548 Yes 15.02.2005 4.266,27 18.04.2005 4.157,51 ,025493
12.09.2005 36,2397 25,2139 Yes 3.08.2005 4.913,74 16.09.2005 4.827,86 ,017478
5.10.2005 47,2515 33,4789 Yes 3.08.2005 5.005,25 12.10.2005 4.825,96 ,035820
6.12.2005 71,6909 62,4404 Yes 3.08.2005 5.294,86 15.12.2005 5.279,33 ,002933
29.12.2005 74,4297 69,7182 Yes 3.08.2005 5.494,46 4.01.2006 5.363,64 ,023809
9.01.2006 77,0234 73,2998 Yes 3.08.2005 5.533,25 12.01.2006 5.290,49 ,043873
6.04.2006 60,2871 55,4392 Yes 27.02.2006 5.951,08 10.04.2006 5.860,50 ,015221
26.04.2006 50,9028 43,1001 Yes 27.02.2006 6.054,64 3.05.2006 5.652,72 ,066382
10.05.2006 45,8184 42,2785 Yes 27.02.2006 6.028,39 12.05.2006 5.513,43 ,085422
4.01.2007 73,8809 65,7179 Yes 22.11.2006 6.625,28 9.01.2007 6.531,25 ,014193
20.02.2007 76,4023 72,9522 Yes 22.11.2006 6.959,37 22.02.2007 6.437,25 ,075024

114
12.10.2007 108,0474 98,1376 Yes 4.06.2007 7.944,53 17.10.2007 7.763,64 ,022769
12.12.2007 65,1299 21,7922 Yes 12.10.2007 7.842,26 20.12.2007 7.700,85 ,018032
20.03.2008 -155,4136 -140,7529 Yes 28.01.2008 6.508,43 26.03.2008 6.843,25 ,051444
15.07.2008 -151,0024 -136,8393 Yes 20.03.2008 6.381,44 21.07.2008 6.577,10 ,030661
18.09.2008 -115,0366 -71,6534 Yes 15.07.2008 6.118,13 26.09.2008 6.118,13 ,000000
23.01.2009 -128,5576 -72,2368 Yes 27.10.2008 4.420,33 30.01.2009 4.688,59 ,060688
9.03.2009 -187,3433 -163,8163 Yes 21.11.2008 3.890,23 12.03.2009 4.262,96 ,095812
7.08.2009 143,0801 123,2614 Yes 6.05.2009 5.357,77 13.08.2009 5.158,60 ,037174
18.09.2009 98,8232 83,1601 Yes 7.08.2009 5.615,79 25.09.2009 5.440,23 ,031262
21.10.2009 69,7036 62,7206 Yes 7.08.2009 5.764,03 26.10.2009 5.312,64 ,078311
25.11.2009 40,6011 22,7671 Yes 18.09.2009 5.653,88 1.12.2009 5.605,43 ,008569
7.12.2009 35,4556 28,7692 Yes 18.09.2009 5.673,20 9.12.2009 5.605,43 ,011946
6.01.2010 79,9785 67,0967 Yes 18.09.2009 5.937,17 13.01.2010 5.574,46 ,061091
22.06.2010 64,5874 30,0884 Yes 7.04.2010 5.972,26 30.06.2010 5.809,37 ,027274
9.08.2010 66,4717 49,2501 Yes 7.04.2010 6.163,11 13.08.2010 5.837,90 ,052767
27.01.2011 42,8486 37,9055 Yes 14.12.2010 7.133,34 1.02.2011 7.105,31 ,003929
18.02.2011 95,7295 84,6717 Yes 9.11.2010 7.295,12 23.02.2011 7.072,47 ,030520
25.11.2011 -93,7139 -30,6452 Yes 23.08.2011 6.080,48 1.12.2011 6.170,04 ,014729
19.03.2012 113,0259 93,8623 Yes 9.02.2012 6.986,90 23.03.2012 6.606,43 ,054455
10.08.2012 129,8677 106,7062 Yes 21.02.2012 6.957,60 24.08.2012 6.871,00 ,012447
20.12.2012 98,5464 85,2702 Yes 21.09.2012 7.689,46 2.01.2013 7.635,88 ,006968
4.01.2013 100,5107 93,3260 Yes 21.09.2012 7.713,57 9.01.2013 7.634,26 ,010282
18.03.2013 87,2104 65,5628 Yes 4.01.2013 7.988,27 25.03.2013 7.608,04 ,047599
25.09.2013 98,0029 76,6463 Yes 22.05.2013 8.647,86 3.10.2013 8.489,62 ,018298
31.10.2013 114,0078 103,9866 Yes 22.05.2013 9.030,47 6.11.2013 8.981,09 ,005468
2.06.2014 106,5303 86,5325 Yes 21.01.2014 9.950,52 12.06.2014 9.749,75 ,020177

Detailed results of Table 4.16:

ROC Min/Max
Mov. Is Is Trading Price 10 Max Gain
Date ROC Avg. Top Bottom Divergence1 Price TradingDate Days Rate
2.03.2000 7,4315 2,6533 Yes 10.02.2000 7.977,06 13.03.2000 7.411,76 ,070866
5.05.2000 4,3797 -1,0349 Yes 16.02.2000 7.111,28 11.05.2000 6.794,08 ,044605
10.05.2000 -1,3282 ,0961 Yes 14.04.2000 7.269,87 12.05.2000 7.398,48 ,017691
15.05.2000 -2,6176 ,5736 Yes 14.04.2000 7.370,18 17.05.2000 7.378,57 ,001138
23.05.2000 -8,0088 -2,7989 Yes 14.04.2000 6.956,14 29.05.2000 7.486,40 ,076229
30.06.2000 -6,3733 -3,6334 Yes 23.05.2000 6.947,21 6.07.2000 7.491,80 ,078390
4.09.2000 2,2962 ,7672 Yes 17.07.2000 7.267,68 11.09.2000 6.468,46 ,109969
12.10.2000 -4,7643 -2,3313 Yes 21.09.2000 6.668,12 16.10.2000 6.955,92 ,043161
18.10.2000 -4,8257 -2,4426 Yes 21.09.2000 6.794,48 25.10.2000 7.185,66 ,057573
22.11.2000 -8,7687 -2,5612 Yes 21.09.2000 6.696,71 28.11.2000 6.813,30 ,017410
2.01.2001 -6,5904 -3,9328 Yes 30.11.2000 6.443,87 4.01.2001 6.668,67 ,034886
23.02.2001 -7,6550 -4,0271 Yes 30.11.2000 6.221,70 28.02.2001 6.342,54 ,019422

115
24.05.2001 2,7858 ,5350 Yes 24.04.2001 6.219,05 29.05.2001 5.994,66 ,036081
5.06.2001 ,8932 ,8495 Yes 24.04.2001 6.184,78 7.06.2001 5.812,70 ,060161
-
17.08.2001 10,5070 -4,2854 Yes 22.03.2001 5.397,64 27.08.2001 5.455,12 ,010649
19.11.2001 11,8411 6,1920 Yes 9.10.2001 5.089,90 22.11.2001 4.872,25 ,042761
6.12.2001 3,4361 1,7544 Yes 19.11.2001 5.121,68 11.12.2001 4.877,57 ,047662
8.01.2002 6,6597 1,0356 Yes 22.11.2001 5.059,84 15.01.2002 4.974,58 ,016850
8.03.2002 12,1188 5,2782 Yes 9.10.2001 5.245,80 14.03.2002 5.233,66 ,002314
-
9.09.2002 12,2187 -4,6900 Yes 23.07.2002 3.573,22 12.09.2002 3.573,22 ,000000
- -
30.09.2002 19,0785 14,2398 Yes 23.07.2002 2.923,55 3.10.2002 3.187,27 ,090205
14.11.2002 5,5056 1,8877 Yes 25.10.2002 3.216,54 21.11.2002 3.148,94 ,021016
27.11.2002 9,9959 2,5435 Yes 25.10.2002 3.275,80 4.12.2002 3.022,69 ,077267
6.01.2003 1,4580 -6,2463 Yes 25.10.2002 3.000,24 9.01.2003 2.765,56 ,078220
-
30.01.2003 13,0680 -9,2842 Yes 30.09.2002 2.750,40 3.02.2003 2.802,93 ,019099
19.02.2003 -4,6272 -4,0032 Yes 30.01.2003 2.591,68 21.02.2003 2.648,87 ,022067
26.02.2003 -5,2547 -2,5734 Yes 30.01.2003 2.553,74 3.03.2003 2.600,76 ,018412
-
12.03.2003 14,3267 -7,5578 Yes 30.09.2002 2.356,36 14.03.2003 2.731,57 ,159233
11.06.2003 12,3704 6,2970 Yes 17.04.2003 3.304,24 19.06.2003 3.119,35 ,055955
17.07.2003 5,8518 3,4617 Yes 11.06.2003 3.370,07 21.07.2003 3.254,19 ,034385
28.07.2003 4,5241 2,9311 Yes 11.06.2003 3.432,75 31.07.2003 3.299,77 ,038739
22.08.2003 5,1365 1,4408 Yes 17.07.2003 3.493,34 1.09.2003 3.473,79 ,005596
4.09.2003 4,6836 3,9678 Yes 11.06.2003 3.612,85 8.09.2003 3.456,27 ,043340
16.10.2003 9,8545 1,9404 Yes 11.06.2003 3.560,93 22.10.2003 3.423,34 ,038639
7.11.2003 8,3642 3,9954 Yes 16.10.2003 3.752,18 14.11.2003 3.576,52 ,046815
4.12.2003 5,6870 ,9152 Yes 7.11.2003 3.833,22 11.12.2003 3.823,71 ,002481
2.01.2004 5,1710 2,3347 Yes 4.12.2003 4.006,85 13.01.2004 3.980,33 ,006619
14.01.2004 4,5982 4,0082 Yes 7.11.2003 4.109,64 21.01.2004 4.008,80 ,024537
28.01.2004 3,8622 3,2517 Yes 7.11.2003 4.106,65 30.01.2004 4.007,87 ,024054
25.02.2004 -2,5282 -,0992 Yes 4.02.2004 4.088,89 3.03.2004 4.163,19 ,018171
13.04.2004 9,2685 4,0374 Yes 16.10.2003 4.004,61 16.04.2004 3.968,86 ,008927
30.06.2004 2,6358 1,0484 Yes 10.06.2004 3.998,19 5.07.2004 3.812,63 ,046411
16.08.2004 -4,8994 -2,3070 Yes 19.07.2004 3.722,23 23.08.2004 3.891,62 ,045508
16.09.2004 4,7141 3,3664 Yes 30.08.2004 3.989,85 22.09.2004 3.848,28 ,035483
11.10.2004 2,8717 1,0157 Yes 16.09.2004 3.937,21 15.10.2004 3.838,98 ,024949
2.12.2004 2,4089 1,4589 Yes 11.11.2004 4.199,25 6.12.2004 4.131,24 ,016196
7.12.2004 1,8799 1,1799 Yes 11.11.2004 4.167,54 10.12.2004 4.153,41 ,003390
16.12.2004 2,6105 1,4312 Yes 11.11.2004 4.178,17 20.12.2004 4.176,38 ,000428
28.12.2004 2,6836 1,1548 Yes 11.11.2004 4.260,92 3.01.2005 4.191,14 ,016377
6.01.2005 2,8375 1,4838 Yes 11.11.2004 4.257,64 12.01.2005 4.160,83 ,022738
15.02.2005 4,7651 3,0402 Yes 11.11.2004 4.370,32 17.02.2005 4.276,01 ,021580
7.03.2005 1,3367 -,1087 Yes 15.02.2005 4.359,93 11.03.2005 4.275,55 ,019354
6.05.2005 3,1695 -1,9887 Yes 11.11.2004 4.273,99 18.05.2005 4.268,63 ,001254
1.07.2005 1,5093 ,7216 Yes 7.06.2005 4.607,57 6.07.2005 4.444,94 ,035296

116
23.08.2005 1,8760 ,8928 Yes 28.07.2005 4.860,21 26.08.2005 4.726,33 ,027546
16.09.2005 3,2468 1,9197 Yes 28.07.2005 4.934,03 20.09.2005 4.827,86 ,021518
3.10.2005 3,5893 ,6578 Yes 28.07.2005 5.004,13 7.10.2005 4.825,96 ,035605
10.10.2005 3,5838 2,2454 Yes 28.07.2005 4.977,74 13.10.2005 4.793,10 ,037093
14.11.2005 5,9587 2,4630 Yes 25.07.2005 5.097,67 17.11.2005 5.089,67 ,001569
2.12.2005 4,4580 3,2264 Yes 14.11.2005 5.230,83 8.12.2005 5.222,24 ,001642
28.12.2005 3,1241 2,2890 Yes 2.12.2005 5.410,24 2.01.2006 5.409,28 ,000178
6.01.2006 3,3551 2,9659 Yes 2.12.2005 5.528,06 10.01.2006 5.290,49 ,042975
24.03.2006 5,2840 1,9091 Yes 9.02.2006 5.893,27 29.03.2006 5.860,50 ,005561
27.04.2006 1,9288 ,8068 Yes 24.03.2006 6.014,38 2.05.2006 5.785,14 ,038115
2.05.2006 2,4172 1,0306 Yes 24.03.2006 5.980,49 4.05.2006 5.587,92 ,065642
5.05.2006 3,5698 1,5548 Yes 24.03.2006 6.119,11 10.05.2006 5.513,43 ,098982
13.06.2006 -8,5727 -2,9901 Yes 24.05.2006 5.454,34 16.06.2006 5.698,21 ,044711
17.08.2006 4,2305 2,1048 Yes 30.06.2006 5.819,29 23.08.2006 5.744,11 ,012919
28.08.2006 3,9785 2,5994 Yes 2.08.2006 5.861,25 1.09.2006 5.737,20 ,021164
15.09.2006 1,1988 ,6256 Yes 28.08.2006 5.877,08 20.09.2006 5.857,89 ,003265
27.09.2006 3,2983 1,4975 Yes 28.08.2006 5.986,74 3.10.2006 5.944,57 ,007044
5.10.2006 3,4361 2,1138 Yes 28.08.2006 6.064,88 9.10.2006 6.054,67 ,001683
10.10.2006 3,9840 2,3104 Yes 17.08.2006 6.133,78 18.10.2006 6.133,78 ,000000
7.11.2006 2,5656 2,0622 Yes 10.10.2006 6.360,93 9.11.2006 6.311,53 ,007766
16.11.2006 2,7772 2,0228 Yes 25.10.2006 6.394,08 20.11.2006 6.195,81 ,031008
20.11.2006 3,6797 2,2398 Yes 10.10.2006 6.483,58 23.11.2006 6.195,81 ,044384
19.12.2006 5,0052 1,9096 Yes 30.06.2006 6.525,99 27.12.2006 6.525,76 ,000035
12.01.2007 3,1068 1,5282 Yes 19.12.2006 6.678,81 19.01.2007 6.627,96 ,007614
24.01.2007 2,1306 1,4454 Yes 19.12.2006 6.719,97 30.01.2007 6.711,05 ,001327
7.02.2007 3,4132 1,8969 Yes 19.12.2006 6.868,68 13.02.2007 6.814,57 ,007878
14.02.2007 3,4964 2,6839 Yes 19.12.2006 6.955,71 16.02.2007 6.544,28 ,059150
7.05.2007 3,3416 3,1163 Yes 17.04.2007 7.471,95 9.05.2007 7.304,61 ,022396
11.05.2007 2,8750 2,6303 Yes 20.04.2007 7.432,66 15.05.2007 7.418,26 ,001937
4.06.2007 6,6238 4,1027 Yes 17.04.2007 7.750,38 7.06.2007 7.499,43 ,032379
29.06.2007 4,2517 2,3651 Yes 4.06.2007 7.985,26 3.07.2007 7.799,93 ,023209
13.07.2007 3,7371 ,8420 Yes 4.06.2007 7.987,52 18.07.2007 7.372,89 ,076949
3.09.2007 5,2064 ,9501 Yes 17.04.2007 7.437,69 10.09.2007 7.369,70 ,009141
10.09.2007 -1,8174 1,6857 Yes 1.08.2007 7.728,78 20.09.2007 7.971,13 ,031357
3.10.2007 6,3564 4,3342 Yes 17.04.2007 8.008,76 8.10.2007 7.763,64 ,030606
31.10.2007 ,6243 -,8450 Yes 3.10.2007 7.846,91 2.11.2007 7.564,66 ,035970
27.02.2008 3,7712 1,1788 Yes 8.02.2008 6.847,90 29.02.2008 6.391,56 ,066639
17.03.2008 -9,9121 -5,9270 Yes 23.01.2008 6.429,24 19.03.2008 6.806,66 ,058704
2.05.2008 6,9579 2,4606 Yes 4.04.2008 7.037,63 8.05.2008 6.961,63 ,010799
4.07.2008 -6,7871 -5,0605 Yes 23.01.2008 6.314,17 8.07.2008 6.484,29 ,026943
11.07.2008 -7,0195 -5,3301 Yes 17.03.2008 6.154,89 15.07.2008 6.577,10 ,068597
2.09.2008 1,1240 -2,1369 Yes 31.07.2008 6.262,34 8.09.2008 5.812,77 ,071789
-
21.11.2008 20,1178 -4,5155 Yes 10.10.2008 4.521,85 25.11.2008 4.850,39 ,072656

117
5.01.2009 7,0716 2,2653 Yes 9.12.2008 4.891,58 9.01.2009 4.067,43 ,168483
-
22.01.2009 16,0533 -6,9804 Yes 10.10.2008 4.347,78 28.01.2009 4.688,59 ,078387
-
25.02.2009 17,5839 -6,6854 Yes 21.11.2008 3.864,18 5.03.2009 4.137,80 ,070809
6.05.2009 8,7914 5,5931 Yes 16.04.2009 4.864,67 13.05.2009 4.653,25 ,043460
25.05.2009 2,3803 2,0748 Yes 6.05.2009 5.002,34 27.05.2009 4.884,92 ,023473
27.05.2009 2,7504 2,0397 Yes 6.05.2009 4.964,91 29.05.2009 4.927,67 ,007501
2.06.2009 8,5817 3,4377 Yes 6.05.2009 5.092,62 5.06.2009 4.761,20 ,065078
10.07.2009 -5,3701 -3,3011 Yes 22.06.2009 4.734,20 14.07.2009 5.309,62 ,121545
24.07.2009 14,3617 5,7318 Yes 16.04.2009 5.330,87 3.08.2009 5.173,84 ,029457
27.08.2009 3,4909 ,2740 Yes 24.07.2009 5.325,94 2.09.2009 5.263,11 ,011797
2.09.2009 2,2729 1,7005 Yes 24.07.2009 5.328,59 4.09.2009 5.320,28 ,001560
4.09.2009 2,9138 2,0791 Yes 24.07.2009 5.463,93 9.09.2009 5.450,40 ,002476
17.09.2009 7,5808 2,6302 Yes 24.07.2009 5.684,49 24.09.2009 5.440,23 ,042970
20.10.2009 6,2889 2,2325 Yes 17.09.2009 5.787,98 23.10.2009 5.312,64 ,082125
17.11.2009 6,7123 -,8239 Yes 17.09.2009 5.785,09 26.11.2009 5.519,48 ,045913
7.12.2009 1,4480 1,1041 Yes 17.11.2009 5.673,20 9.12.2009 5.605,43 ,011946
16.12.2009 4,9321 ,8271 Yes 17.11.2009 5.841,81 21.12.2009 5.841,69 ,000021
29.12.2009 6,4398 3,2452 Yes 17.11.2009 6.028,62 8.01.2010 5.639,49 ,064547
15.03.2010 6,7102 4,7317 Yes 17.11.2009 6.031,73 19.03.2010 5.910,85 ,020041
1.04.2010 4,4309 3,4420 Yes 15.03.2010 6.199,94 8.04.2010 6.138,02 ,009987
9.04.2010 4,3791 3,7943 Yes 15.03.2010 6.269,48 14.04.2010 6.024,01 ,039153
13.05.2010 1,5011 -3,1166 Yes 9.04.2010 6.023,11 20.05.2010 5.607,68 ,068973
22.07.2010 3,3861 1,5792 Yes 10.06.2010 6.238,71 28.07.2010 6.059,19 ,028775
5.08.2010 6,1347 2,5881 Yes 10.06.2010 6.234,60 11.08.2010 5.837,90 ,063629
15.09.2010 5,9106 3,0364 Yes 10.06.2010 6.231,28 20.09.2010 6.128,54 ,016488
20.10.2010 6,3633 2,8204 Yes 10.06.2010 6.600,28 28.10.2010 6.569,25 ,004701
15.11.2010 2,9550 2,4555 Yes 20.10.2010 6.658,99 17.11.2010 6.653,57 ,000814
19.11.2010 3,4113 2,1690 Yes 20.10.2010 6.791,75 23.11.2010 6.655,94 ,019996
2.12.2010 4,4178 1,2821 Yes 20.10.2010 7.024,79 14.12.2010 6.943,05 ,011636
16.12.2010 5,0222 3,1150 Yes 20.10.2010 7.000,38 20.12.2010 6.842,90 ,022496
26.01.2011 3,9418 1,8058 Yes 16.12.2010 7.094,56 31.01.2011 7.033,09 ,008664
16.02.2011 4,7590 3,3272 Yes 16.12.2010 7.422,11 18.02.2011 7.093,91 ,044219
2.05.2011 5,9797 2,1223 Yes 1.04.2011 7.391,04 6.05.2011 7.228,13 ,022042
6.05.2011 6,6232 3,7708 Yes 1.04.2011 7.526,56 11.05.2011 7.071,42 ,060471
16.06.2011 -2,5157 -1,3754 Yes 26.05.2011 7.078,59 20.06.2011 7.450,38 ,052523
22.06.2011 2,7330 ,1291 Yes 1.04.2011 7.138,50 28.06.2011 6.996,26 ,019926
4.07.2011 4,6800 2,1718 Yes 1.04.2011 7.502,83 8.07.2011 6.996,26 ,067517
18.07.2011 -3,6376 1,2124 Yes 26.05.2011 7.315,75 27.07.2011 7.344,17 ,003885
2.09.2011 -6,9022 -6,0375 Yes 10.08.2011 5.410,08 8.09.2011 5.655,95 ,045447
12.09.2011 -9,1654 -5,4034 Yes 10.08.2011 5.607,51 16.09.2011 5.704,41 ,017280
23.09.2011 -3,8659 -3,3495 Yes 10.08.2011 5.502,89 27.09.2011 5.883,38 ,069144
4.10.2011 -6,4017 1,9801 Yes 10.08.2011 5.705,40 10.10.2011 6.081,41 ,065904

118
24.11.2011 -8,9463 -5,0282 Yes 10.08.2011 5.725,68 29.11.2011 6.170,04 ,077608
9.12.2011 9,6915 3,0991 Yes 20.10.2011 5.713,48 15.12.2011 5.637,53 ,013293
3.01.2012 7,6074 ,0713 Yes 9.12.2011 6.160,09 12.01.2012 6.063,66 ,015654
17.01.2012 7,3678 5,7223 Yes 9.12.2011 6.377,24 19.01.2012 6.333,70 ,006827
3.02.2012 6,4851 5,7628 Yes 17.01.2012 6.772,75 7.02.2012 6.649,56 ,018189
1.03.2012 3,1744 2,2409 Yes 9.02.2012 6.835,97 6.03.2012 6.612,61 ,032674
22.03.2012 5,2487 2,8503 Yes 9.02.2012 7.056,05 28.03.2012 6.552,32 ,071390
17.05.2012 -6,6886 -3,5253 Yes 13.04.2012 6.352,43 23.05.2012 6.441,26 ,013984
20.06.2012 6,9235 -,8294 Yes 17.01.2012 6.157,84 26.06.2012 6.096,94 ,009890
16.07.2012 6,7612 3,9026 Yes 20.06.2012 6.601,71 18.07.2012 6.324,53 ,041986
17.09.2012 7,3700 3,1741 Yes 9.08.2012 7.406,22 25.09.2012 7.215,95 ,025691
4.12.2012 6,9720 2,3365 Yes 17.09.2012 7.529,24 11.12.2012 7.518,74 ,001395
2.01.2013 3,2912 2,7879 Yes 4.12.2012 7.740,99 4.01.2013 7.635,88 ,013578
17.01.2013 1,6167 1,1612 Yes 4.12.2012 7.727,77 21.01.2013 7.634,26 ,012101
1.02.2013 1,8497 ,8559 Yes 2.01.2013 7.643,54 5.02.2013 7.537,29 ,013901
25.02.2013 2,4021 -,8953 Yes 4.12.2012 7.641,84 27.02.2013 7.565,78 ,009953
11.03.2013 5,2841 2,0128 Yes 4.12.2012 8.013,25 14.03.2013 7.750,38 ,032804
14.03.2013 6,0715 3,1817 Yes 4.12.2012 7.980,54 19.03.2013 7.750,38 ,028840
10.06.2013 -,5303 -,9760 Yes 8.05.2013 8.023,37 13.06.2013 7.655,83 ,045809
23.07.2013 6,5108 4,4745 Yes 8.05.2013 8.341,78 26.07.2013 8.213,36 ,015395
14.08.2013 2,1684 ,8436 Yes 23.07.2013 8.294,87 20.08.2013 8.094,22 ,024190
23.08.2013 1,8947 ,7573 Yes 23.07.2013 8.202,86 28.08.2013 8.094,22 ,013244
19.09.2013 6,2766 2,9098 Yes 23.07.2013 8.678,82 26.09.2013 8.489,62 ,021800
25.10.2013 5,5074 3,0600 Yes 19.09.2013 9.030,31 30.10.2013 8.962,42 ,007518
29.11.2013 3,8705 2,4759 Yes 25.10.2013 9.246,89 4.12.2013 8.984,28 ,028400
7.01.2014 5,5487 3,1774 Yes 19.09.2013 9.492,24 9.01.2014 9.381,94 ,011620
21.02.2014 5,9304 2,8210 Yes 19.09.2013 9.660,55 27.02.2014 9.017,35 ,066580
14.05.2014 3,7530 2,1054 Yes 1.04.2014 9.607,32 19.05.2014 9.534,56 ,007573
27.05.2014 3,7507 2,1652 Yes 1.04.2014 9.926,73 30.05.2014 9.829,09 ,009836
3.07.2014 1,0999 -,4938 Yes 5.06.2014 9.918,27 8.07.2014 9.597,62 ,032329
18.09.2014 3,0621 2,5126 Yes 26.08.2014 9.748,53 22.09.2014 9.080,35 ,068541
28.11.2014 8,3584 4,5154 Yes 31.10.2014 9.931,96 5.12.2014 9.219,05 ,071779
27.02.2015 6,0411 2,9014 Yes 30.01.2015 11.317,24 4.03.2015 11.193,30 ,010951
5.03.2015 5,5838 4,0403 Yes 30.01.2015 11.531,55 11.03.2015 11.531,55 ,000000
16.03.2015 7,4205 5,2427 Yes 30.01.2015 12.002,24 18.03.2015 11.619,72 ,031871
10.04.2015 4,0257 1,2917 Yes 20.03.2015 11.942,36 17.04.2015 11.331,37 ,051162
21.05.2015 4,7398 -,5057 Yes 23.01.2015 11.716,08 28.05.2015 10.864,68 ,072669
9.06.2015 -7,2763 -2,3056 Yes 29.04.2015 11.286,56 12.06.2015 11.635,85 ,030947
25.06.2015 4,2889 -1,1295 Yes 30.01.2015 11.058,04 30.06.2015 10.652,79 ,036648
30.06.2015 -2,2464 ,0324 Yes 9.06.2015 11.191,28 2.07.2015 11.787,58 ,053283
8.07.2015 -6,2231 -,6534 Yes 9.06.2015 11.489,17 13.07.2015 11.802,37 ,027260
23.07.2015 7,8238 3,8817 Yes 30.01.2015 11.129,91 28.07.2015 11.068,31 ,005535
24.09.2015 -8,2143 -2,2440 Yes 24.08.2015 9.804,42 6.10.2015 10.205,03 ,040860

119
20.11.2015 2,5319 ,8272 Yes 30.10.2015 10.958,40 25.11.2015 10.554,54 ,036854
30.11.2015 5,5608 2,3224 Yes 30.10.2015 10.770,16 4.12.2015 10.122,95 ,060093
29.12.2015 2,5268 -4,0034 Yes 30.10.2015 10.144,17 7.01.2016 9.314,57 ,081781

Detailed results of Table 4.17:

CCI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date CCI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
29.06.2000 -153,0820 -77,1737 Yes 22.05.2000 6.946,73 5.07.2000 7.449,78 ,072415
4.09.2000 192,1933 56,9798 Yes 17.07.2000 7.373,90 8.09.2000 6.468,46 ,122790
22.11.2000 -173,0768 -50,7256 Yes 13.09.2000 6.696,71 28.11.2000 6.813,30 ,017410
21.12.2000 -174,5044 -61,4425 Yes 12.10.2000 6.337,06 28.12.2000 6.556,94 ,034697
15.06.2001 -216,3210 -40,0453 Yes 23.02.2001 5.928,50 25.06.2001 6.131,97 ,034321
25.07.2001 -169,9059 -93,5527 Yes 15.06.2001 5.749,25 30.07.2001 5.930,45 ,031517
17.04.2002 35,5437 -95,3239 Yes 4.03.2002 5.211,73 23.04.2002 4.773,49 ,084087
-
4.06.2002 -232,7139 110,4605 Yes 6.02.2002 4.587,10 11.06.2002 4.686,13 ,021589
-
23.07.2002 -208,6067 129,6918 Yes 4.06.2002 3.526,29 26.07.2002 3.945,38 ,118847
4.09.2002 -193,7180 ,0326 Yes 23.07.2002 3.507,50 11.09.2002 3.615,59 ,030817
22.11.2002 119,0839 13,2755 Yes 21.10.2002 3.184,47 27.11.2002 3.062,87 ,038185
2.12.2002 125,5576 82,3786 Yes 21.10.2002 3.275,80 4.12.2002 3.022,69 ,077267
13.12.2002 -146,8163 -27,6603 Yes 4.09.2002 3.136,04 18.12.2002 3.157,25 ,006763
-
27.12.2002 -165,5059 115,4966 Yes 24.09.2002 3.098,89 3.01.2003 3.157,25 ,018833
27.01.2003 -183,7626 -95,7451 Yes 4.09.2002 2.687,72 31.01.2003 2.802,93 ,042865
26.02.2003 -187,8499 -69,2252 Yes 4.09.2002 2.541,81 4.03.2003 2.624,98 ,032721
21.08.2003 176,8758 71,2094 Yes 8.07.2003 3.498,89 26.08.2003 3.438,86 ,017157
4.09.2003 177,1136 101,7575 Yes 8.07.2003 3.586,80 10.09.2003 3.285,98 ,083869
4.11.2003 196,0865 99,9955 Yes 8.07.2003 3.739,47 11.11.2003 3.576,52 ,043576
3.12.2003 177,7029 56,4103 Yes 4.11.2003 3.812,92 9.12.2003 3.798,00 ,003913
12.02.2004 49,5016 -21,0461 Yes 2.01.2004 4.054,96 16.02.2004 3.960,41 ,023317
19.02.2004 77,6750 -,5808 Yes 19.01.2004 4.074,11 23.02.2004 3.960,41 ,027908
8.03.2004 129,0811 -20,9007 Yes 19.01.2004 4.040,51 11.03.2004 3.692,40 ,086155
6.04.2004 147,8030 5,0030 Yes 2.01.2004 4.004,61 16.04.2004 3.968,86 ,008927
27.04.2004 140,9164 89,0454 Yes 2.01.2004 4.051,25 29.04.2004 3.769,88 ,069453
-
26.07.2004 -132,0872 120,7333 Yes 10.05.2004 3.829,04 28.07.2004 3.911,30 ,021483
9.08.2004 -230,9447 -59,3119 Yes 10.05.2004 3.696,21 17.08.2004 3.856,03 ,043239
4.10.2004 178,6329 39,7981 Yes 7.06.2004 4.011,22 12.10.2004 3.838,98 ,042940
5.11.2004 159,3082 21,1297 Yes 4.10.2004 4.139,49 16.11.2004 4.088,59 ,012296
2.12.2004 172,8239 77,0240 Yes 4.10.2004 4.197,95 9.12.2004 4.131,24 ,015891
8.04.2005 162,2878 24,6524 Yes 7.02.2005 4.266,27 18.04.2005 4.157,51 ,025493
17.06.2005 103,8849 101,7757 Yes 19.05.2005 4.600,15 21.06.2005 4.517,44 ,017980
23.06.2005 110,6971 97,7592 Yes 19.05.2005 4.547,27 27.06.2005 4.444,94 ,022504
4.07.2005 119,6540 52,0797 Yes 19.05.2005 4.560,43 8.07.2005 4.559,57 ,000189

120
14.07.2005 198,2994 83,8959 Yes 19.05.2005 4.843,69 25.07.2005 4.819,42 ,005011
9.09.2005 140,4553 -,3597 Yes 10.08.2005 4.906,91 14.09.2005 4.827,86 ,016110
4.10.2005 178,9320 75,2459 Yes 14.07.2005 5.004,13 7.10.2005 4.825,96 ,035605
2.12.2005 159,9033 117,5799 Yes 4.10.2005 5.230,83 8.12.2005 5.222,24 ,001642
27.12.2005 170,3222 127,3997 Yes 4.10.2005 5.410,24 2.01.2006 5.409,28 ,000178
27.01.2006 173,7131 -47,3062 Yes 4.10.2005 5.627,75 8.02.2006 5.598,05 ,005277
27.02.2006 156,3400 116,7060 Yes 27.01.2006 5.806,96 1.03.2006 5.664,19 ,024586
5.04.2006 134,9759 103,4713 Yes 27.02.2006 5.951,08 10.04.2006 5.860,50 ,015221
4.08.2006 104,7469 43,1589 Yes 3.07.2006 5.648,83 11.08.2006 5.602,30 ,008237
15.09.2006 145,4037 50,7496 Yes 16.08.2006 5.898,90 25.09.2006 5.864,99 ,005748
27.09.2006 145,4823 104,0845 Yes 16.08.2006 5.996,24 4.10.2006 5.995,41 ,000138
5.10.2006 168,1716 110,7838 Yes 16.08.2006 6.170,02 17.10.2006 6.106,19 ,010345
7.11.2006 162,9069 106,2064 Yes 5.10.2006 6.394,08 20.11.2006 6.195,81 ,031008
15.12.2006 158,3695 48,7796 Yes 7.11.2006 6.571,98 22.12.2006 6.493,99 ,011867
15.01.2007 188,3034 91,3033 Yes 16.08.2006 6.678,81 19.01.2007 6.627,96 ,007614
4.04.2007 149,1268 126,1049 Yes 2.02.2007 7.153,89 13.04.2007 7.150,70 ,000446
16.04.2007 150,7911 136,0684 Yes 2.02.2007 7.205,53 19.04.2007 7.155,05 ,007006
7.05.2007 143,3896 109,2715 Yes 2.02.2007 7.471,95 9.05.2007 7.304,61 ,022396
13.07.2007 116,4289 52,5524 Yes 23.05.2007 7.987,52 18.07.2007 7.372,89 ,076949
10.09.2007 -69,1967 67,6114 Yes 26.07.2007 7.629,11 19.09.2007 7.971,13 ,044831
29.10.2007 85,7562 -18,3668 Yes 19.09.2007 7.846,91 2.11.2007 7.564,66 ,035970
7.12.2007 137,0210 46,7074 Yes 19.09.2007 7.949,00 14.12.2007 7.777,40 ,021588
4.03.2008 -188,0530 -28,4687 Yes 21.01.2008 6.529,62 13.03.2008 6.623,42 ,014365
-
17.03.2008 -166,6483 134,4547 Yes 21.01.2008 6.429,24 19.03.2008 6.806,66 ,058704
-
15.07.2008 -152,6786 108,6615 Yes 9.06.2008 6.261,48 18.07.2008 6.577,10 ,050407
21.08.2008 -173,0762 -22,6389 Yes 9.06.2008 6.313,91 28.08.2008 6.553,90 ,038010
21.11.2008 -160,8885 -53,6137 Yes 10.10.2008 4.528,55 26.11.2008 4.850,39 ,071069
15.01.2009 -203,3247 43,2896 Yes 10.10.2008 4.165,71 26.01.2009 4.688,59 ,125520
24.02.2009 -194,4067 -74,4776 Yes 15.01.2009 3.724,53 3.03.2009 4.063,02 ,090881
2.06.2009 196,7828 110,9797 Yes 5.01.2009 5.092,62 5.06.2009 4.761,20 ,065078
25.08.2009 174,5206 33,6116 Yes 2.06.2009 5.479,35 1.09.2009 5.263,11 ,039465
14.10.2009 159,3261 21,6762 Yes 25.08.2009 5.805,53 22.10.2009 5.312,64 ,084900
22.12.2009 172,4197 74,5580 Yes 25.08.2009 5.975,52 4.01.2010 5.866,84 ,018188
25.02.2010 -22,1010 18,5023 Yes 22.01.2010 5.728,28 2.03.2010 5.991,11 ,045883
1.04.2010 163,9552 120,7114 Yes 3.03.2010 6.199,94 8.04.2010 6.138,02 ,009987
27.07.2010 119,8470 43,3571 Yes 16.06.2010 6.187,64 2.08.2010 6.062,29 ,020258
5.08.2010 161,1341 111,8829 Yes 26.04.2010 6.326,62 9.08.2010 5.995,37 ,052358
19.11.2010 147,7592 99,0114 Yes 14.10.2010 6.740,61 24.11.2010 6.655,94 ,012561
25.11.2010 150,3308 91,6492 Yes 14.10.2010 6.732,59 30.11.2010 6.655,94 ,011385
2.12.2010 188,0638 88,3370 Yes 14.10.2010 7.007,49 15.12.2010 6.897,22 ,015736
18.01.2011 158,6292 -13,1680 Yes 2.12.2010 7.096,84 25.01.2011 7.033,09 ,008983
8.02.2011 202,9170 127,3840 Yes 14.10.2010 7.414,23 16.02.2011 7.093,91 ,043203

121
27.06.2011 -42,5009 22,5781 Yes 23.05.2011 7.310,34 30.06.2011 7.523,53 ,029163
18.07.2011 -98,6433 23,6323 Yes 23.05.2011 7.308,48 22.07.2011 7.382,80 ,010169
3.08.2011 -286,2018 -83,3737 Yes 15.03.2011 5.771,21 11.08.2011 6.106,11 ,058029
6.09.2011 -183,1265 -79,5002 Yes 3.08.2011 5.383,63 9.09.2011 5.655,95 ,050583
-
12.09.2011 -180,6561 101,5742 Yes 3.08.2011 5.386,86 15.09.2011 5.704,41 ,058949
10.11.2011 -90,0390 10,0709 Yes 3.08.2011 6.097,27 14.11.2011 6.116,07 ,003083
23.11.2011 -194,0116 -94,8688 Yes 3.08.2011 5.725,68 29.11.2011 6.170,04 ,077608
6.02.2012 162,9583 123,0908 Yes 3.01.2012 6.730,54 10.02.2012 6.649,56 ,012032
-
18.05.2012 -151,1638 133,4881 Yes 10.04.2012 6.381,83 22.05.2012 6.446,00 ,010055
18.10.2012 124,7407 -29,1759 Yes 7.09.2012 7.202,03 24.10.2012 7.120,68 ,011295
2.11.2012 79,1262 -43,8919 Yes 7.09.2012 7.220,69 9.11.2012 6.950,53 ,037415
3.12.2012 135,1292 60,3835 Yes 7.09.2012 7.529,24 11.12.2012 7.518,74 ,001395
12.12.2012 121,6334 121,0200 Yes 7.09.2012 7.599,03 14.12.2012 7.564,07 ,004601
19.12.2012 119,0353 112,6719 Yes 7.09.2012 7.632,41 21.12.2012 7.596,64 ,004687
2.01.2013 151,9373 103,2228 Yes 7.09.2012 7.710,70 8.01.2013 7.634,26 ,009914
25.01.2013 239,5334 48,3284 Yes 7.09.2012 7.792,59 1.02.2013 7.537,29 ,032762
6.03.2013 251,9200 51,5101 Yes 7.09.2012 7.964,77 13.03.2013 7.750,38 ,026917
3.05.2013 182,5034 27,6869 Yes 6.03.2013 8.281,95 13.05.2013 8.217,15 ,007824
18.07.2013 140,2429 74,1554 Yes 3.05.2013 8.325,06 24.07.2013 8.213,36 ,013417
14.08.2013 158,6842 71,4689 Yes 3.05.2013 8.348,42 16.08.2013 8.094,22 ,030449
16.09.2013 168,2553 35,0869 Yes 3.05.2013 8.682,94 23.09.2013 8.510,42 ,019869
18.11.2013 196,6126 113,5065 Yes 15.10.2013 9.210,69 22.11.2013 9.069,82 ,015294
27.12.2013 161,5098 -10,7274 Yes 25.11.2013 9.446,25 7.01.2014 9.381,94 ,006808
17.01.2014 158,5316 91,0318 Yes 25.11.2013 9.646,65 24.01.2014 9.071,25 ,059648
2.04.2014 130,5607 44,1667 Yes 18.11.2013 9.525,07 8.04.2014 9.166,53 ,037642
15.04.2014 -111,1143 32,1228 Yes 10.03.2014 9.602,12 23.04.2014 9.645,06 ,004472
13.05.2014 168,5491 68,7940 Yes 25.11.2013 9.607,32 19.05.2014 9.534,56 ,007573
4.07.2014 110,1411 -65,8659 Yes 27.05.2014 9.789,05 9.07.2014 9.597,62 ,019555
2.10.2014 -217,2581 -77,2726 Yes 1.08.2014 8.924,58 10.10.2014 9.068,12 ,016084
23.12.2014 32,5315 -37,4820 Yes 24.11.2014 9.484,25 6.01.2015 9.382,82 ,010695
19.01.2015 208,9357 42,2277 Yes 24.11.2014 10.719,40 28.01.2015 10.552,76 ,015546
27.02.2015 188,5954 139,5848 Yes 19.01.2015 11.317,24 4.03.2015 11.193,30 ,010951
16.03.2015 192,4124 133,8330 Yes 19.01.2015 11.897,48 19.03.2015 11.619,72 ,023346
10.04.2015 232,1976 88,8505 Yes 24.11.2014 11.942,36 17.04.2015 11.331,37 ,051162
9.06.2015 -184,6646 -76,8455 Yes 30.04.2015 11.286,56 12.06.2015 11.635,85 ,030947
22.09.2015 -234,2816 -47,4928 Yes 24.08.2015 9.757,04 1.10.2015 10.187,09 ,044076

Detailed results of Table 4.18:

MFI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date MFI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
15.02.2007 82,2828 72,7345 Yes 15.01.2007 6.999,18 21.02.2007 6.437,25 ,080285

122
14.03.2007 39,8561 43,8295 Yes 23.01.2007 6.622,76 19.03.2007 6.965,84 ,051803
3.04.2007 88,1849 77,9743 Yes 15.01.2007 7.153,89 13.04.2007 7.150,70 ,000446
9.05.2007 71,1891 67,6191 Yes 17.04.2007 7.505,00 14.05.2007 7.418,26 ,011558
4.06.2007 93,9080 82,9525 Yes 15.01.2007 7.750,38 7.06.2007 7.499,43 ,032379
28.08.2007 39,6441 41,4413 Yes 6.08.2007 7.554,60 31.08.2007 7.725,34 ,022601
5.10.2007 81,6208 72,7804 Yes 4.06.2007 7.985,98 10.10.2007 7.763,64 ,027841
10.03.2008 26,4001 45,7726 Yes 28.01.2008 6.429,24 19.03.2008 6.806,66 ,058704
30.05.2008 67,7855 59,9574 Yes 5.05.2008 6.993,69 4.06.2008 6.637,75 ,050894
18.09.2008 19,0026 37,5116 Yes 8.07.2008 6.118,13 26.09.2008 6.118,13 ,000000
24.11.2008 34,8119 60,4322 Yes 16.10.2008 4.559,98 4.12.2008 4.850,39 ,063687
11.12.2008 67,8703 49,0724 Yes 13.11.2008 4.720,88 19.12.2008 4.575,52 ,030791
6.01.2009 64,6480 52,9923 Yes 11.12.2008 4.891,58 9.01.2009 4.067,43 ,168483
23.01.2009 20,1437 34,5035 Yes 10.10.2008 4.495,74 29.01.2009 4.688,59 ,042896
27.02.2009 20,9405 40,8357 Yes 23.01.2009 3.866,74 11.03.2009 4.262,23 ,102280
17.04.2009 66,2292 62,7413 Yes 26.03.2009 4.508,78 22.04.2009 4.456,50 ,011595
6.05.2009 76,1723 66,8710 Yes 13.11.2008 4.851,52 8.05.2009 4.653,25 ,040868
11.05.2009 77,1287 71,0687 Yes 13.11.2008 4.864,67 13.05.2009 4.653,25 ,043460
3.06.2009 71,9795 56,2490 Yes 11.05.2009 5.018,41 9.06.2009 4.669,80 ,069466
17.09.2009 74,6913 66,0866 Yes 3.08.2009 5.686,84 22.09.2009 5.440,23 ,043365
22.09.2009 73,5489 68,7882 Yes 3.08.2009 5.684,49 24.09.2009 5.440,23 ,042970
23.10.2009 68,8876 63,0864 Yes 22.09.2009 5.652,87 27.10.2009 5.312,64 ,060187
23.11.2009 76,2657 60,7286 Yes 3.08.2009 5.580,52 27.11.2009 5.519,48 ,010938
17.12.2009 65,6659 61,4212 Yes 23.11.2009 5.841,81 21.12.2009 5.841,69 ,000021
5.01.2010 65,4025 56,3498 Yes 4.12.2009 6.028,62 8.01.2010 5.639,49 ,064547
5.03.2010 68,3217 62,4854 Yes 23.11.2009 5.882,76 10.03.2010 5.874,75 ,001362
14.04.2010 72,9612 65,0385 Yes 17.03.2010 6.158,60 19.04.2010 6.024,01 ,021854
21.06.2010 77,6170 62,3336 Yes 17.03.2010 6.232,38 24.06.2010 5.809,37 ,067873
23.07.2010 69,0505 53,4712 Yes 28.06.2010 6.123,41 30.07.2010 6.059,19 ,010488
9.08.2010 69,2382 58,0539 Yes 28.06.2010 6.141,90 12.08.2010 5.837,90 ,049496
7.12.2010 69,4622 51,5620 Yes 1.11.2010 7.007,49 15.12.2010 6.897,22 ,015736
27.01.2011 65,0514 54,9973 Yes 7.12.2010 7.216,66 4.02.2011 7.186,24 ,004215
9.02.2011 73,1020 61,8833 Yes 22.10.2010 7.414,23 16.02.2011 7.093,91 ,043203
6.04.2011 71,0995 50,0903 Yes 22.10.2010 7.135,21 13.04.2011 6.994,56 ,019712
29.04.2011 63,5910 55,1818 Yes 6.04.2011 7.391,04 6.05.2011 7.228,13 ,022042
11.05.2011 64,6749 58,8877 Yes 6.04.2011 7.486,20 13.05.2011 7.071,42 ,055406
6.07.2011 66,9803 55,9866 Yes 6.04.2011 7.112,19 12.07.2011 6.996,26 ,016300
6.09.2011 30,6924 31,9007 Yes 11.08.2011 5.410,08 8.09.2011 5.655,95 ,045447
12.09.2011 32,3397 37,1070 Yes 11.08.2011 5.386,86 15.09.2011 5.704,41 ,058949
23.11.2011 22,9852 42,0108 Yes 11.08.2011 6.080,48 1.12.2011 6.170,04 ,014729
12.01.2012 67,7491 57,0959 Yes 25.10.2011 6.120,40 16.01.2012 6.104,11 ,002662
16.03.2012 80,7495 59,8171 Yes 3.02.2012 7.053,42 22.03.2012 6.685,80 ,052119
19.09.2012 68,6961 59,3003 Yes 22.08.2012 7.362,98 26.09.2012 7.201,09 ,021987
18.10.2012 69,4697 48,5239 Yes 22.08.2012 7.203,12 25.10.2012 7.147,51 ,007720

123
28.01.2013 61,9781 51,7653 Yes 18.12.2012 7.800,45 31.01.2013 7.537,29 ,033737
25.02.2013 65,4527 50,4800 Yes 18.12.2012 7.779,62 5.03.2013 7.772,33 ,000937
8.03.2013 72,2587 62,0747 Yes 18.12.2012 7.964,77 13.03.2013 7.750,38 ,026917
23.07.2013 75,0969 57,5675 Yes 10.05.2013 8.320,38 1.08.2013 8.228,11 ,011090
19.09.2013 81,1921 65,3658 Yes 10.05.2013 8.682,94 23.09.2013 8.510,42 ,019869
29.10.2013 82,9343 65,1911 Yes 10.05.2013 9.030,47 6.11.2013 8.981,09 ,005468
2.12.2013 78,9660 65,9521 Yes 29.10.2013 9.110,53 5.12.2013 8.984,28 ,013857
13.01.2014 75,3456 64,3168 Yes 2.12.2013 9.718,20 17.01.2014 9.166,05 ,056816
25.02.2014 80,5455 56,9890 Yes 29.10.2013 9.453,77 4.03.2014 8.913,27 ,057173
17.03.2014 31,9204 44,4711 Yes 6.02.2014 9.215,70 20.03.2014 9.689,52 ,051414
4.07.2014 68,4933 56,1427 Yes 6.06.2014 9.807,25 10.07.2014 9.597,62 ,021375
20.01.2015 64,0528 60,9317 Yes 3.12.2014 10.300,26 22.01.2015 10.228,53 ,006964
6.08.2015 65,1443 58,5370 Yes 6.03.2015 11.545,63 10.08.2015 9.338,20 ,191192
10.08.2015 65,2134 60,5483 Yes 6.03.2015 11.098,17 13.08.2015 9.338,20 ,158582
26.08.2015 21,4966 45,1353 Yes 9.06.2015 10.216,17 4.09.2015 10.512,61 ,029017
30.11.2015 65,4767 50,8871 Yes 3.11.2015 10.770,16 4.12.2015 10.122,95 ,060093

Detailed results of Table 4.19:

RSI Min/Max Max

Mov. Is Trading Price 10 Gain
Date RSI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
25.01.2000 29,6140 36,7440 Yes 6.01.2000 6.375,60 27.01.2000 6.475,10 ,015606
7.02.2000 28,9948 35,8328 Yes 6.01.2000 6.285,80 9.02.2000 6.450,90 ,026266
30.11.2000 38,2880 45,6783 Yes 21.09.2000 6.299,00 6.12.2000 6.421,50 ,019448
22.12.2000 39,6231 47,5819 Yes 30.11.2000 6.218,20 28.12.2000 6.276,20 ,009327
3.01.2001 37,9364 44,6238 Yes 11.10.2000 6.185,60 5.01.2001 6.276,40 ,014679
2.03.2001 28,6065 32,7254 Yes 21.09.2000 5.931,30 6.03.2001 6.050,40 ,020080
11.07.2001 27,9762 37,1761 Yes 14.03.2001 5.481,60 13.07.2001 5.544,10 ,011402
15.07.2002 24,7021 35,4259 Yes 14.06.2002 4.190,60 18.07.2002 4.306,10 ,027562
24.09.2002 30,8809 39,2845 Yes 24.07.2002 3.850,60 27.09.2002 3.961,50 ,028801
13.12.2002 36,3183 43,3935 Yes 15.07.2002 3.984,00 17.12.2002 4.027,60 ,010944
12.03.2003 28,3364 40,8758 Yes 27.01.2003 3.486,90 14.03.2003 3.881,70 ,113224
6.05.2003 61,7444 58,0639 Yes 7.04.2003 3.928,90 9.05.2003 3.907,80 ,005370
16.05.2003 62,4374 58,9854 Yes 7.04.2003 3.938,20 20.05.2003 3.907,80 ,007719
6.06.2003 63,6715 60,3328 Yes 7.04.2003 4.114,60 11.06.2003 4.049,80 ,015749
18.09.2003 64,2757 59,7067 Yes 18.08.2003 4.251,40 22.09.2003 4.081,80 ,039893
13.10.2003 65,8238 54,2737 Yes 18.08.2003 4.339,70 17.10.2003 4.212,50 ,029311
14.11.2003 63,1653 58,2895 Yes 13.10.2003 4.339,60 18.11.2003 4.270,50 ,015923
23.02.2004 63,9697 52,5568 Yes 19.01.2004 4.493,20 1.03.2004 4.374,50 ,026418
2.03.2004 62,6863 60,3370 Yes 5.01.2004 4.524,70 4.03.2004 4.374,50 ,033196
4.03.2004 63,9846 61,0629 Yes 19.01.2004 4.541,80 10.03.2004 4.291,30 ,055154
20.04.2004 65,3159 58,9802 Yes 5.01.2004 4.524,30 29.04.2004 4.395,20 ,028535
15.11.2004 71,2078 65,8612 Yes 5.10.2004 4.770,20 17.11.2004 4.696,80 ,015387

124
4.01.2005 68,6880 62,2256 Yes 15.11.2004 4.806,00 6.01.2005 4.765,40 ,008448
27.01.2005 60,3821 55,9119 Yes 4.01.2005 4.847,20 31.01.2005 4.847,20 ,000000
23.06.2005 70,5760 64,9945 Yes 15.02.2005 5.078,80 27.06.2005 5.022,10 ,011164
6.07.2005 75,3218 66,0551 Yes 15.02.2005 5.158,30 8.07.2005 5.158,30 ,000000
10.08.2005 74,6152 69,5557 Yes 6.07.2005 5.358,60 12.08.2005 5.228,10 ,024353
19.09.2005 67,7376 61,4311 Yes 10.08.2005 5.369,70 22.09.2005 5.354,30 ,002868
28.09.2005 69,1297 62,9338 Yes 10.08.2005 5.418,90 6.10.2005 5.146,70 ,050232
8.11.2005 64,6944 53,9202 Yes 10.08.2005 5.439,60 16.11.2005 5.391,70 ,008806
23.11.2005 67,3880 62,6595 Yes 28.09.2005 5.477,40 29.11.2005 5.423,20 ,009895
29.12.2005 70,8537 64,2544 Yes 10.08.2005 5.618,80 3.01.2006 5.618,80 ,000000
27.01.2006 65,5718 56,9135 Yes 4.01.2006 5.753,90 3.02.2006 5.681,90 ,012513
9.02.2006 61,5231 60,0560 Yes 4.01.2006 5.767,50 13.02.2006 5.760,30 ,001248
22.02.2006 65,8734 61,2902 Yes 4.01.2006 5.836,00 24.02.2006 5.783,90 ,008927
22.03.2006 67,5751 64,0572 Yes 4.01.2006 5.991,30 24.03.2006 5.927,20 ,010699
24.03.2006 68,6960 65,8430 Yes 4.01.2006 5.972,20 28.03.2006 5.927,20 ,007535
21.04.2006 66,5931 58,9127 Yes 24.03.2006 6.086,60 26.04.2006 6.001,10 ,014047
14.06.2006 36,3260 41,7933 Yes 24.05.2006 5.619,30 16.06.2006 5.865,70 ,043849
4.09.2006 63,8244 55,2816 Yes 28.07.2006 5.929,30 7.09.2006 5.820,00 ,018434
7.11.2006 69,7350 63,1624 Yes 16.10.2006 6.208,40 13.11.2006 6.050,10 ,025498
15.12.2006 66,3018 53,9035 Yes 16.11.2006 6.224,70 20.12.2006 6.171,20 ,008595
3.01.2007 67,2947 59,7236 Yes 7.11.2006 6.224,00 8.01.2007 6.130,20 ,015071
15.02.2007 67,0068 62,6177 Yes 3.01.2007 6.419,40 21.02.2007 5.989,60 ,066953
16.04.2007 70,1663 61,5371 Yes 25.10.2006 6.444,70 19.04.2007 6.386,20 ,009077
18.05.2007 66,9704 61,9124 Yes 16.04.2007 6.604,80 23.05.2007 6.511,70 ,014096
1.06.2007 66,7724 60,3606 Yes 4.05.2007 6.633,20 6.06.2007 6.451,50 ,027393
19.11.2007 31,3591 40,0634 Yes 30.07.2007 6.279,10 26.11.2007 6.596,70 ,050581
17.03.2008 32,4700 40,9332 Yes 21.01.2008 5.631,00 19.03.2008 5.935,20 ,054022
16.07.2008 29,5753 34,4158 Yes 11.06.2008 5.254,80 18.07.2008 5.467,20 ,040420
18.09.2008 29,7200 40,2157 Yes 16.07.2008 5.311,30 22.09.2008 5.339,30 ,005272
21.11.2008 35,4783 43,3877 Yes 27.10.2008 4.132,30 25.11.2008 4.413,00 ,067928
24.02.2009 28,0143 38,8090 Yes 10.10.2008 3.891,70 27.02.2009 3.891,70 ,000000
1.06.2009 64,7135 60,5630 Yes 8.05.2009 4.383,40 4.06.2009 4.239,70 ,032783
27.07.2009 71,3872 63,0836 Yes 8.05.2009 4.528,80 29.07.2009 4.512,10 ,003687
3.08.2009 71,4606 68,3113 Yes 8.05.2009 4.647,10 6.08.2009 4.610,30 ,007919
7.08.2009 71,8007 68,8695 Yes 8.05.2009 4.671,30 12.08.2009 4.610,30 ,013058
25.08.2009 73,0617 65,5625 Yes 8.05.2009 4.814,50 2.09.2009 4.776,50 ,007893
14.10.2009 65,1990 58,4647 Yes 18.09.2009 5.209,16 19.10.2009 5.022,52 ,035829
19.10.2009 64,1913 61,4284 Yes 18.09.2009 5.251,58 21.10.2009 4.985,09 ,050745
16.11.2009 66,3686 55,4774 Yes 18.09.2009 5.267,70 20.11.2009 5.103,78 ,031118
11.01.2010 66,7372 63,5713 Yes 18.09.2009 5.498,71 13.01.2010 5.192,58 ,055673
10.03.2010 72,7009 65,3347 Yes 18.09.2009 5.593,85 16.03.2010 5.583,49 ,001852
1.07.2010 28,2589 41,9692 Yes 7.05.2010 4.965,00 7.07.2010 5.287,28 ,064910
5.11.2010 69,8246 59,3650 Yes 13.10.2010 5.816,67 11.11.2010 5.573,33 ,041835

125
18.01.2011 61,3571 59,9625 Yes 27.12.2010 5.976,66 20.01.2011 5.815,44 ,026975
8.02.2011 61,6860 52,7915 Yes 12.01.2011 6.035,39 16.02.2011 5.860,95 ,028903
6.04.2011 62,2759 56,6083 Yes 27.12.2010 5.964,50 13.04.2011 5.858,32 ,017802
4.10.2011 38,3733 44,7857 Yes 19.08.2011 5.102,25 6.10.2011 5.543,72 ,086525
23.01.2012 66,4402 61,4475 Yes 27.10.2011 5.722,83 26.01.2012 5.651,56 ,012454
16.03.2012 60,2044 53,0764 Yes 23.02.2012 5.891,44 21.03.2012 5.685,65 ,034930
18.10.2012 60,6154 53,4176 Yes 14.09.2012 5.798,16 24.10.2012 5.753,31 ,007735
20.02.2013 66,6451 61,6888 Yes 29.01.2013 6.291,49 22.02.2013 6.258,62 ,005225
12.03.2013 67,2905 61,1289 Yes 29.01.2013 6.488,71 18.03.2013 6.344,19 ,022273
2.04.2013 60,8751 52,6176 Yes 29.01.2013 6.420,51 4.04.2013 6.214,36 ,032108
22.05.2013 81,9838 74,9740 Yes 29.01.2013 6.697,05 24.05.2013 6.313,60 ,057257
20.01.2014 67,9745 62,8278 Yes 30.10.2013 6.773,28 24.01.2014 6.416,72 ,052642
24.02.2014 70,9703 61,8871 Yes 30.10.2013 6.799,15 27.02.2014 6.552,46 ,036282
14.05.2014 68,2005 65,4178 Yes 24.02.2014 6.840,89 16.05.2014 6.782,80 ,008492
4.07.2014 60,1057 48,4440 Yes 2.06.2014 6.738,45 9.07.2014 6.643,62 ,014073
15.12.2014 23,9239 45,2015 Yes 16.10.2014 6.466,00 19.12.2014 6.651,96 ,028760
26.01.2015 66,1049 56,0693 Yes 21.11.2014 6.749,40 2.02.2015 6.731,99 ,002579
24.02.2015 67,3357 62,6270 Yes 21.11.2014 6.940,64 3.03.2015 6.693,80 ,035564
23.03.2015 65,3796 50,3625 Yes 24.02.2015 6.895,33 27.03.2015 6.765,05 ,018894
27.07.2015 35,6989 49,3266 Yes 30.06.2015 6.668,87 31.07.2015 6.764,82 ,014388
14.12.2015 24,8131 40,8966 Yes 24.08.2015 6.061,19 17.12.2015 6.314,57 ,041804

Detailed results of Table 4.20:

Stochastic Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date Stochastic Avg. Top Bottom Divergence1 Price TradingDate Days Rate
21.01.2000 9,6002 18,6576 Yes 6.01.2000 6.346,30 23.01.2000 6.480,40 ,021130
28.03.2000 70,4368 69,1349 Yes 11.03.2000 6.598,80 30.03.2000 6.283,20 ,047827
16.04.2000 6,4835 11,9730 Yes 6.02.2000 6.074,00 19.04.2000 6.341,90 ,044106
10.05.2000 12,0974 24,2007 Yes 16.04.2000 6.245,90 12.05.2000 6.349,10 ,016523
31.08.2000 94,7856 88,5613 Yes 3.06.2000 6.798,10 5.09.2000 6.367,00 ,063415
21.09.2000 6,0971 6,5480 Yes 29.06.2000 6.205,90 25.09.2000 6.412,50 ,033291
30.11.2000 11,3345 22,7118 Yes 21.09.2000 6.158,70 5.12.2000 6.421,50 ,042671
22.12.2000 11,0252 29,6758 Yes 21.09.2000 6.223,20 29.12.2000 6.276,20 ,008517
23.03.2001 10,7266 14,6705 Yes 28.02.2001 5.576,60 27.03.2001 5.808,30 ,041549
19.06.2001 10,4803 13,6917 Yes 28.02.2001 5.699,60 21.06.2001 5.726,10 ,004649
26.06.2001 8,6837 10,3381 Yes 28.02.2001 5.607,90 28.06.2001 5.726,10 ,021077
26.07.2001 5,5750 10,8711 Yes 20.02.2001 5.403,10 30.07.2001 5.644,20 ,044623
7.09.2001 6,1208 17,1402 Yes 26.07.2001 4.882,10 13.09.2001 4.970,10 ,018025
31.10.2001 23,9205 37,7184 Yes 7.09.2001 5.129,50 5.11.2001 5.383,20 ,049459
9.11.2001 87,6530 85,3752 Yes 10.10.2001 5.146,20 13.11.2001 5.146,20 ,000000
4.01.2002 89,2836 81,5849 Yes 10.10.2001 5.250,40 9.01.2002 5.081,90 ,032093
22.02.2002 15,2359 20,8976 Yes 13.12.2001 5.100,80 26.02.2002 5.328,60 ,044660

126
8.03.2002 88,0974 86,4006 Yes 10.10.2001 5.258,90 12.03.2002 5.170,50 ,016810
19.03.2002 88,6816 83,9457 Yes 10.10.2001 5.266,90 21.03.2002 5.149,30 ,022328
1.05.2002 18,3400 24,5730 Yes 27.03.2002 5.174,10 3.05.2002 5.282,20 ,020893
30.05.2002 8,7636 12,4941 Yes 13.12.2001 5.085,10 5.06.2002 5.085,10 ,000000
7.06.2002 8,6798 10,6283 Yes 13.12.2001 4.928,20 11.06.2002 4.943,70 ,003145
25.09.2002 9,3861 10,4475 Yes 4.09.2002 3.850,60 27.09.2002 3.961,50 ,028801
22.11.2002 79,3811 71,6288 Yes 21.10.2002 4.071,00 27.11.2002 3.912,10 ,039032
2.12.2002 77,7404 73,4251 Yes 21.10.2002 4.075,40 4.12.2002 3.827,80 ,060755
11.12.2002 8,4613 10,4628 Yes 4.09.2002 3.935,30 13.12.2002 3.999,80 ,016390
27.02.2003 21,7592 42,8489 Yes 23.01.2003 3.684,70 4.03.2003 3.810,80 ,034223
12.03.2003 5,5827 6,8720 Yes 23.01.2003 3.486,90 14.03.2003 3.881,70 ,113224
23.04.2003 84,9158 80,9951 Yes 21.03.2003 3.899,00 25.04.2003 3.855,50 ,011157
7.05.2003 85,2267 72,8606 Yes 21.03.2003 3.928,90 9.05.2003 3.907,80 ,005370
28.07.2003 85,8943 80,4060 Yes 4.06.2003 4.137,00 30.07.2003 4.044,90 ,022263
18.09.2003 88,2531 82,3059 Yes 18.08.2003 4.251,40 22.09.2003 4.081,80 ,039893
14.11.2003 86,3564 82,2812 Yes 13.10.2003 4.339,60 18.11.2003 4.270,50 ,015923
29.12.2003 96,1826 94,8974 Yes 13.10.2003 4.472,00 31.12.2003 4.431,10 ,009146
19.02.2004 91,3583 74,2251 Yes 5.01.2004 4.522,30 24.02.2004 4.476,70 ,010083
8.03.2004 92,4317 90,3344 Yes 5.01.2004 4.541,80 10.03.2004 4.291,30 ,055154
24.03.2004 4,5423 8,8783 Yes 2.02.2004 4.373,60 26.03.2004 4.525,00 ,034617
6.04.2004 94,7021 84,7156 Yes 29.12.2003 4.475,90 8.04.2004 4.456,20 ,004401
13.08.2004 19,4494 26,7962 Yes 19.07.2004 4.349,20 17.08.2004 4.490,10 ,032397
5.10.2004 94,3717 81,3208 Yes 7.09.2004 4.698,70 8.10.2004 4.592,20 ,022666
4.11.2004 98,3780 92,0908 Yes 30.08.2004 4.739,20 8.11.2004 4.706,40 ,006921
30.12.2004 96,8959 96,4404 Yes 15.11.2004 4.814,30 3.01.2005 4.765,40 ,010157
27.01.2005 85,0225 70,1802 Yes 30.12.2004 4.852,30 1.02.2005 4.852,30 ,000000
8.02.2005 98,5538 96,3169 Yes 30.08.2004 5.005,00 11.02.2005 4.970,80 ,006833
22.04.2005 17,4110 18,8772 Yes 1.04.2005 4.864,90 26.04.2005 4.929,10 ,013197
29.04.2005 8,1370 13,7611 Yes 18.03.2005 4.861,20 4.05.2005 4.956,90 ,019686
5.07.2005 97,9963 93,6055 Yes 8.02.2005 5.158,30 8.07.2005 5.158,30 ,000000
27.07.2005 90,5731 88,3185 Yes 5.07.2005 5.270,30 29.07.2005 5.270,30 ,000000
3.08.2005 95,1496 89,1840 Yes 5.07.2005 5.314,70 8.08.2005 5.263,70 ,009596
10.08.2005 96,5818 92,6371 Yes 5.07.2005 5.358,60 12.08.2005 5.228,10 ,024353
19.09.2005 96,6460 89,6789 Yes 5.07.2005 5.416,40 21.09.2005 5.354,30 ,011465
21.10.2005 2,6333 4,3131 Yes 29.08.2005 5.207,60 25.10.2005 5.481,70 ,052635
3.11.2005 97,9448 83,7340 Yes 5.07.2005 5.460,80 8.11.2005 5.391,70 ,012654
23.12.2005 94,6390 90,2001 Yes 3.11.2005 5.595,40 27.12.2005 5.591,90 ,000626
29.12.2005 94,7072 92,3439 Yes 3.11.2005 5.618,80 2.01.2006 5.618,80 ,000000
6.01.2006 94,7023 94,5771 Yes 3.11.2005 5.731,40 10.01.2006 5.625,00 ,018564
30.01.2006 90,0979 71,4891 Yes 6.01.2006 5.801,60 2.02.2006 5.681,90 ,020632
20.02.2006 95,9470 89,2907 Yes 3.11.2005 5.856,30 22.02.2006 5.783,90 ,012363
16.03.2006 92,4660 91,1508 Yes 20.02.2006 5.999,40 20.03.2006 5.927,20 ,012034
10.04.2006 81,1634 80,1578 Yes 16.03.2006 6.014,20 12.04.2006 5.974,50 ,006601

127
21.04.2006 89,2897 79,7287 Yes 16.03.2006 6.086,60 26.04.2006 6.001,10 ,014047
14.06.2006 16,3021 24,2316 Yes 19.05.2006 5.619,30 16.06.2006 5.865,70 ,043849
28.07.2006 94,6412 87,0168 Yes 4.07.2006 5.880,80 2.08.2006 5.752,60 ,021800
5.09.2006 93,7277 87,1023 Yes 28.07.2006 5.929,30 7.09.2006 5.820,00 ,018434
9.11.2006 93,8314 86,2071 Yes 12.10.2006 6.208,40 13.11.2006 6.050,10 ,025498
15.12.2006 97,5639 91,8545 Yes 12.10.2006 6.238,70 19.12.2006 6.171,20 ,010820
7.02.2007 90,8157 86,7320 Yes 4.01.2007 6.365,00 9.02.2007 6.344,90 ,003158
9.02.2007 90,5947 89,9171 Yes 15.12.2006 6.357,80 13.02.2007 6.271,50 ,013574
15.02.2007 97,7083 92,4790 Yes 12.10.2006 6.445,20 20.02.2007 5.989,60 ,070688
5.04.2007 98,5996 95,1320 Yes 12.10.2006 6.419,00 11.04.2007 6.376,40 ,006637
21.05.2007 88,3855 84,2348 Yes 17.04.2007 6.604,80 23.05.2007 6.511,70 ,014096
18.06.2007 89,4447 73,5627 Yes 4.05.2007 6.664,50 20.06.2007 6.496,40 ,025223
16.08.2007 13,2888 19,8895 Yes 26.07.2007 6.067,40 20.08.2007 6.334,40 ,044006
1.10.2007 92,7304 86,8283 Yes 4.09.2007 6.513,30 3.10.2007 6.495,00 ,002810
5.10.2007 93,2894 90,8967 Yes 4.09.2007 6.540,20 9.10.2007 6.413,40 ,019388
19.11.2007 7,4919 17,6752 Yes 26.07.2007 6.090,50 22.11.2007 6.591,10 ,082194
17.01.2008 2,3329 6,2441 Yes 26.07.2007 5.797,10 23.01.2008 6.071,30 ,047299
10.03.2008 7,8175 15,3396 Yes 17.01.2008 5.721,30 13.03.2008 5.782,00 ,010610
17.03.2008 6,6224 15,3497 Yes 17.01.2008 5.508,90 20.03.2008 5.948,00 ,079707
6.05.2008 96,2732 93,0948 Yes 8.04.2008 6.211,00 12.05.2008 6.087,30 ,019916
3.07.2008 8,5531 12,2746 Yes 10.06.2008 5.439,00 7.07.2008 5.538,20 ,018239
15.07.2008 6,6954 11,1117 Yes 20.06.2008 5.176,60 17.07.2008 5.467,20 ,056137
18.09.2008 4,1811 10,7857 Yes 10.06.2008 5.311,30 22.09.2008 5.339,30 ,005272
10.10.2008 6,2379 7,6043 Yes 18.09.2008 4.349,60 14.10.2008 4.534,40 ,042487
21.11.2008 4,6226 11,5954 Yes 18.09.2008 4.132,30 25.11.2008 4.413,00 ,067928
6.01.2009 92,9048 92,3722 Yes 10.12.2008 4.493,50 8.01.2009 4.002,50 ,109269
6.05.2009 90,7850 90,2344 Yes 10.12.2008 4.435,70 8.05.2009 4.295,20 ,031675
10.07.2009 5,9862 7,1006 Yes 17.06.2009 4.202,10 14.07.2009 4.616,40 ,098594
25.08.2009 96,6021 88,9297 Yes 23.07.2009 4.890,60 27.08.2009 4.776,50 ,023330
9.09.2009 96,3571 86,0323 Yes 23.07.2009 5.011,47 14.09.2009 4.953,71 ,011526
12.10.2009 88,6754 81,4239 Yes 18.09.2009 5.192,93 14.10.2009 5.074,11 ,022881
14.10.2009 87,9795 86,8764 Yes 18.09.2009 5.243,29 16.10.2009 5.024,43 ,041741
19.10.2009 86,6694 86,0998 Yes 18.09.2009 5.251,58 21.10.2009 4.985,09 ,050745
21.10.2009 90,5463 87,7556 Yes 18.09.2009 5.225,28 23.10.2009 4.985,09 ,045967
16.11.2009 95,1225 91,2604 Yes 18.09.2009 5.345,93 18.11.2009 5.103,78 ,045296
29.12.2009 96,9202 88,2031 Yes 18.09.2009 5.397,86 31.12.2009 5.390,39 ,001384
3.03.2010 97,7992 91,5307 Yes 6.01.2010 5.599,76 8.03.2010 5.563,14 ,006539
7.04.2010 93,3264 83,8780 Yes 3.03.2010 5.712,70 9.04.2010 5.652,35 ,010564
3.09.2010 96,1123 82,1083 Yes 26.07.2010 5.407,76 8.09.2010 5.361,42 ,008569
13.09.2010 98,0200 95,4422 Yes 26.07.2010 5.555,74 16.09.2010 5.471,69 ,015129
7.10.2010 88,4203 78,7342 Yes 13.09.2010 5.672,35 12.10.2010 5.597,46 ,013203
13.10.2010 87,0731 83,4198 Yes 13.09.2010 5.700,05 18.10.2010 5.630,85 ,012140
8.11.2010 88,9200 86,6786 Yes 13.09.2010 5.875,15 10.11.2010 5.573,33 ,051372

128
8.12.2010 87,8096 85,1302 Yes 13.09.2010 5.808,03 10.12.2010 5.794,51 ,002328
15.12.2010 97,3928 94,4988 Yes 13.09.2010 5.871,72 20.12.2010 5.865,51 ,001058
9.02.2011 92,0002 84,4539 Yes 27.12.2010 6.019,97 11.02.2011 5.860,95 ,026415
18.02.2011 94,6618 91,2415 Yes 27.12.2010 6.014,42 22.02.2011 5.860,95 ,025517
24.02.2011 22,3428 37,0365 Yes 24.01.2011 6.000,88 28.02.2011 6.052,08 ,008532
28.04.2011 93,4251 88,6339 Yes 5.04.2011 5.984,05 5.05.2011 5.860,65 ,020621
15.06.2011 7,7757 9,5517 Yes 14.03.2011 5.698,78 17.06.2011 5.999,04 ,052689
6.12.2011 92,8803 89,7357 Yes 26.10.2011 5.547,16 8.12.2011 5.328,67 ,039388
3.01.2012 93,9827 80,2320 Yes 26.10.2011 5.624,40 6.01.2012 5.583,45 ,007281
23.01.2012 94,7152 92,9841 Yes 12.10.2011 5.752,02 25.01.2012 5.651,56 ,017465
6.02.2012 96,7972 89,5417 Yes 12.10.2011 5.875,80 9.02.2012 5.829,38 ,007900
19.03.2012 85,7458 84,8080 Yes 21.02.2012 5.891,44 21.03.2012 5.685,65 ,034930
9.05.2012 10,8264 27,7779 Yes 10.04.2012 5.575,65 14.05.2012 5.575,65 ,000000
1.08.2012 84,1916 73,4152 Yes 4.07.2012 5.662,33 3.08.2012 5.662,33 ,000000
17.09.2012 92,0195 88,0748 Yes 9.08.2012 5.868,21 19.09.2012 5.738,59 ,022089
18.10.2012 93,9786 76,7837 Yes 9.08.2012 5.882,87 23.10.2012 5.753,31 ,022023
12.12.2012 96,8791 96,0144 Yes 9.08.2012 5.930,00 14.12.2012 5.873,43 ,009540
23.01.2013 97,8158 97,1022 Yes 9.08.2012 6.264,89 25.01.2013 6.216,72 ,007689
25.01.2013 98,4715 97,6300 Yes 9.08.2012 6.294,38 29.01.2013 6.216,72 ,012338
20.02.2013 83,1522 73,9317 Yes 25.01.2013 6.291,49 22.02.2013 6.258,62 ,005225
12.03.2013 95,8830 93,9814 Yes 25.01.2013 6.481,50 14.03.2013 6.344,19 ,021185
9.10.2013 8,2898 14,9064 Yes 21.08.2013 6.430,49 11.10.2013 6.729,74 ,046536
27.12.2013 97,5892 93,9007 Yes 21.10.2013 6.731,27 31.12.2013 6.679,31 ,007719
20.02.2014 98,2801 96,5206 Yes 21.10.2013 6.838,06 24.02.2014 6.671,62 ,024340
24.02.2014 98,2950 97,8954 Yes 21.10.2013 6.830,50 26.02.2014 6.598,36 ,033986
10.07.2014 15,4572 37,4025 Yes 17.06.2014 6.746,14 15.07.2014 6.833,67 ,012975
26.02.2015 92,2737 90,1789 Yes 5.02.2015 6.940,64 3.03.2015 6.693,80 ,035564
23.03.2015 97,6984 90,0330 Yes 23.01.2015 7.019,68 25.03.2015 6.765,05 ,036274
8.07.2015 7,1391 11,3956 Yes 17.06.2015 6.581,63 10.07.2015 6.813,41 ,035216
24.09.2015 12,1186 17,1123 Yes 21.08.2015 6.109,01 28.09.2015 6.453,22 ,056345
13.11.2015 8,5945 9,7576 Yes 21.08.2015 6.146,38 17.11.2015 6.402,36 ,041647
30.11.2015 93,4905 88,0146 Yes 7.10.2015 6.420,93 3.12.2015 5.871,88 ,085509
14.12.2015 ,9171 2,8510 Yes 21.08.2015 6.017,79 16.12.2015 6.314,57 ,049317

Detailed results of Table 4.21:

MACD Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date MACD Avg. Top Bottom Divergence1 Price TradingDate Days Rate
5.09.2000 81,3564 56,3965 Yes 6.06.2000 6.582,00 12.09.2000 6.075,10 ,077013
4.12.2000 -47,9106 -23,5399 Yes 28.09.2000 6.370,30 12.12.2000 6.421,50 ,008037
10.01.2001 -45,9004 -37,8074 Yes 12.10.2000 6.170,30 16.01.2001 6.337,40 ,027081
26.07.2001 -94,4424 -83,9136 Yes 23.03.2001 5.446,70 31.07.2001 5.644,20 ,036260
6.02.2002 -18,6392 -11,4072 Yes 20.12.2001 5.153,90 14.02.2002 5.238,00 ,016318

129
22.02.2002 -23,9229 -15,0152 Yes 20.12.2001 5.178,40 28.02.2002 5.328,60 ,029005
-
25.09.2002 124,3542 -87,5787 Yes 24.07.2002 3.905,20 3.10.2002 4.189,00 ,072672
-
29.01.2003 113,3286 -75,6274 Yes 25.09.2002 3.678,70 6.02.2003 3.747,00 ,018566
12.03.2003 -67,9543 -41,9063 Yes 29.01.2003 3.722,30 18.03.2003 3.881,70 ,042823
6.06.2003 56,2310 49,2147 Yes 23.04.2003 4.167,70 17.06.2003 3.951,50 ,051875
18.06.2003 55,9983 53,6424 Yes 23.04.2003 4.131,50 20.06.2003 3.951,50 ,043568
19.08.2003 39,7583 27,1076 Yes 18.06.2003 4.179,90 27.08.2003 4.161,10 ,004498
21.10.2003 34,2598 26,7970 Yes 19.08.2003 4.240,20 24.10.2003 4.219,00 ,005000
6.01.2004 38,4507 27,9232 Yes 19.08.2003 4.448,30 13.01.2004 4.431,10 ,003866
8.03.2004 29,0391 22,8800 Yes 6.01.2004 4.443,50 12.03.2004 4.291,30 ,034253
27.04.2004 34,0884 25,0494 Yes 6.01.2004 4.501,40 4.05.2004 4.363,00 ,030746
18.11.2004 44,5518 37,7739 Yes 8.10.2004 4.733,10 23.11.2004 4.696,80 ,007669
10.01.2005 28,1699 23,6242 Yes 18.11.2004 4.783,60 13.01.2005 4.770,10 ,002822
23.06.2005 38,2866 32,9600 Yes 18.02.2005 5.043,50 28.06.2005 5.022,10 ,004243
14.07.2005 57,6694 51,2749 Yes 18.02.2005 5.208,10 20.07.2005 5.180,20 ,005357
4.10.2005 43,9019 37,3316 Yes 10.08.2005 5.371,90 7.10.2005 5.130,90 ,044863
25.11.2005 47,6772 40,7213 Yes 10.08.2005 5.423,20 1.12.2005 5.423,20 ,000000
22.02.2006 42,6763 37,3649 Yes 9.01.2006 5.791,50 1.03.2006 5.783,90 ,001312
24.03.2006 53,6943 48,1191 Yes 9.01.2006 5.935,70 29.03.2006 5.927,20 ,001432
4.01.2007 36,8779 26,6876 Yes 25.10.2006 6.200,20 9.01.2007 6.130,20 ,011290
19.02.2007 50,2813 40,0533 Yes 25.10.2006 6.387,20 23.02.2007 5.989,60 ,062250
17.04.2007 58,6582 40,0979 Yes 25.10.2006 6.468,10 26.04.2007 6.395,50 ,011224
16.07.2007 26,6484 20,4542 Yes 4.06.2007 6.590,20 19.07.2007 6.186,20 ,061303
-
21.03.2008 103,2500 -81,5518 Yes 23.01.2008 5.657,40 27.03.2008 6.015,60 ,063315
- -
4.07.2008 134,1929 119,1050 Yes 23.01.2008 5.498,10 10.07.2008 5.498,10 ,000000
- -
16.07.2008 153,7598 134,0922 Yes 23.01.2008 5.375,70 21.07.2008 5.467,20 ,017021
23.01.2009 -65,0249 -23,1370 Yes 17.10.2008 4.196,40 5.02.2009 4.333,30 ,032623
- -
9.03.2009 162,2830 129,4139 Yes 17.10.2008 3.768,70 13.03.2009 3.992,40 ,059357
10.08.2009 98,6304 84,5793 Yes 12.05.2009 4.645,00 18.08.2009 4.625,40 ,004220
28.08.2009 98,6255 92,0028 Yes 12.05.2009 4.814,50 2.09.2009 4.776,50 ,007893
18.09.2009 111,9009 97,3642 Yes 12.05.2009 5.094,26 25.09.2009 4.954,98 ,027341
18.11.2009 52,8188 35,3175 Yes 18.09.2009 5.194,13 27.11.2009 5.103,78 ,017395
11.01.2010 68,8599 52,7524 Yes 18.09.2009 5.455,37 18.01.2010 5.145,74 ,056757
5.07.2010 -95,7754 -64,3354 Yes 26.05.2010 5.105,45 9.07.2010 5.328,51 ,043690
9.11.2010 60,6401 51,4164 Yes 21.09.2010 5.796,64 15.11.2010 5.550,95 ,042385
29.12.2010 69,9468 56,3520 Yes 21.09.2010 5.900,13 4.01.2011 5.900,13 ,000000
18.02.2011 34,1748 28,3044 Yes 6.01.2011 5.996,72 23.02.2011 5.860,95 ,022641
11.04.2011 38,5449 15,8005 Yes 6.01.2011 5.870,17 19.04.2011 5.870,17 ,000000
3.05.2011 35,0625 26,6093 Yes 6.01.2011 5.920,04 6.05.2011 5.860,65 ,010032
20.06.2011 -55,3970 -41,5602 Yes 18.03.2011 5.766,98 29.06.2011 6.084,08 ,054985
26.09.2011 -51,3652 -43,5991 Yes 11.08.2011 5.293,86 28.09.2011 5.458,02 ,031010

130
4.10.2011 -59,2822 -44,7074 Yes 11.08.2011 5.291,27 7.10.2011 5.543,72 ,047711
24.01.2012 66,2490 60,3798 Yes 28.10.2011 5.671,14 31.01.2012 5.671,14 ,000000
9.02.2012 72,9805 65,3099 Yes 28.10.2011 5.885,46 17.02.2012 5.858,85 ,004521
19.03.2012 28,9868 25,8816 Yes 9.02.2012 5.891,44 21.03.2012 5.685,65 ,034930
22.10.2012 21,4541 14,7598 Yes 14.08.2012 5.804,74 25.10.2012 5.753,31 ,008860
20.12.2012 36,7388 31,7356 Yes 14.08.2012 5.925,38 31.12.2012 5.873,43 ,008767
14.03.2013 62,6768 54,2904 Yes 30.01.2013 6.441,28 20.03.2013 6.214,36 ,035229
30.10.2013 63,7075 40,0943 Yes 24.07.2013 6.697,22 8.11.2013 6.613,98 ,012429
21.01.2014 52,5400 43,5137 Yes 30.10.2013 6.663,74 27.01.2014 6.416,72 ,037069
25.02.2014 47,8975 21,0926 Yes 30.10.2013 6.788,49 7.03.2014 6.492,62 ,043584
25.03.2015 40,1353 24,5036 Yes 5.02.2015 6.855,02 30.03.2015 6.765,05 ,013125
16.04.2015 50,1357 33,8735 Yes 5.02.2015 7.030,53 29.04.2015 6.810,05 ,031360
2.12.2015 21,1421 7,7414 Yes 26.10.2015 6.238,29 7.12.2015 5.871,88 ,058736

Detailed results of Table 4.22:

ROC Min/Max Max

Mov. Is Trading Price 10 Gain
Date ROC Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
29.01.2000 -4,4066 -3,3852 Yes 11.01.2000 6.375,60 31.01.2000 6.450,90 ,011811
7.02.2000 -4,0310 -2,2152 Yes 11.01.2000 6.315,40 10.02.2000 6.325,70 ,001631
15.02.2000 -5,0456 -2,4679 Yes 11.01.2000 6.147,40 17.02.2000 6.288,80 ,023002
25.03.2000 4,1999 1,6182 Yes 11.03.2000 6.650,10 29.03.2000 6.283,20 ,055172
5.04.2000 -5,6170 -,9376 Yes 11.01.2000 6.569,90 9.04.2000 6.579,60 ,001476
19.04.2000 -5,8601 -3,8967 Yes 11.01.2000 6.241,20 23.04.2000 6.412,60 ,027463
10.05.2000 -3,5844 -,2988 Yes 19.04.2000 6.283,50 13.05.2000 6.349,10 ,010440
19.05.2000 -3,1000 -,8682 Yes 19.04.2000 6.231,10 26.05.2000 6.635,70 ,064932
21.08.2000 3,5633 1,4123 Yes 17.07.2000 6.563,70 29.08.2000 6.392,10 ,026144
1.09.2000 4,9340 3,3285 Yes 3.06.2000 6.694,70 7.09.2000 6.150,50 ,081288
11.10.2000 -2,2295 -1,2782 Yes 21.09.2000 6.285,70 17.10.2000 6.475,80 ,030243
18.10.2000 -2,1688 -,4592 Yes 21.09.2000 6.315,90 24.10.2000 6.508,60 ,030510
4.12.2000 -4,2252 -2,6068 Yes 21.09.2000 6.299,00 6.12.2000 6.421,50 ,019448
3.01.2001 -5,6708 -1,4319 Yes 21.09.2000 6.185,60 5.01.2001 6.276,40 ,014679
21.02.2001 -4,7343 -2,2391 Yes 3.01.2001 5.941,20 28.02.2001 6.050,40 ,018380
28.02.2001 -5,1831 -3,9759 Yes 3.01.2001 5.931,30 6.03.2001 6.050,40 ,020080
22.05.2001 3,6560 ,1891 Yes 27.04.2001 5.889,80 29.05.2001 5.743,30 ,024874
18.07.2001 -5,4594 -3,1501 Yes 26.06.2001 5.405,30 24.07.2001 5.644,20 ,044197
20.08.2001 -4,0666 ,3198 Yes 18.07.2001 5.471,90 28.08.2001 5.475,50 ,000658
19.11.2001 5,2611 3,0764 Yes 17.10.2001 5.313,80 22.11.2001 5.146,50 ,031484
6.12.2001 1,3418 -,0148 Yes 19.11.2001 5.264,70 10.12.2001 5.032,30 ,044143
4.01.2002 5,1926 ,2911 Yes 17.10.2001 5.190,70 11.01.2002 5.081,90 ,020961
21.01.2002 -3,3899 -,4171 Yes 24.12.2001 5.233,10 25.01.2002 5.249,90 ,003210
15.02.2002 1,8313 -,3255 Yes 9.10.2001 5.092,50 20.02.2002 5.015,50 ,015120
20.02.2002 -2,7713 -,6755 Yes 21.01.2002 5.073,30 22.02.2002 5.328,60 ,050322

131
8.03.2002 5,2069 1,1585 Yes 17.10.2001 5.261,40 15.03.2002 5.170,50 ,017277
26.04.2002 -1,3406 -,0482 Yes 8.04.2002 5.153,90 30.04.2002 5.272,20 ,022954
7.05.2002 -2,0939 -,6973 Yes 11.04.2002 5.209,10 9.05.2002 5.282,20 ,014033
24.09.2002 -10,6179 -6,1622 Yes 24.07.2002 3.797,40 2.10.2002 4.179,60 ,100648
22.11.2002 1,7423 ,8449 Yes 24.10.2002 4.122,20 26.11.2002 3.912,10 ,050968
29.11.2002 3,4745 1,6804 Yes 24.10.2002 4.075,40 4.12.2002 3.827,80 ,060755
12.03.2003 -11,2054 -3,7293 Yes 28.01.2003 3.486,90 14.03.2003 3.881,70 ,113224
16.04.2003 6,6864 2,6830 Yes 28.03.2003 3.899,00 25.04.2003 3.855,50 ,011157
7.05.2003 3,5799 2,2966 Yes 28.03.2003 3.928,90 9.05.2003 3.907,80 ,005370
14.05.2003 2,7079 2,1828 Yes 16.04.2003 4.011,10 16.05.2003 3.907,80 ,025754
16.05.2003 3,1213 2,1630 Yes 16.04.2003 3.938,20 20.05.2003 3.907,80 ,007719
28.05.2003 2,5822 1,3364 Yes 16.04.2003 4.068,20 2.06.2003 4.068,20 ,000000
9.06.2003 4,8954 2,9814 Yes 16.04.2003 4.114,60 11.06.2003 4.049,80 ,015749
17.07.2003 2,3386 -,3249 Yes 28.03.2003 4.089,70 24.07.2003 4.044,90 ,010954
28.07.2003 2,9785 1,4935 Yes 9.06.2003 4.141,20 31.07.2003 4.044,90 ,023254
22.08.2003 3,8203 2,3393 Yes 11.06.2003 4.179,90 27.08.2003 4.161,10 ,004498
16.09.2003 3,3140 1,0411 Yes 22.08.2003 4.251,40 22.09.2003 4.081,80 ,039893
14.11.2003 3,0780 1,3131 Yes 16.10.2003 4.339,60 18.11.2003 4.270,50 ,015923
9.12.2003 1,4031 ,5900 Yes 16.10.2003 4.335,30 11.12.2003 4.316,20 ,004405
6.01.2004 3,9742 2,5106 Yes 16.10.2003 4.495,80 9.01.2004 4.431,10 ,014391
1.03.2004 3,6389 2,3836 Yes 6.01.2004 4.559,80 5.03.2004 4.374,50 ,040638
13.04.2004 4,8722 1,1931 Yes 16.10.2003 4.539,30 22.04.2004 4.463,20 ,016764
6.09.2004 4,6119 3,3955 Yes 13.04.2004 4.554,80 9.09.2004 4.529,60 ,005533
6.10.2004 2,7689 1,2789 Yes 6.09.2004 4.654,60 13.10.2004 4.551,60 ,022129
11.11.2004 4,2218 2,1041 Yes 6.09.2004 4.795,90 18.11.2004 4.696,80 ,020664
17.12.2004 -,8214 -,6024 Yes 30.11.2004 4.731,10 21.12.2004 4.851,60 ,025470
29.12.2004 2,6800 ,8094 Yes 11.11.2004 4.824,30 7.01.2005 4.765,40 ,012209
7.01.2005 2,5586 2,1754 Yes 11.11.2004 4.841,30 11.01.2005 4.765,40 ,015678
22.06.2005 2,3874 1,2951 Yes 1.06.2005 5.043,50 28.06.2005 5.022,10 ,004243
6.07.2005 3,1073 1,8571 Yes 15.02.2005 5.158,30 8.07.2005 5.158,30 ,000000
13.07.2005 4,0131 2,5593 Yes 15.02.2005 5.230,40 18.07.2005 5.180,20 ,009598
9.08.2005 2,3314 1,5554 Yes 13.07.2005 5.344,10 15.08.2005 5.228,10 ,021706
15.09.2005 2,4297 1,5095 Yes 13.07.2005 5.416,40 21.09.2005 5.354,30 ,011465
29.09.2005 2,6938 1,6357 Yes 13.07.2005 5.493,70 5.10.2005 5.167,80 ,059323
2.12.2005 1,8066 ,9936 Yes 8.11.2005 5.510,40 6.12.2005 5.489,40 ,003811
14.12.2005 ,7978 ,5026 Yes 8.11.2005 5.498,30 16.12.2005 5.498,30 ,000000
16.12.2005 1,9988 ,4606 Yes 8.11.2005 5.547,90 21.12.2005 5.547,90 ,000000
4.01.2006 3,1554 1,9299 Yes 8.11.2005 5.688,80 11.01.2006 5.625,00 ,011215
9.02.2006 3,1045 1,3177 Yes 4.01.2006 5.767,50 13.02.2006 5.760,30 ,001248
16.03.2006 3,4827 1,0793 Yes 8.11.2005 6.007,50 23.03.2006 5.927,20 ,013367
24.03.2006 3,8432 2,4150 Yes 8.11.2005 5.972,20 28.03.2006 5.927,20 ,007535
21.04.2006 1,5045 ,9722 Yes 24.03.2006 6.098,70 25.04.2006 6.001,10 ,016003
2.05.2006 ,8741 ,8322 Yes 24.03.2006 6.010,00 4.05.2006 5.618,70 ,065108

132
14.06.2006 -4,9076 -,6543 Yes 22.05.2006 5.670,10 22.06.2006 5.897,10 ,040035
2.08.2006 4,2640 ,7636 Yes 30.06.2006 5.832,10 8.08.2006 5.752,60 ,013631
4.09.2006 1,4609 ,7550 Yes 2.08.2006 5.929,30 7.09.2006 5.820,00 ,018434
11.10.2006 4,7462 2,2725 Yes 30.06.2006 6.108,60 18.10.2006 6.108,60 ,000000
7.11.2006 1,4427 ,8779 Yes 19.10.2006 6.208,40 13.11.2006 6.050,10 ,025498
16.11.2006 2,0508 ,8694 Yes 19.10.2006 6.192,00 20.11.2006 5.985,20 ,033398
14.12.2006 3,3539 -,4843 Yes 19.10.2006 6.183,70 22.12.2006 6.142,00 ,006744
24.01.2007 1,9470 -,0743 Yes 2.01.2007 6.203,10 1.02.2007 6.203,10 ,000000
7.02.2007 2,4299 1,0287 Yes 2.01.2007 6.383,10 12.02.2007 6.344,90 ,005985
16.02.2007 3,4552 2,2054 Yes 19.10.2006 6.419,40 21.02.2007 5.989,60 ,066953
21.03.2007 3,2697 -1,4569 Yes 11.10.2006 6.267,20 29.03.2007 6.267,20 ,000000
18.05.2007 3,4473 1,8520 Yes 17.04.2007 6.604,80 23.05.2007 6.511,70 ,014096
15.06.2007 1,9736 -,2257 Yes 18.05.2007 6.664,50 20.06.2007 6.496,40 ,025223
13.07.2007 2,8969 ,5816 Yes 18.05.2007 6.640,70 18.07.2007 6.186,20 ,068442
26.09.2007 4,8728 2,2941 Yes 3.09.2007 6.506,20 2.10.2007 6.489,60 ,002551
3.10.2007 5,6997 3,1511 Yes 3.09.2007 6.605,60 8.10.2007 6.413,40 ,029097
17.03.2008 -9,2412 -4,3798 Yes 21.01.2008 5.631,00 19.03.2008 5.935,20 ,054022
30.04.2008 4,3847 2,2387 Yes 8.04.2008 6.211,00 12.05.2008 6.087,30 ,019916
19.05.2008 4,7509 2,9910 Yes 8.04.2008 6.205,00 21.05.2008 5.933,30 ,043787
3.07.2008 -6,5730 -4,9548 Yes 21.01.2008 5.387,60 8.07.2008 5.538,20 ,027953
11.07.2008 -7,1389 -4,7515 Yes 17.03.2008 5.279,70 15.07.2008 5.467,20 ,035513
16.07.2008 -8,4484 -5,1621 Yes 17.03.2008 5.254,80 18.07.2008 5.467,20 ,040420
29.08.2008 3,4504 ,4431 Yes 31.07.2008 5.503,20 4.09.2008 4.860,70 ,116750
5.09.2008 -2,4405 ,8795 Yes 25.07.2008 5.455,20 9.09.2008 5.524,80 ,012758
21.11.2008 -16,6318 -1,9079 Yes 10.10.2008 4.132,30 25.11.2008 4.413,00 ,067928
6.01.2009 7,2776 2,4240 Yes 9.12.2008 4.407,20 14.01.2009 3.956,70 ,102219
3.03.2009 -16,1710 -9,0848 Yes 21.11.2008 3.701,60 11.03.2009 3.992,40 ,078561
17.04.2009 8,7672 3,7402 Yes 23.03.2009 3.993,90 21.04.2009 3.897,30 ,024187
8.05.2009 11,9022 6,9812 Yes 23.03.2009 4.326,10 14.05.2009 4.295,00 ,007189
1.06.2009 3,1266 1,2382 Yes 8.05.2009 4.383,40 4.06.2009 4.239,70 ,032783
7.07.2009 -3,6563 -2,7304 Yes 17.06.2009 4.140,20 9.07.2009 4.566,80 ,103038
10.07.2009 -3,5701 -2,4067 Yes 17.06.2009 4.202,10 14.07.2009 4.616,40 ,098594
24.07.2009 10,5406 4,1007 Yes 8.05.2009 4.608,40 3.08.2009 4.595,60 ,002777
13.08.2009 4,9748 4,7817 Yes 24.07.2009 4.714,00 17.08.2009 4.610,30 ,021998
21.08.2009 4,3855 2,5449 Yes 24.07.2009 4.814,50 2.09.2009 4.776,50 ,007893
7.09.2009 5,1922 3,5713 Yes 24.07.2009 5.004,30 10.09.2009 4.953,71 ,010109
18.09.2009 7,3748 4,1273 Yes 24.07.2009 5.139,37 24.09.2009 4.954,98 ,035878
20.10.2009 4,9001 1,7771 Yes 18.09.2009 5.225,28 23.10.2009 4.985,09 ,045967
17.11.2009 5,9744 1,0471 Yes 18.09.2009 5.251,41 23.11.2009 5.103,78 ,028113
8.01.2010 6,4930 3,9208 Yes 18.09.2009 5.498,71 13.01.2010 5.192,58 ,055673
3.03.2010 7,0777 4,2921 Yes 18.09.2009 5.602,30 10.03.2010 5.583,49 ,003357
6.04.2010 2,4044 1,6702 Yes 15.03.2010 5.712,70 9.04.2010 5.652,35 ,010564
9.04.2010 2,2400 1,7454 Yes 15.03.2010 5.761,66 14.04.2010 5.533,60 ,039582

133
15.04.2010 2,1390 1,8263 Yes 15.03.2010 5.743,96 19.04.2010 5.398,86 ,060081
20.04.2010 1,8320 1,5505 Yes 15.03.2010 5.723,43 22.04.2010 5.045,30 ,118483
26.05.2010 -6,4844 -5,5238 Yes 7.05.2010 5.195,17 28.05.2010 5.262,50 ,012960
5.07.2010 -8,1913 -3,0043 Yes 7.05.2010 5.105,45 9.07.2010 5.328,51 ,043690
17.08.2010 1,7598 1,0683 Yes 21.07.2010 5.302,87 19.08.2010 5.070,94 ,043737
25.08.2010 -5,5655 -2,1677 Yes 7.05.2010 5.201,56 30.08.2010 5.571,39 ,071100
13.09.2010 7,9461 3,7875 Yes 21.07.2010 5.508,63 20.09.2010 5.471,69 ,006706
18.10.2010 3,4946 2,2240 Yes 13.09.2010 5.703,91 20.10.2010 5.630,85 ,012809
4.11.2010 2,7858 ,5365 Yes 18.10.2010 5.681,84 17.11.2010 5.519,19 ,028626
16.12.2010 6,3826 3,0205 Yes 13.09.2010 5.891,66 21.12.2010 5.891,14 ,000088
5.01.2011 2,9312 2,4760 Yes 16.12.2010 6.019,47 7.01.2011 5.867,29 ,025281
18.01.2011 2,6524 ,9432 Yes 16.12.2010 5.868,11 21.01.2011 5.815,44 ,008976
16.02.2011 3,7921 1,8724 Yes 16.12.2010 6.087,43 18.02.2011 5.860,95 ,037205
27.04.2011 1,0119 ,3428 Yes 1.04.2011 6.070,12 3.05.2011 5.861,00 ,034451
3.05.2011 ,4863 ,1274 Yes 1.04.2011 5.920,04 6.05.2011 5.860,65 ,010032
10.05.2011 2,5351 ,3073 Yes 1.04.2011 5.945,37 13.05.2011 5.810,46 ,022692
8.06.2011 -2,3468 -,9610 Yes 17.05.2011 5.856,35 10.06.2011 5.866,95 ,001810
4.07.2011 5,5929 ,3457 Yes 1.04.2011 5.868,78 13.07.2011 5.752,81 ,019760
4.10.2011 -7,8975 -1,9044 Yes 10.08.2011 5.291,27 7.10.2011 5.543,72 ,047711
17.11.2011 ,0290 -,5256 Yes 20.10.2011 5.362,88 21.11.2011 5.075,22 ,053639
9.12.2011 7,5768 1,9459 Yes 20.10.2011 5.366,90 15.12.2011 5.328,67 ,007123
4.01.2012 5,6207 ,2733 Yes 9.12.2011 5.662,91 13.01.2012 5.583,45 ,014032
3.02.2012 3,4845 1,8015 Yes 4.01.2012 5.875,80 9.02.2012 5.829,38 ,007900
15.02.2012 3,8982 2,5811 Yes 4.01.2012 5.905,22 20.02.2012 5.858,85 ,007852
16.03.2012 1,6021 -,4858 Yes 15.02.2012 5.891,44 21.03.2012 5.685,65 ,034930
1.05.2012 2,8387 ,3532 Yes 4.01.2012 5.766,45 4.05.2012 5.253,92 ,088881
11.07.2012 3,9230 2,2822 Yes 21.06.2012 5.666,11 16.07.2012 5.478,02 ,033196
21.09.2012 3,4423 1,9162 Yes 9.08.2012 5.838,86 25.09.2012 5.738,59 ,017173
16.10.2012 2,2374 -,1525 Yes 21.09.2012 5.798,16 24.10.2012 5.753,31 ,007735
23.10.2012 -1,2453 ,5867 Yes 2.10.2012 5.849,80 31.10.2012 5.921,78 ,012305
7.11.2012 -1,5516 -,3506 Yes 2.10.2012 5.776,11 9.11.2012 5.830,53 ,009422
16.11.2012 -3,0628 -1,2312 Yes 5.09.2012 5.752,15 22.11.2012 5.923,91 ,029860
4.12.2012 4,6998 1,0810 Yes 9.08.2012 5.921,64 11.12.2012 5.881,01 ,006861
17.01.2013 3,9769 2,7469 Yes 4.12.2012 6.154,52 21.01.2013 6.149,18 ,000868
1.02.2013 3,9853 2,9242 Yes 4.12.2012 6.246,92 5.02.2013 6.216,72 ,004834
20.02.2013 2,3777 ,7379 Yes 1.02.2013 6.291,49 22.02.2013 6.258,62 ,005225
25.02.2013 2,0382 ,8137 Yes 1.02.2013 6.270,46 27.02.2013 6.269,26 ,000191
14.03.2013 4,1300 1,8534 Yes 4.12.2012 6.457,94 19.03.2013 6.341,43 ,018041
17.09.2013 2,4519 1,7195 Yes 10.07.2013 6.558,82 19.09.2013 6.386,18 ,026322
19.09.2013 2,4269 1,9788 Yes 10.07.2013 6.596,43 23.09.2013 6.386,18 ,031873
25.10.2013 6,0498 2,8161 Yes 19.07.2013 6.731,43 1.11.2013 6.613,98 ,017448
3.01.2014 4,5142 2,4222 Yes 25.10.2013 6.691,34 10.01.2014 6.654,86 ,005452
22.01.2014 1,4204 1,4089 Yes 3.01.2014 6.773,28 24.01.2014 6.416,72 ,052642

134
21.02.2014 5,8869 2,6559 Yes 25.10.2013 6.799,15 27.02.2014 6.552,46 ,036282
15.04.2014 -1,1181 ,6128 Yes 20.03.2014 6.681,76 23.04.2014 6.840,37 ,023738
6.06.2014 ,8264 ,0329 Yes 6.05.2014 6.843,11 13.06.2014 6.701,59 ,020681
20.06.2014 ,0964 -,3586 Yes 6.05.2014 6.787,07 25.06.2014 6.692,77 ,013894
3.07.2014 1,4548 -,5098 Yes 6.05.2014 6.738,45 9.07.2014 6.643,62 ,014073
21.07.2014 -1,9922 -,8676 Yes 25.06.2014 6.798,15 24.07.2014 6.833,67 ,005225
29.07.2014 1,7575 ,1096 Yes 6.05.2014 6.679,18 4.08.2014 6.528,73 ,022525
20.11.2014 3,4851 3,2397 Yes 31.10.2014 6.750,76 24.11.2014 6.637,39 ,016794
2.01.2015 3,9229 -,8212 Yes 31.10.2014 6.501,14 12.01.2015 6.298,15 ,031224
17.02.2015 2,2036 1,3613 Yes 22.01.2015 6.888,90 20.02.2015 6.862,87 ,003779
27.02.2015 1,8845 1,2806 Yes 22.01.2015 6.889,13 4.03.2015 6.693,80 ,028353
26.03.2015 2,8718 ,3343 Yes 22.01.2015 6.773,04 1.04.2015 6.765,40 ,001128
20.04.2015 4,1206 1,3897 Yes 22.01.2015 7.053,67 24.04.2015 6.810,05 ,034538
29.09.2015 -3,4084 -1,3222 Yes 1.09.2015 6.061,61 1.10.2015 6.453,22 ,064605
4.11.2015 ,9532 ,7115 Yes 8.10.2015 6.364,90 6.11.2015 6.079,79 ,044794
1.12.2015 4,5335 ,5693 Yes 8.10.2015 6.275,00 4.12.2015 5.871,88 ,064242
14.12.2015 -8,1192 -1,6418 Yes 24.08.2015 6.034,84 22.12.2015 6.314,57 ,046353

Detailed results of Table 4.23:

CCI Min/Max Max

Mov. Is Trading Price 10 Gain
Date CCI Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
7.02.2000 -181,8009 -108,1301 Yes 6.01.2000 6.285,80 9.02.2000 6.450,90 ,026266
25.03.2000 222,9467 107,4495 Yes 2.03.2000 6.650,10 29.03.2000 6.283,20 ,055172
5.04.2000 -197,8478 -55,9735 Yes 6.01.2000 6.569,90 8.04.2000 6.579,60 ,001476
17.04.2000 -208,5753 -114,6962 Yes 6.01.2000 6.184,90 20.04.2000 6.341,90 ,025384
2.06.2000 234,0497 70,8946 Yes 2.03.2000 6.546,70 6.06.2000 6.430,80 ,017704
21.09.2000 -204,4415 -104,8236 Yes 29.06.2000 6.257,10 26.09.2000 6.412,50 ,024836
22.11.2000 -193,1892 -2,7052 Yes 29.06.2000 6.374,70 28.11.2000 6.393,60 ,002965
30.11.2000 -209,4652 -109,7213 Yes 29.06.2000 6.158,70 5.12.2000 6.421,50 ,042671
3.01.2001 -153,5498 -63,0695 Yes 30.11.2000 6.198,10 8.01.2001 6.276,40 ,012633
22.05.2001 108,9948 28,9205 Yes 11.04.2001 5.889,80 29.05.2001 5.743,30 ,024874
8.06.2001 94,9380 -13,2270 Yes 11.04.2001 5.804,00 13.06.2001 5.537,30 ,045951
9.07.2001 -184,8198 -108,5345 Yes 14.03.2001 5.537,00 16.07.2001 5.537,00 ,000000
20.08.2001 -94,6844 -6,0470 Yes 9.07.2001 5.471,90 28.08.2001 5.475,50 ,000658
4.01.2002 127,5909 15,1497 Yes 8.11.2001 5.228,50 10.01.2002 5.081,90 ,028039
6.02.2002 -161,3514 -44,4026 Yes 13.12.2001 5.128,10 11.02.2002 5.238,00 ,021431
20.02.2002 -169,6512 -18,6314 Yes 10.09.2001 5.139,00 27.02.2002 5.328,60 ,036894
5.09.2002 -172,3784 -19,0749 Yes 11.07.2002 4.175,50 11.09.2002 4.246,40 ,016980
24.09.2002 -199,5338 -110,2094 Yes 11.07.2002 3.850,60 27.09.2002 3.961,50 ,028801
22.11.2002 156,9096 32,3064 Yes 15.10.2002 4.071,00 27.11.2002 3.912,10 ,039032
10.12.2002 -180,0993 -26,5551 Yes 11.07.2002 3.984,00 17.12.2002 4.027,60 ,010944
27.02.2003 -115,1466 50,6464 Yes 22.01.2003 3.684,70 4.03.2003 3.810,80 ,034223

135
23.04.2003 134,4929 96,5084 Yes 21.03.2003 3.899,00 25.04.2003 3.855,50 ,011157
24.07.2003 170,7992 48,8341 Yes 2.06.2003 4.098,40 4.08.2003 4.044,90 ,013054
15.08.2003 197,2044 83,6979 Yes 2.06.2003 4.217,40 21.08.2003 4.161,10 ,013349
17.09.2003 161,4711 91,0660 Yes 15.08.2003 4.251,40 22.09.2003 4.081,80 ,039893
15.10.2003 137,6427 73,1831 Yes 15.08.2003 4.347,50 21.10.2003 4.212,50 ,031052
14.11.2003 136,4740 65,1203 Yes 15.10.2003 4.339,60 18.11.2003 4.270,50 ,015923
25.11.2003 132,2198 65,6375 Yes 15.08.2003 4.361,10 28.11.2003 4.312,50 ,011144
24.12.2003 185,2722 52,3974 Yes 15.08.2003 4.513,90 6.01.2004 4.431,10 ,018343
22.03.2004 -174,6352 -94,3885 Yes 2.02.2004 4.373,60 26.03.2004 4.525,00 ,034617
13.04.2004 150,7931 47,2057 Yes 20.02.2004 4.539,30 22.04.2004 4.463,20 ,016764
7.07.2004 -185,3093 -38,1275 Yes 10.05.2004 4.357,00 14.07.2004 4.393,20 ,008309
22.09.2004 126,0507 89,4273 Yes 8.06.2004 4.568,30 24.09.2004 4.528,10 ,008800
4.10.2004 304,8411 105,2984 Yes 8.06.2004 4.698,30 11.10.2004 4.551,60 ,031224
5.11.2004 188,8215 27,6451 Yes 4.10.2004 4.770,20 17.11.2004 4.696,80 ,015387
23.12.2004 210,8507 8,5952 Yes 4.10.2004 4.809,40 4.01.2005 4.765,40 ,009149
2.02.2005 224,9256 72,5825 Yes 4.10.2004 4.990,40 10.02.2005 4.970,80 ,003928
4.03.2005 36,8628 16,3512 Yes 2.02.2005 5.010,90 9.03.2005 4.887,20 ,024686
8.04.2005 116,9823 -45,7314 Yes 2.02.2005 4.891,20 18.04.2005 4.774,80 ,023798
19.05.2005 167,5556 68,0854 Yes 2.02.2005 4.994,90 27.05.2005 4.964,00 ,006186
17.06.2005 194,8381 115,4140 Yes 2.02.2005 5.078,80 27.06.2005 5.022,10 ,011164
6.07.2005 195,7887 134,6145 Yes 2.02.2005 5.158,30 8.07.2005 5.158,30 ,000000
12.09.2005 121,4613 45,2739 Yes 2.08.2005 5.347,40 15.09.2005 5.342,50 ,000916
19.09.2005 146,1546 100,3638 Yes 2.08.2005 5.369,70 22.09.2005 5.354,30 ,002868
28.09.2005 181,8848 124,7234 Yes 6.07.2005 5.493,70 5.10.2005 5.167,80 ,059323
7.12.2005 114,6065 64,9713 Yes 8.11.2005 5.517,40 12.12.2005 5.489,40 ,005075
30.01.2006 186,7796 38,7073 Yes 22.12.2005 5.766,10 6.02.2006 5.681,90 ,014603
21.02.2006 186,0275 100,2213 Yes 22.12.2005 5.836,00 24.02.2006 5.783,90 ,008927
21.04.2006 191,1382 101,3284 Yes 13.03.2006 6.060,00 28.04.2006 5.912,10 ,024406
14.06.2006 -169,3768 -72,6885 Yes 15.05.2006 5.619,30 16.06.2006 5.865,70 ,043849
18.07.2006 -73,9594 49,6277 Yes 15.05.2006 5.833,90 25.07.2006 5.982,50 ,025472
10.08.2006 -16,6995 46,4569 Yes 15.05.2006 5.897,90 16.08.2006 5.945,30 ,008037
18.08.2006 73,0722 22,8787 Yes 3.07.2006 5.860,00 24.08.2006 5.832,50 ,004693
4.09.2006 187,5127 65,1977 Yes 3.07.2006 5.866,10 8.09.2006 5.820,00 ,007859
25.09.2006 -175,4017 -72,2299 Yes 15.05.2006 5.872,80 27.09.2006 6.081,90 ,035605
13.10.2006 167,7891 139,8465 Yes 4.09.2006 6.108,60 18.10.2006 6.108,60 ,000000
7.11.2006 198,7961 72,9135 Yes 3.07.2006 6.194,90 14.11.2006 6.011,80 ,029557
15.12.2006 150,5082 15,3823 Yes 7.11.2006 6.183,70 22.12.2006 6.142,00 ,006744
3.01.2007 149,2689 94,0660 Yes 7.11.2006 6.224,00 8.01.2007 6.130,20 ,015071
24.01.2007 132,6146 5,5751 Yes 7.11.2006 6.228,40 29.01.2007 6.197,50 ,004961
2.02.2007 192,2829 49,0195 Yes 7.11.2006 6.357,80 13.02.2007 6.271,50 ,013574
10.04.2007 126,1363 102,6591 Yes 2.02.2007 6.416,70 13.04.2007 6.386,20 ,004753
16.04.2007 168,4686 115,0641 Yes 2.02.2007 6.444,70 19.04.2007 6.386,20 ,009077
15.06.2007 162,2501 -15,2555 Yes 4.05.2007 6.602,50 22.06.2007 6.496,40 ,016070

136
9.07.2007 117,4936 22,4587 Yes 4.05.2007 6.626,00 12.07.2007 6.266,40 ,054271
13.07.2007 126,1598 60,5302 Yes 4.05.2007 6.640,70 18.07.2007 6.186,20 ,068442
17.09.2007 -22,2098 62,1432 Yes 26.07.2007 6.452,90 20.09.2007 6.593,30 ,021758
19.11.2007 -162,1036 -122,6223 Yes 26.07.2007 6.279,10 26.11.2007 6.596,70 ,050581
7.12.2007 149,3574 36,5587 Yes 19.09.2007 6.389,00 14.12.2007 6.251,80 ,021474
16.01.2008 -223,6673 -112,6813 Yes 26.07.2007 5.740,10 24.01.2008 6.071,30 ,057699
10.03.2008 -185,4114 -25,7170 Yes 16.01.2008 5.721,30 13.03.2008 5.782,00 ,010610
17.03.2008 -198,9425 -118,9808 Yes 16.01.2008 5.508,90 20.03.2008 5.948,00 ,079707
11.06.2008 -181,7662 -139,3272 Yes 16.01.2008 5.817,20 16.06.2008 5.930,30 ,019442
16.07.2008 -192,8141 -127,4281 Yes 17.03.2008 5.254,80 18.07.2008 5.467,20 ,040420
21.11.2008 -148,3145 -27,8300 Yes 10.10.2008 4.140,10 26.11.2008 4.413,00 ,065916
20.02.2009 -209,0751 -33,9176 Yes 10.10.2008 3.891,70 27.02.2009 3.891,70 ,000000
1.06.2009 126,8702 51,0656 Yes 30.04.2009 4.383,40 4.06.2009 4.239,70 ,032783
20.07.2009 205,4408 -5,9463 Yes 30.04.2009 4.586,10 28.07.2009 4.512,10 ,016136
14.10.2009 172,6734 48,3241 Yes 24.08.2009 5.213,76 22.10.2009 4.985,09 ,043859
16.11.2009 150,0693 16,3130 Yes 14.10.2009 5.267,70 20.11.2009 5.103,78 ,031118
29.12.2009 196,7871 54,8024 Yes 24.08.2009 5.526,72 8.01.2010 5.253,04 ,049519
5.03.2010 161,7244 126,7689 Yes 29.12.2009 5.640,57 11.03.2010 5.583,49 ,010119
6.04.2010 187,0620 106,9264 Yes 29.12.2009 5.712,70 9.04.2010 5.652,35 ,010564
1.07.2010 -193,3868 -40,4970 Yes 5.05.2010 4.965,00 7.07.2010 5.287,28 ,064910
27.07.2010 120,6328 82,4008 Yes 21.06.2010 5.258,02 2.08.2010 5.210,55 ,009028
25.08.2010 -188,2478 -94,4127 Yes 5.05.2010 5.201,56 30.08.2010 5.571,39 ,071100
14.12.2010 139,6288 65,0238 Yes 5.11.2010 5.871,72 20.12.2010 5.865,51 ,001058
23.12.2010 132,4669 118,1794 Yes 5.11.2010 5.996,35 30.12.2010 5.899,94 ,016078
6.01.2011 116,2594 92,7131 Yes 5.11.2010 5.983,75 10.01.2011 5.867,29 ,019463
12.01.2011 107,3811 68,5273 Yes 5.11.2010 6.009,68 17.01.2011 5.815,44 ,032321
18.01.2011 114,0299 71,8943 Yes 5.11.2010 5.976,66 20.01.2011 5.815,44 ,026975
8.02.2011 139,6157 -3,4254 Yes 14.12.2010 6.035,39 16.02.2011 5.860,95 ,028903
6.04.2011 122,4442 70,1549 Yes 5.11.2010 5.964,50 13.04.2011 5.858,32 ,017802
27.04.2011 124,7039 40,3951 Yes 5.11.2010 5.984,05 5.05.2011 5.860,65 ,020621
6.09.2011 -35,5810 -1,4780 Yes 5.08.2011 5.318,41 8.09.2011 5.406,10 ,016488
12.09.2011 -62,9760 27,7628 Yes 5.08.2011 5.337,69 16.09.2011 5.406,10 ,012816
23.09.2011 -156,0365 -,9856 Yes 5.08.2011 5.217,64 29.09.2011 5.458,02 ,046071
4.10.2011 -168,3353 -71,6281 Yes 5.08.2011 5.291,27 7.10.2011 5.543,72 ,047711
21.11.2011 -244,0117 -57,1863 Yes 5.08.2011 5.312,77 29.11.2011 5.631,88 ,060065
14.03.2012 121,2099 -52,6591 Yes 6.02.2012 5.890,75 22.03.2012 5.663,32 ,038608
10.04.2012 -204,2250 -104,1098 Yes 6.03.2012 5.710,26 13.04.2012 5.792,07 ,014327
9.05.2012 -232,7283 -14,2599 Yes 6.03.2012 5.304,56 22.05.2012 5.494,54 ,035814
26.06.2012 7,1052 106,7492 Yes 9.05.2012 5.571,22 2.07.2012 5.727,45 ,028042
25.07.2012 -162,1012 3,8094 Yes 9.05.2012 5.693,74 31.07.2012 5.876,22 ,032049
14.09.2012 181,8226 -22,3380 Yes 6.08.2012 5.852,54 24.09.2012 5.738,59 ,019470
18.10.2012 193,8102 29,1418 Yes 6.08.2012 5.798,16 24.10.2012 5.753,31 ,007735
19.12.2012 115,2487 100,1762 Yes 18.10.2012 5.939,92 24.12.2012 5.873,43 ,011194

137
27.12.2012 114,9491 90,8714 Yes 18.10.2012 5.925,38 31.12.2012 5.873,43 ,008767
13.02.2013 120,2419 71,2301 Yes 4.01.2013 6.318,43 19.02.2013 6.258,62 ,009466
20.02.2013 180,0514 83,5004 Yes 4.01.2013 6.291,49 22.02.2013 6.258,62 ,005225
8.03.2013 203,5291 103,7652 Yes 4.01.2013 6.481,50 14.03.2013 6.344,19 ,021185
8.05.2013 161,1064 110,0371 Yes 8.03.2013 6.687,77 17.05.2013 6.514,08 ,025971
22.05.2013 149,3534 137,7810 Yes 4.01.2013 6.697,05 24.05.2013 6.313,60 ,057257
9.07.2013 164,2299 25,1669 Yes 8.03.2013 6.556,35 17.07.2013 6.517,38 ,005944
12.09.2013 157,4401 41,4135 Yes 9.07.2013 6.558,82 19.09.2013 6.386,18 ,026322
27.12.2013 168,9941 -3,4807 Yes 22.10.2013 6.730,73 7.01.2014 6.679,31 ,007640
21.02.2014 149,6405 61,6645 Yes 21.01.2014 6.799,15 27.02.2014 6.552,46 ,036282
14.03.2014 -222,7388 -58,1202 Yes 27.01.2014 6.573,13 20.03.2014 6.680,78 ,016377
9.06.2014 123,0053 43,6860 Yes 30.04.2014 6.838,87 12.06.2014 6.701,59 ,020074
4.07.2014 117,7832 -43,8272 Yes 30.04.2014 6.738,45 9.07.2014 6.643,62 ,014073
8.08.2014 -213,7175 -83,0558 Yes 16.06.2014 6.632,42 13.08.2014 6.831,19 ,029969
27.08.2014 130,7049 42,2371 Yes 30.04.2014 6.855,10 8.09.2014 6.748,09 ,015610
12.12.2014 -282,3981 -73,4530 Yes 23.09.2014 6.336,48 18.12.2014 6.651,96 ,049788
23.03.2015 120,9863 -62,5077 Yes 18.02.2015 6.895,33 27.03.2015 6.765,05 ,018894
10.04.2015 130,3043 16,6737 Yes 18.02.2015 6.994,63 20.04.2015 6.906,24 ,012637
28.05.2015 120,7624 16,5007 Yes 18.02.2015 6.953,58 2.06.2015 6.656,90 ,042666
2.12.2015 127,6705 41,2442 Yes 7.10.2015 6.275,00 4.12.2015 5.871,88 ,064242
14.12.2015 -221,7912 -67,4217 Yes 13.11.2015 6.061,19 17.12.2015 6.314,57 ,041804

Detailed results of Table 4.24:

RSI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
8.02.2000 71,2474 58,8125 Yes 17.01.2000 18.083,00 14.02.2000 17.364,00 ,039761
3.03.2000 64,6494 54,8327 Yes 3.01.2000 18.279,00 13.03.2000 16.922,00 ,074238
27.03.2000 64,0511 53,0137 Yes 8.02.2000 18.053,00 30.03.2000 15.501,00 ,141362
10.05.2000 33,3008 38,5684 Yes 14.04.2000 15.074,00 16.05.2000 15.445,00 ,024612
23.05.2000 31,0236 37,8615 Yes 14.04.2000 14.187,00 25.05.2000 16.640,00 ,172905
21.06.2000 69,0313 62,8371 Yes 3.01.2000 16.743,00 27.06.2000 16.329,00 ,024727
14.08.2000 62,9842 50,6324 Yes 7.07.2000 17.317,00 21.08.2000 17.066,00 ,014494
30.11.2000 29,3620 40,3909 Yes 25.10.2000 14.180,00 6.12.2000 15.415,00 ,087095
10.07.2001 30,4098 40,3734 Yes 3.04.2001 13.907,00 13.07.2001 14.239,00 ,023873
23.08.2001 29,1098 37,5385 Yes 22.03.2001 13.000,00 27.08.2001 13.182,00 ,014000
7.01.2002 66,0288 58,8149 Yes 26.11.2001 14.010,00 10.01.2002 12.937,00 ,076588
4.03.2002 69,1644 61,9828 Yes 26.11.2001 14.007,00 6.03.2002 13.593,00 ,029557
26.07.2002 26,6024 35,5016 Yes 21.06.2002 9.782,00 1.08.2002 10.763,00 ,100286
30.09.2002 28,9408 36,9484 Yes 26.07.2002 9.011,00 2.10.2002 9.319,00 ,034180
7.04.2003 72,7875 65,3331 Yes 6.01.2003 11.784,00 9.04.2003 11.578,00 ,017481
14.05.2003 76,3926 71,1454 Yes 6.01.2003 13.143,00 16.05.2003 12.576,00 ,043141
6.06.2003 69,4374 62,6074 Yes 14.05.2003 13.737,00 16.06.2003 12.893,00 ,061440

138
18.07.2003 60,1412 55,1574 Yes
14.10.2003 77,2564 72,1387 Yes
14.11.2003 66,0219 63,2381 Yes
1.12.2003 77,4317 69,3806 Yes
9.12.2003 80,0864 75,3997 Yes
11.03.2004 37,5874 50,4764
20.08.2004 66,9486 54,5233 Yes
30.12.2004 67,5645 64,8138 Yes
17.02.2005 69,5505 63,8946 Yes
13.05.2005 34,6564 43,2544
24.11.2005 66,4696 57,9466 Yes
6.12.2005 71,6029 65,6898 Yes
6.01.2006 76,7846 66,0194 Yes
1.02.2006 76,7502 72,7259 Yes
3.03.2006 68,5246 65,0989 Yes
6.04.2006 63,1032 53,8447 Yes
26.04.2006 66,2550 58,1967 Yes
9.05.2006 72,5144 66,1505 Yes
22.09.2006 35,8305 43,0633
14.12.2006 69,1516 65,6783 Yes
22.02.2007 65,7374 59,3074 Yes
20.04.2007 73,1199 67,7531 Yes
9.05.2007 73,4993 68,4843 Yes
18.06.2007 66,4517 60,4985 Yes
29.10.2007 66,1442 60,2224 Yes
6.12.2007 62,4915 51,1318 Yes
28.02.2008 64,9221 60,5691 Yes
18.08.2008 31,2815 35,7868
10.10.2008 27,0826 36,3647
6.02.2009 64,4727 54,1949 Yes
1.06.2009 71,8160 64,0808 Yes
27.07.2009 68,5526 59,9679 Yes
5.08.2009 72,8658 67,9913 Yes
22.09.2009 75,3748 68,5596 Yes
17.11.2009 60,8438 56,7415 Yes
25.11.2009 61,8908 57,5983 Yes
2.12.2009 62,3328 58,4397 Yes
14.12.2009 62,4923 59,9042 Yes
6.01.2010 67,4266 57,5195 Yes
10.03.2010 65,5279 56,8418 Yes
8.04.2010 67,3606 61,1057 Yes
23.09.2010 61,1918 57,8433 Yes
5.10.2010 71,5358 63,0224 Yes
14.05.2003 13.752,00 28.07.2003 12.757,00 ,072353
18.09.2003 17.944,00 16.10.2003 17.340,00 ,033660
21.10.2003 18.669,00 18.11.2003 18.610,00 ,003160
18.09.2003 20.418,00 5.12.2003 20.418,00 ,000000
8.09.2003 20.971,00 11.12.2003 20.544,00 ,020361
Yes 5.02.2004 21.901,00 18.03.2004 22.769,00 ,039633
16.07.2004 22.583,00 27.08.2004 21.739,00 ,037373
6.12.2004 25.722,00 4.01.2005 23.983,00 ,067607
6.12.2004 26.730,00 21.02.2005 26.620,00 ,004115
Yes 15.04.2005 24.882,00 19.05.2005 26.755,00 ,075275
3.10.2005 31.360,00 29.11.2005 31.296,00 ,002041
3.10.2005 32.756,00 8.12.2005 32.476,00 ,008548
23.09.2005 36.115,00 18.01.2006 35.380,00 ,020352
6.01.2006 37.304,00 3.02.2006 35.891,00 ,037878
1.02.2006 38.350,00 7.03.2006 36.085,00 ,059061
3.03.2006 38.478,00 11.04.2006 37.816,00 ,017205
3.03.2006 39.752,00 28.04.2006 39.752,00 ,000000
1.02.2006 40.847,00 12.05.2006 34.911,00 ,145323
Yes 24.05.2006 35.817,00 27.09.2006 38.778,00 ,082670
23.11.2006 43.504,28 19.12.2006 42.159,88 ,030903
2.01.2007 43.149,90 28.02.2007 41.117,02 ,047112
2.01.2007 49.066,82 27.04.2007 48.311,08 ,015402
2.01.2007 50.234,97 11.05.2007 50.214,29 ,000412
21.05.2007 54.297,57 25.06.2007 53.201,62 ,020184
1.10.2007 64.049,03 5.11.2007 59.846,62 ,065612
29.10.2007 64.512,42 12.12.2007 59.414,24 ,079026
29.10.2007 63.496,48 3.03.2008 59.342,48 ,065421
Yes 28.07.2008 55.379,54 21.08.2008 56.856,23 ,026665
Yes 9.09.2008 40.833,05 14.10.2008 43.753,27 ,071516
6.01.2009 40.845,62 12.02.2009 37.324,44 ,086207
6.05.2009 52.093,86 4.06.2009 50.264,97 ,035108
1.06.2009 53.734,96 30.07.2009 53.734,96 ,000000
6.05.2009 55.757,58 7.08.2009 54.881,36 ,015715
6.05.2009 60.496,30 24.09.2009 59.599,75 ,014820
15.10.2009 66.513,92 19.11.2009 65.547,13 ,014535
15.10.2009 66.370,84 27.11.2009 65.737,25 ,009546
15.10.2009 67.610,86 7.12.2009 65.925,19 ,024932
15.10.2009 68.618,62 17.12.2009 65.925,19 ,039252
15.10.2009 70.080,52 13.01.2010 64.541,49 ,079038
15.10.2009 69.023,46 16.03.2010 67.899,04 ,016290
6.01.2010 70.618,37 13.04.2010 65.914,20 ,066614
2.08.2010 68.197,38 27.09.2010 68.011,36 ,002728
2.08.2010 69.920,89 8.10.2010 68.847,04 ,015358
139
4.11.2010 68,3550 56,3689 Yes 5.10.2010 71.673,52 10.11.2010 67.727,97 ,055049
16.12.2010 39,0630 44,7732 Yes 23.11.2010 68.218,33 22.12.2010 71.172,96 ,043311
12.01.2011 64,3545 57,8789 Yes 5.10.2010 70.722,95 14.01.2011 65.897,65 ,068228
5.05.2011 30,7631 40,6962 Yes 9.02.2011 64.621,97 10.05.2011 65.143,41 ,008069
16.06.2011 33,0918 41,5618 Yes 5.05.2011 61.216,26 28.06.2011 63.891,31 ,043698
18.07.2011 32,1116 40,0150 Yes 5.05.2011 60.263,22 22.07.2011 60.696,38 ,007188
6.12.2011 62,4907 50,6603 Yes 7.11.2011 57.455,42 9.12.2011 55.298,33 ,037544
11.01.2012 62,3371 56,4628 Yes 6.12.2011 59.146,32 16.01.2012 59.146,32 ,000000
2.03.2012 70,8827 65,4231 Yes 7.02.2012 66.962,06 6.03.2012 64.892,29 ,030910
28.06.2012 34,8765 45,8487 Yes 17.05.2012 54.355,43 2.07.2012 56.943,09 ,047606
25.03.2013 30,1790 39,4919 Yes 21.02.2013 55.670,35 27.03.2013 56.975,82 ,023450
15.04.2013 31,7512 40,8794 Yes 21.02.2013 53.926,50 22.04.2013 56.450,43 ,046803
16.10.2013 68,4275 52,9950 Yes 18.09.2013 55.440,03 24.10.2013 52.558,39 ,051978
9.01.2014 36,1254 45,6955 Yes 4.12.2013 50.106,34 16.01.2014 50.577,38 ,009401
14.03.2014 34,3510 40,6421 Yes 3.02.2014 46.152,99 19.03.2014 51.794,21 ,122229
7.05.2014 70,7104 62,7368 Yes 2.04.2014 53.102,68 12.05.2014 52.132,77 ,018265
11.06.2014 65,9488 52,0435 Yes 14.05.2014 54.636,62 23.06.2014 52.709,38 ,035274
27.08.2014 72,8344 63,5767 Yes 22.07.2014 60.800,26 5.09.2014 56.666,42 ,067990
23.10.2014 33,7898 44,0017 Yes 1.10.2014 52.330,03 29.10.2014 54.628,60 ,043924
30.01.2015 38,7081 45,0909 Yes 5.01.2015 48.964,93 4.02.2015 51.867,82 ,059285
20.03.2015 61,7913 47,8329 Yes 24.02.2015 50.574,93 27.03.2015 49.908,52 ,013177
8.07.2015 37,4491 42,9929 Yes 29.05.2015 52.590,72 13.07.2015 53.416,98 ,015711
28.09.2015 32,4803 44,5340 Yes 24.08.2015 45.313,39 2.10.2015 49.752,04 ,097954

Detailed results of Table 4.25:

Stochastic Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date Stochastic Avg. Top Bottom Divergence1 Price TradingDate Days Rate
5.04.2000 19,9900 25,5583 Yes 15.03.2000 17.150,00 7.04.2000 17.572,00 ,024606
11.05.2000 12,6820 25,9780 Yes 14.04.2000 15.074,00 16.05.2000 15.445,00 ,024612
23.05.2000 12,3370 19,3629 Yes 14.04.2000 14.187,00 25.05.2000 16.640,00 ,172905
15.08.2000 91,6328 75,8549 Yes 21.06.2000 17.326,00 17.08.2000 17.066,00 ,015006
18.10.2000 7,9029 11,3091 Yes 18.09.2000 14.846,00 20.10.2000 15.099,00 ,017042
25.10.2000 2,8672 7,6225 Yes 18.09.2000 14.251,00 27.10.2000 15.191,00 ,065960
4.12.2000 23,5785 28,9826 Yes 25.10.2000 14.180,00 6.12.2000 15.415,00 ,087095
21.02.2001 3,4871 6,9057 Yes 18.09.2000 15.920,00 23.02.2001 16.813,00 ,056093
21.03.2001 3,8322 5,7422 Yes 21.02.2001 14.070,00 23.03.2001 14.951,00 ,062615
20.06.2001 12,9437 30,2696 Yes 21.03.2001 14.870,00 22.06.2001 15.104,00 ,015736
28.06.2001 11,8046 16,0070 Yes 21.03.2001 14.579,00 2.07.2001 14.771,00 ,013170
10.07.2001 5,7257 7,5649 Yes 21.03.2001 13.812,00 12.07.2001 14.239,00 ,030915
23.08.2001 3,9261 6,3155 Yes 21.03.2001 13.000,00 27.08.2001 13.182,00 ,014000
7.11.2001 91,0649 82,7537 Yes 16.10.2001 12.542,00 9.11.2001 12.233,00 ,024637
19.11.2001 89,9408 88,4356 Yes 23.10.2001 12.646,00 21.11.2001 12.560,00 ,006801

140
30.01.2002 6,5900 8,8924 Yes 23.08.2001 12.648,00 4.02.2002 13.330,00 ,053922
14.06.2002 8,0215 18,6159 Yes 13.05.2002 11.942,00 18.06.2002 12.116,00 ,014570
23.07.2002 15,3981 32,0603 Yes 21.06.2002 9.672,00 26.07.2002 10.763,00 ,112800
30.07.2002 6,1374 10,1230 Yes 21.06.2002 9.782,00 1.08.2002 10.763,00 ,100286
19.09.2002 4,8795 13,8523 Yes 21.06.2002 9.575,00 23.09.2002 9.575,00 ,000000
16.10.2002 12,6502 23,6548 Yes 19.09.2002 8.902,00 18.10.2002 10.598,00 ,190519
25.11.2002 87,4951 79,5570 Yes 23.10.2002 10.142,00 27.11.2002 10.123,00 ,001873
3.12.2002 95,6429 90,0337 Yes 29.08.2002 10.645,00 5.12.2002 10.307,00 ,031752
18.03.2003 93,1840 90,0759 Yes 3.12.2002 10.993,00 20.03.2003 10.858,00 ,012281
21.03.2003 93,1415 92,4537 Yes 3.12.2002 11.047,00 25.03.2003 11.035,00 ,001086
1.04.2003 94,1699 91,0046 Yes 20.12.2002 11.877,00 3.04.2003 11.578,00 ,025175
23.04.2003 94,0844 86,9929 Yes 20.12.2002 12.124,00 25.04.2003 12.009,00 ,009485
30.05.2003 80,6539 70,4865 Yes 9.05.2003 13.386,00 4.06.2003 13.372,00 ,001046
6.06.2003 92,0718 88,0665 Yes 9.05.2003 13.869,00 10.06.2003 12.895,00 ,070229
22.07.2003 91,4243 88,4825 Yes 9.05.2003 13.799,00 24.07.2003 12.757,00 ,075513
5.08.2003 15,1392 17,4632 Yes 24.06.2003 12.892,00 7.08.2003 14.687,00 ,139234
8.10.2003 94,8111 92,2989 Yes 3.09.2003 17.699,00 10.10.2003 17.340,00 ,020284
6.11.2003 83,4789 80,3142 Yes 15.10.2003 18.672,00 10.11.2003 18.261,00 ,022012
10.11.2003 85,1153 83,7917 Yes 15.10.2003 18.409,00 12.11.2003 18.352,00 ,003096
14.11.2003 86,4475 81,7155 Yes 22.10.2003 18.669,00 18.11.2003 18.610,00 ,003160
25.11.2003 95,7277 91,9670 Yes 3.09.2003 19.695,00 27.11.2003 19.616,00 ,004011
5.01.2004 98,8138 97,8158 Yes 1.12.2003 23.576,00 7.01.2004 22.687,00 ,037708
15.03.2004 30,8639 39,9673 Yes 2.02.2004 21.620,00 17.03.2004 22.470,00 ,039315
25.03.2004 11,7437 22,7911 Yes 2.02.2004 21.544,00 29.03.2004 23.260,00 ,079651
3.08.2004 82,0988 79,0098 Yes 2.07.2004 22.174,00 5.08.2004 21.178,00 ,044917
20.08.2004 90,9491 80,8953 Yes 2.07.2004 22.863,00 24.08.2004 22.267,00 ,026068
29.11.2004 94,8339 91,6265 Yes 5.10.2004 25.235,00 2.12.2004 24.452,00 ,031028
30.12.2004 96,4652 94,6288 Yes 5.10.2004 25.722,00 4.01.2005 23.983,00 ,067607
7.03.2005 96,9505 88,9337 Yes 10.02.2005 29.018,00 9.03.2005 26.131,00 ,099490
18.04.2005 7,5494 12,2346 Yes 23.03.2005 25.566,00 20.04.2005 25.697,00 ,005124
13.05.2005 15,7716 30,1708 Yes 18.04.2005 24.410,00 18.05.2005 26.755,00 ,096067
7.07.2005 11,5445 18,4857 Yes 18.04.2005 25.027,00 12.07.2005 26.142,00 ,044552
2.08.2005 93,1343 88,1982 Yes 3.06.2005 26.714,00 4.08.2005 25.734,00 ,036685
3.10.2005 94,4021 90,5394 Yes 7.09.2005 31.272,00 5.10.2005 28.596,00 ,085572
3.11.2005 89,6708 73,0090 Yes 19.09.2005 30.951,00 8.11.2005 29.948,00 ,032406
24.11.2005 95,5118 90,6245 Yes 23.09.2005 31.920,00 28.11.2005 31.296,00 ,019549
6.01.2006 92,6737 91,3322 Yes 5.12.2005 35.050,00 11.01.2006 35.050,00 ,000000
17.01.2006 92,5376 91,6686 Yes 5.12.2005 35.813,00 19.01.2006 35.813,00 ,000000
26.01.2006 95,4045 93,4318 Yes 24.11.2005 37.824,00 30.01.2006 36.114,00 ,045209
20.02.2006 92,5077 73,5346 Yes 26.01.2006 38.242,00 23.02.2006 36.085,00 ,056404
3.03.2006 96,1711 93,4740 Yes 19.09.2005 38.350,00 7.03.2006 36.085,00 ,059061
6.04.2006 95,4008 91,1444 Yes 3.03.2006 38.927,00 10.04.2006 37.816,00 ,028541
13.06.2006 4,8899 11,6493 Yes 19.05.2006 34.407,00 19.06.2006 37.402,00 ,087046

141
4.08.2006 91,7265 87,7854 Yes 3.07.2006 37.699,00 8.08.2006 36.490,00 ,032070
6.10.2006 95,5627 91,1637 Yes 3.07.2006 38.328,00 13.10.2006 38.273,00 ,001435
6.11.2006 96,7250 83,6956 Yes 3.07.2006 41.334,00 9.11.2006 40.038,00 ,031354
6.12.2006 94,8495 87,2392 Yes 6.11.2006 42.910,37 8.12.2006 42.783,09 ,002966
2.01.2007 96,7055 82,6874 Yes 6.11.2006 44.442,27 4.01.2007 41.266,21 ,071465
22.03.2007 95,4071 84,1803 Yes 6.02.2007 45.532,53 26.03.2007 44.315,23 ,026735
5.04.2007 96,2388 94,8571 Yes 2.01.2007 46.854,62 10.04.2007 46.506,48 ,007430
18.05.2007 96,7597 89,0731 Yes 16.04.2007 52.209,60 23.05.2007 50.214,29 ,038217
18.06.2007 95,2204 88,7591 Yes 18.05.2007 54.643,72 20.06.2007 53.201,62 ,026391
6.07.2007 95,7957 95,3244 Yes 18.05.2007 55.881,76 11.07.2007 54.520,01 ,024368
7.12.2007 94,9818 90,2683 Yes 9.10.2007 65.448,20 11.12.2007 59.414,24 ,092194
13.02.2008 92,9342 86,3345 Yes 27.09.2007 61.291,53 18.02.2008 61.291,53 ,000000
26.02.2008 98,8024 96,6198 Yes 27.09.2007 65.494,85 28.02.2008 59.995,85 ,083961
2.05.2008 91,4109 86,5867 Yes 4.04.2008 70.201,34 7.05.2008 68.599,13 ,022823
19.05.2008 98,6750 95,6796 Yes 26.02.2008 73.507,68 22.05.2008 68.464,56 ,068607
28.07.2008 7,5531 14,2508 Yes 4.07.2008 58.069,19 30.07.2008 60.022,54 ,033638
13.08.2008 4,9995 10,6641 Yes 4.07.2008 55.136,96 15.08.2008 56.856,23 ,031182
10.09.2008 10,9200 12,1459 Yes 18.08.2008 51.267,07 12.09.2008 53.455,18 ,042681
17.09.2008 12,3413 25,0263 Yes 13.08.2008 53.055,38 22.09.2008 53.455,18 ,007536
10.10.2008 7,0745 10,5691 Yes 13.08.2008 40.833,05 14.10.2008 43.753,27 ,071516
27.10.2008 4,6224 11,3550 Yes 4.07.2008 33.386,65 29.10.2008 41.002,95 ,228124
21.11.2008 2,9942 16,7391 Yes 4.07.2008 34.189,05 25.11.2008 38.863,49 ,136723
6.04.2009 93,4494 88,4779 Yes 6.01.2009 43.827,93 8.04.2009 43.706,36 ,002774
13.04.2009 95,1587 91,5384 Yes 6.01.2009 45.419,65 15.04.2009 44.274,88 ,025204
1.06.2009 93,9036 88,5179 Yes 6.05.2009 53.999,01 3.06.2009 50.264,97 ,069150
21.07.2009 93,4907 89,9893 Yes 6.05.2009 53.073,53 23.07.2009 53.064,85 ,000164
27.07.2009 95,4153 93,3811 Yes 6.05.2009 53.734,96 30.07.2009 53.734,96 ,000000
15.12.2009 90,3433 86,3864 Yes 18.11.2009 68.618,62 17.12.2009 65.925,19 ,039252
6.01.2010 95,6792 87,5679 Yes 15.10.2009 70.267,24 11.01.2010 64.718,91 ,078960
26.01.2010 10,8737 16,2543 Yes 21.12.2009 65.591,31 29.01.2010 67.542,19 ,029743
19.02.2010 96,9134 86,9592 Yes 15.10.2009 67.168,81 23.02.2010 64.428,97 ,040790
5.04.2010 92,5278 88,9260 Yes 19.02.2010 71.092,38 7.04.2010 68.080,81 ,042361
15.09.2010 95,4257 89,0929 Yes 27.07.2010 67.087,46 20.09.2010 67.009,45 ,001163
5.11.2010 92,8920 87,1054 Yes 5.10.2010 72.654,23 9.11.2010 67.727,97 ,067804
12.07.2011 7,8082 25,8647 Yes 15.06.2011 59.679,35 15.07.2011 60.696,38 ,017042
18.07.2011 5,0793 8,5212 Yes 15.06.2011 59.120,22 21.07.2011 60.696,38 ,026660
4.08.2011 5,9111 10,8944 Yes 15.06.2011 52.938,30 8.08.2011 55.073,02 ,040325
3.10.2011 7,9501 14,2767 Yes 4.08.2011 51.015,88 6.10.2011 55.504,42 ,087983
26.10.2011 93,1126 92,1957 Yes 31.08.2011 59.270,13 28.10.2011 56.099,28 ,053498
28.10.2011 94,9792 93,4161 Yes 31.08.2011 58.300,30 1.11.2011 56.099,28 ,037753
25.11.2011 8,4131 9,1997 Yes 18.07.2011 56.027,74 29.11.2011 59.575,99 ,063330
4.01.2012 95,4689 78,1961 Yes 31.08.2011 58.601,23 9.01.2012 58.598,70 ,000043
5.03.2012 91,1047 87,5212 Yes 7.02.2012 65.123,38 7.03.2012 65.123,38 ,000000

142
25.07.2012 11,5666 24,0885 Yes 17.05.2012 54.024,19 27.07.2012 59.365,43 ,098868
26.10.2012 9,0911 9,9625 Yes 4.10.2012 57.178,08 30.10.2012 59.560,83 ,041672
7.02.2013 8,3668 13,3778 Yes 4.10.2012 58.405,74 14.02.2013 58.405,74 ,000000
25.03.2013 4,2501 5,2790 Yes 20.02.2013 55.670,35 27.03.2013 56.975,82 ,023450
17.04.2013 11,0707 19,1513 Yes 25.03.2013 53.168,92 19.04.2013 56.366,29 ,060136
4.07.2013 11,6524 17,4239 Yes 11.06.2013 45.211,42 8.07.2013 49.379,07 ,092181
19.08.2013 92,0930 89,9246 Yes 29.07.2013 50.500,85 21.08.2013 49.530,29 ,019219
9.09.2013 93,6236 87,8933 Yes 29.07.2013 53.982,47 11.09.2013 52.917,36 ,019731
16.10.2013 86,9744 71,9035 Yes 19.09.2013 55.380,32 21.10.2013 53.602,45 ,032103
13.01.2014 8,1488 12,4065 Yes 13.12.2013 49.714,97 15.01.2014 50.577,38 ,017347
11.03.2014 12,3737 18,1047 Yes 3.02.2014 45.863,88 13.03.2014 49.646,79 ,082481
17.03.2014 6,0981 11,8889 Yes 27.01.2014 46.152,99 19.03.2014 51.794,21 ,122229
6.05.2014 96,8227 86,5739 Yes 2.04.2014 53.422,45 9.05.2014 52.132,77 ,024141
11.06.2014 96,5150 82,6015 Yes 6.05.2014 54.629,83 17.06.2014 52.709,38 ,035154
15.07.2014 94,3508 83,1348 Yes 11.06.2014 55.638,90 18.07.2014 55.266,87 ,006686
22.07.2014 95,0801 90,2253 Yes 11.06.2014 57.977,56 25.07.2014 55.266,87 ,046754
20.08.2014 97,2264 80,1955 Yes 2.04.2014 58.407,85 25.08.2014 58.407,85 ,000000
10.12.2014 5,5937 7,8420 Yes 23.10.2014 49.861,33 12.12.2014 50.973,42 ,022304
12.12.2014 5,3247 6,4901 Yes 23.10.2014 47.008,01 17.12.2014 50.973,42 ,084356
30.01.2015 15,2155 24,1962 Yes 12.12.2014 47.664,19 3.02.2015 51.867,82 ,088193
6.04.2015 94,0469 87,8591 Yes 26.02.2015 53.638,15 9.04.2015 53.292,23 ,006449
3.07.2015 16,3190 20,8139 Yes 9.06.2015 52.343,39 8.07.2015 53.416,98 ,020511
27.07.2015 6,5358 8,3796 Yes 9.06.2015 49.601,91 29.07.2015 50.894,51 ,026060
29.09.2015 7,3096 10,6238 Yes 17.08.2015 45.064,26 1.10.2015 49.752,04 ,104024
30.10.2015 7,7223 12,6067 Yes 17.08.2015 48.058,82 4.11.2015 49.054,38 ,020715
2.12.2015 5,2749 11,2981 Yes 17.08.2015 46.384,75 4.12.2015 46.438,23 ,001153
22.12.2015 4,8811 14,1212 Yes 17.08.2015 44.015,68 28.12.2015 44.087,02 ,001621

Detailed results of Table 4.26:

Min/Max Max
MACD Is Trading Price 10 Gain
Date MACD Mov. Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
27.03.2000 218,0039 137,2574 Yes 10.02.2000 17.660 31.03.2000 14.596 ,173499
23.06.2000 447,8105 341,2538 Yes 3.01.2000 16.404 30.06.2000 16.390 ,000853
17.08.2000 183,6367 98,3287 Yes 10.07.2000 17.417 31.08.2000 16.515 ,051788
4.09.2000 142,5547 138,8765 Yes 10.07.2000 17.442 6.09.2000 15.813 ,093395
12.07.2001 -244,5225 -173,9500 Yes 24.04.2001 14.108 23.07.2001 14.239 ,009286
4.03.2002 294,1689 152,1925 Yes 8.01.2002 13.717 12.03.2002 13.183 ,038930
16.10.2002 -289,0332 -257,5136 Yes 30.07.2002 9.022 21.10.2002 10.598 ,174684
23.04.2003 334,2979 299,9305 Yes 14.01.2003 12.128 28.04.2003 12.009 ,009812
7.10.2004 411,0293 307,7863 Yes 20.07.2004 23.287 14.10.2004 22.390 ,038519
8.07.2005 -177,7695 -72,3169 Yes 22.04.2005 25.859 14.07.2005 26.142 ,010944
14.12.2005 667,2969 594,4232 Yes 3.10.2005 33.008 20.12.2005 32.768 ,007271

143
7.04.2006 327,1992 180,0641 Yes 1.02.2006 38.086 17.04.2006 38.086 ,000000
10.05.2006 831,7500 702,3309 Yes 1.02.2006 39.688 15.05.2006 34.911 ,120364
26.02.2007 649,4258 571,8779 Yes 2.01.2007 43.150 28.02.2007 41.117 ,047112
12.12.2007 733,0625 479,1320 Yes 10.10.2007 62.445 17.12.2007 59.414 ,048529
28.02.2008 1.312,6055 862,3905 Yes 31.10.2007 62.973 7.03.2008 57.824 ,081757
19.08.2008 -1.857,9102 -1.764,6115 Yes 8.07.2008 55.380 21.08.2008 56.856 ,026665
17.09.2008 -2.079,4766 -1.696,8685 Yes 8.07.2008 53.055 22.09.2008 53.455 ,007536
10.08.2009 1.283,2266 1.068,2570 Yes 2.06.2009 55.219 18.08.2009 54.918 ,005451
22.09.2009 1.289,0234 1.019,8196 Yes 2.06.2009 60.453 2.10.2009 59.678 ,012827
19.10.2009 1.983,9844 1.627,6896 Yes 11.05.2009 65.054 26.10.2009 60.146 ,075443
3.12.2009 1.022,3672 951,6769 Yes 19.10.2009 67.736 9.12.2009 65.925 ,026727
15.12.2009 985,7656 952,3802 Yes 19.10.2009 68.619 17.12.2009 65.925 ,039252
11.01.2010 833,7891 664,5765 Yes 19.10.2009 68.983 18.01.2010 64.541 ,064388
18.03.2010 763,0781 598,2216 Yes 15.12.2009 69.382 24.03.2010 68.024 ,019569
9.04.2010 826,4688 706,8666 Yes 11.01.2010 71.036 15.04.2010 65.914 ,072102
18.10.2010 1.108,4375 1.005,7371 Yes 5.08.2010 69.863 20.10.2010 68.847 ,014549
23.05.2011 -1.046,0313 -944,0211 Yes 10.02.2011 63.389 26.05.2011 64.979 ,025085
5.10.2011 -1.100,5508 -649,9769 Yes 10.08.2011 53.836 13.10.2011 59.901 ,112659
4.01.2013 1.108,3438 853,5802 Yes 20.09.2012 61.662 11.01.2013 59.921 ,028227
5.04.2013 -688,9023 -644,6419 Yes 25.02.2013 55.913 10.04.2013 56.976 ,019001
18.04.2013 -860,9609 -695,6074 Yes 5.03.2013 54.875 24.04.2013 56.814 ,035327
28.07.2014 1.082,3789 875,0715 Yes 8.04.2014 55.827 1.08.2014 55.239 ,010546
30.01.2015 -549,7539 -527,7499 Yes 16.12.2014 48.965 4.02.2015 51.868 ,059285

Detailed results of Table 4.27:

ROC Min/Max Max

Mov. Is Trading Price 10 Gain
Date ROC Avg. Is Top Bottom Divergence1 Price TradingDate Days Rate
20.01.2000 8,3654 6,5182 Yes 3.01.2000 17.049,00 24.01.2000 16.167,00 ,051733
16.02.2000 10,5199 5,4458 Yes 3.01.2000 17.626,00 21.02.2000 17.364,00 ,014864
9.03.2000 5,8156 -,5995 Yes 16.02.2000 17.229,00 15.03.2000 16.922,00 ,017819
10.05.2000 -5,0582 -4,0101 Yes 14.04.2000 14.496,00 12.05.2000 15.445,00 ,065466
12.05.2000 -6,1165 -2,8402 Yes 14.04.2000 15.361,00 17.05.2000 15.361,00 ,000000
-
23.05.2000 10,7176 -4,9384 Yes 14.04.2000 14.187,00 25.05.2000 16.640,00 ,172905
3.07.2000 4,4177 4,2323 Yes 8.06.2000 17.352,00 7.07.2000 16.390,00 ,055440
7.07.2000 4,4823 3,1382 Yes 8.06.2000 17.473,00 11.07.2000 16.390,00 ,061981
17.07.2000 5,9792 2,4432 Yes 8.06.2000 16.951,00 20.07.2000 16.073,00 ,051796
4.08.2000 -,9865 -2,2165 Yes 8.06.2000 16.894,00 9.08.2000 16.501,00 ,023263
17.08.2000 8,6740 1,7463 Yes 8.06.2000 17.086,00 22.08.2000 17.086,00 ,000000
1.12.2000 -7,5860 -3,9225 Yes 24.10.2000 14.180,00 6.12.2000 15.415,00 ,087095
30.04.2001 ,6681 ,2470 Yes 9.04.2001 14.906,00 3.05.2001 14.104,00 ,053804
13.06.2001 7,6982 3,7793 Yes 10.05.2001 14.982,00 18.06.2001 14.164,00 ,054599
10.07.2001 -8,4531 -5,0157 Yes 3.04.2001 13.907,00 13.07.2001 14.239,00 ,023873

144
23.08.2001 -9,2262 -3,5223 Yes 3.04.2001 13.074,00 30.08.2001 13.114,00 ,003060
6.12.2001 7,1293 4,5454 Yes 19.11.2001 13.299,00 10.12.2001 12.809,00 ,036845
18.12.2001 3,5957 1,6572 Yes 21.11.2001 13.271,00 20.12.2001 12.809,00 ,034813
7.01.2002 10,9576 2,9962 Yes 21.11.2001 13.554,00 11.01.2002 12.937,00 ,045522
27.02.2002 12,0467 5,8109 Yes 21.11.2001 14.007,00 6.03.2002 13.593,00 ,029557
-
30.07.2002 14,8172 -7,9249 Yes 21.06.2002 9.782,00 1.08.2002 10.763,00 ,100286
20.08.2002 -5,9785 -,3325 Yes 30.07.2002 9.441,00 22.08.2002 10.604,00 ,123186
-
30.09.2002 15,2364 -8,2266 Yes 21.06.2002 9.151,00 4.10.2002 9.319,00 ,018359
2.12.2002 9,3200 4,0553 Yes 1.11.2002 10.414,00 6.12.2002 10.307,00 ,010275
16.12.2002 5,1958 4,0160 Yes 1.11.2002 10.833,00 18.12.2002 10.723,00 ,010154
6.01.2003 13,7827 8,3646 Yes 1.11.2002 11.814,00 9.01.2003 11.027,00 ,066616
14.02.2003 -7,1987 -6,1564 Yes 28.01.2003 10.192,00 18.02.2003 10.626,00 ,042582
19.02.2003 -6,0312 -5,0113 Yes 28.01.2003 10.222,00 21.02.2003 10.800,00 ,056545
26.02.2003 -4,6279 -4,2103 Yes 28.01.2003 10.153,00 28.02.2003 11.192,00 ,102334
18.03.2003 11,5658 4,3672 Yes 1.11.2002 11.047,00 25.03.2003 11.035,00 ,001086
4.04.2003 9,6311 7,2129 Yes 18.03.2003 11.784,00 9.04.2003 11.578,00 ,017481
9.05.2003 9,7235 6,0619 Yes 18.03.2003 13.143,00 16.05.2003 12.576,00 ,043141
5.06.2003 8,1208 1,8008 Yes 16.05.2003 13.737,00 16.06.2003 12.893,00 ,061440
22.07.2003 5,3373 3,7840 Yes 5.06.2003 13.761,00 25.07.2003 12.757,00 ,072960
6.08.2003 -5,7619 -1,2932 Yes 30.06.2003 13.500,00 11.08.2003 14.765,00 ,093704
10.09.2003 10,4332 10,2823 Yes 22.08.2003 16.283,00 12.09.2003 15.773,00 ,031321
18.09.2003 9,2856 8,7662 Yes 22.08.2003 16.850,00 22.09.2003 15.768,00 ,064214
4.11.2003 4,2156 1,6698 Yes 14.10.2003 18.307,00 6.11.2003 18.261,00 ,002513
12.11.2003 5,8817 2,4257 Yes 14.10.2003 18.669,00 18.11.2003 18.610,00 ,003160
18.11.2003 4,6213 3,3642 Yes 14.10.2003 18.815,00 20.11.2003 18.815,00 ,000000
5.12.2003 11,0225 8,0484 Yes 14.10.2003 20.971,00 11.12.2003 20.544,00 ,020361
6.01.2004 13,8387 6,4524 Yes 14.10.2003 23.400,00 15.01.2004 22.300,00 ,047009
11.03.2004 -2,6902 ,3866 Yes 19.02.2004 21.776,00 15.03.2004 22.470,00 ,031870
24.03.2004 -8,7331 -2,7123 Yes 5.02.2004 21.544,00 29.03.2004 23.260,00 ,079651
25.06.2004 4,4551 2,7496 Yes 7.06.2004 20.352,00 29.06.2004 20.352,00 ,000000
30.06.2004 8,5232 3,7976 Yes 7.06.2004 21.190,00 7.07.2004 20.821,00 ,017414
14.07.2004 6,4960 4,5603 Yes 7.06.2004 22.115,00 20.07.2004 21.056,00 ,047886
25.08.2004 8,4521 2,2234 Yes 30.06.2004 22.516,00 2.09.2004 21.739,00 ,034509
29.09.2004 6,4148 2,5592 Yes 25.08.2004 24.014,00 7.10.2004 22.565,00 ,060340
17.11.2004 4,8499 3,0045 Yes 8.10.2004 24.339,00 24.11.2004 24.339,00 ,000000
26.11.2004 7,6757 4,2822 Yes 25.08.2004 24.988,00 8.12.2004 24.452,00 ,021450
28.12.2004 6,4870 2,6910 Yes 26.11.2004 25.722,00 4.01.2005 23.983,00 ,067607
15.04.2005 -6,8530 -4,0135 Yes 23.03.2005 25.232,00 26.04.2005 25.808,00 ,022828
28.04.2005 -5,6371 -4,4911 Yes 23.03.2005 24.738,00 4.05.2005 25.808,00 ,043253
13.05.2005 -5,3680 -1,1223 Yes 15.04.2005 24.362,00 17.05.2005 25.993,00 ,066949
23.05.2005 -4,8003 -2,1475 Yes 23.03.2005 25.248,00 30.05.2005 26.755,00 ,059688
21.06.2005 -2,4425 ,5433 Yes 23.03.2005 24.917,00 27.06.2005 25.454,00 ,021552

145
6.07.2005 -5,8704 -1,2202 Yes 15.04.2005 25.027,00 12.07.2005 26.142,00 ,044552
10.08.2005 10,5418 4,5270 Yes 17.02.2005 27.376,00 16.08.2005 26.129,00 ,045551
9.09.2005 9,7185 5,1830 Yes 10.08.2005 29.048,00 15.09.2005 29.048,00 ,000000
30.09.2005 8,7229 7,4446 Yes 9.09.2005 31.272,00 5.10.2005 28.596,00 ,085572
8.11.2005 9,2683 1,6399 Yes 9.09.2005 30.510,00 14.11.2005 29.948,00 ,018420
25.11.2005 4,0892 2,5367 Yes 8.11.2005 31.360,00 29.11.2005 31.296,00 ,002041
1.12.2005 7,9358 3,2422 Yes 8.11.2005 32.483,00 9.12.2005 32.483,00 ,000000
14.12.2005 7,2422 5,4316 Yes 8.11.2005 33.193,00 16.12.2005 32.768,00 ,012804
16.01.2006 10,2481 6,5476 Yes 10.08.2005 35.813,00 19.01.2006 35.813,00 ,000000
2.03.2006 8,3403 3,7357 Yes 16.01.2006 38.350,00 7.03.2006 36.085,00 ,059061
6.04.2006 5,0457 1,6345 Yes 2.03.2006 37.901,00 12.04.2006 37.816,00 ,002243
19.04.2006 5,2329 3,2118 Yes 2.03.2006 39.775,00 24.04.2006 39.577,00 ,004978
3.05.2006 7,4523 4,2745 Yes 2.03.2006 41.505,00 9.05.2006 35.664,00 ,140730
8.08.2006 5,8857 4,1922 Yes 3.07.2006 37.255,00 10.08.2006 35.123,00 ,057227
10.10.2006 11,0808 4,3275 Yes 3.07.2006 38.898,00 18.10.2006 38.273,00 ,016068
8.11.2006 6,9637 3,6606 Yes 10.10.2006 40.724,00 13.11.2006 40.038,00 ,016845
21.11.2006 5,8758 4,8991 Yes 10.10.2006 42.071,00 24.11.2006 40.428,00 ,039053
6.12.2006 5,0383 2,5024 Yes 8.11.2006 42.967,98 11.12.2006 42.783,09 ,004303
14.12.2006 6,6066 3,9058 Yes 8.11.2006 43.595,70 18.12.2006 42.890,98 ,016165
6.02.2007 6,7656 4,7088 Yes 8.11.2006 44.584,54 8.02.2007 43.849,50 ,016486
21.03.2007 10,8106 -1,4435 Yes 10.10.2006 44.492,93 29.03.2007 44.492,93 ,000000
16.04.2007 9,9746 5,5129 Yes 21.03.2007 49.162,09 24.04.2007 48.311,08 ,017310
9.05.2007 3,8292 3,8133 Yes 16.04.2007 50.234,97 11.05.2007 50.214,29 ,000412
11.05.2007 3,7324 3,4012 Yes 16.04.2007 50.510,76 15.05.2007 50.214,29 ,005869
17.05.2007 5,4642 3,5053 Yes 16.04.2007 52.209,60 23.05.2007 50.214,29 ,038217
30.05.2007 3,9930 3,1812 Yes 16.04.2007 53.162,18 6.06.2007 50.884,50 ,042844
15.06.2007 5,4224 2,3491 Yes 17.05.2007 54.029,77 21.06.2007 53.201,62 ,015328
28.06.2007 4,5359 3,3891 Yes 16.04.2007 54.396,23 2.07.2007 54.396,23 ,000000
6.07.2007 4,4689 3,0348 Yes 15.06.2007 55.881,76 11.07.2007 54.520,01 ,024368
13.07.2007 7,0425 3,6231 Yes 16.04.2007 58.125,12 20.07.2007 52.574,67 ,095491
1.10.2007 13,5356 8,8583 Yes 3.09.2007 60.408,44 5.10.2007 59.472,98 ,015486
1.11.2007 3,7788 1,8481 Yes 1.10.2007 62.967,10 6.11.2007 59.846,62 ,049557
7.11.2007 4,2801 2,0515 Yes 1.10.2007 64.320,56 12.11.2007 58.095,92 ,096775
12.12.2007 9,6032 3,5391 Yes 1.10.2007 62.444,64 17.12.2007 59.414,24 ,048529
8.04.2008 9,4126 2,8034 Yes 13.02.2008 62.592,09 14.04.2008 61.466,50 ,017983
28.04.2008 3,4670 2,4189 Yes 8.04.2008 63.825,74 30.04.2008 63.825,74 ,000000
2.05.2008 10,7764 3,9144 Yes 13.02.2008 70.495,06 14.05.2008 70.026,56 ,006646
15.05.2008 12,0117 8,4867 Yes 13.02.2008 72.766,93 19.05.2008 70.334,88 ,033422
28.07.2008 -5,6159 -3,3194 Yes 3.07.2008 59.997,64 31.07.2008 60.022,54 ,000415
4.08.2008 -7,4858 -3,3400 Yes 3.07.2008 57.017,58 8.08.2008 57.146,40 ,002259
-
18.08.2008 10,3834 -5,8813 Yes 3.07.2008 55.379,54 21.08.2008 56.856,23 ,026665
-
21.11.2008 22,3680 1,0806 Yes 10.10.2008 36.470,37 27.11.2008 39.879,77 ,093484

146
6.01.2009 10,4177 4,4604 Yes 9.12.2008 40.819,37 8.01.2009 36.805,84 ,098324
15.01.2009 6,2037 4,8864 Yes 9.12.2008 38.775,96 20.01.2009 36.743,71 ,052410
9.02.2009 11,0987 3,4283 Yes 17.12.2008 40.512,44 13.02.2009 36.195,86 ,106550
25.03.2009 13,7664 7,2960 Yes 17.12.2008 41.908,97 30.03.2009 40.256,17 ,039438
16.04.2009 13,2134 9,1634 Yes 25.03.2009 44.433,80 22.04.2009 44.433,80 ,000000
8.05.2009 15,6704 8,0503 Yes 9.12.2008 48.670,86 14.05.2009 48.283,78 ,007953
1.06.2009 10,1935 3,6139 Yes 8.05.2009 52.093,86 4.06.2009 50.264,97 ,035108
14.07.2009 -5,1291 -1,7640 Yes 24.06.2009 51.291,70 16.07.2009 55.083,23 ,073921
30.07.2009 11,4703 7,2413 Yes 8.05.2009 54.765,65 3.08.2009 54.765,65 ,000000
24.08.2009 3,6239 2,7127 Yes 30.07.2009 57.424,82 26.08.2009 55.338,92 ,036324
27.08.2009 3,4840 2,3333 Yes 30.07.2009 57.697,68 31.08.2009 55.338,92 ,040881
8.09.2009 1,8006 ,9514 Yes 30.07.2009 57.908,38 10.09.2009 57.614,92 ,005068
22.09.2009 10,3868 4,7966 Yes 30.07.2009 60.044,63 25.09.2009 59.677,90 ,006108
14.10.2009 9,6849 4,4693 Yes 22.09.2009 65.489,75 22.10.2009 60.146,38 ,081591
16.11.2009 10,7456 ,2241 Yes 30.07.2009 66.335,44 23.11.2009 65.737,25 ,009018
7.12.2009 3,2942 2,6116 Yes 16.11.2009 67.735,52 9.12.2009 65.925,19 ,026727
14.12.2009 4,4548 2,6432 Yes 16.11.2009 68.618,62 17.12.2009 65.925,19 ,039252
8.01.2010 6,5794 1,7855 Yes 16.11.2009 69.779,55 15.01.2010 64.541,49 ,075066
1.03.2010 6,4523 2,3919 Yes 16.11.2009 68.846,50 8.03.2010 67.899,04 ,013762
8.04.2010 3,9730 1,2225 Yes 11.03.2010 70.521,83 16.04.2010 65.914,20 ,065336
5.10.2010 6,2514 3,2863 Yes 3.08.2010 69.920,89 8.10.2010 68.847,04 ,015358
5.11.2010 3,9262 ,0338 Yes 13.10.2010 70.364,38 16.11.2010 67.102,94 ,046351
20.12.2010 -3,2555 -1,1701 Yes 23.11.2010 68.476,32 27.12.2010 71.172,96 ,039381
5.01.2011 5,4910 ,6709 Yes 3.08.2010 70.612,23 18.01.2011 65.897,65 ,066767
5.05.2011 -4,9145 -3,6597 Yes 4.02.2011 64.415,96 9.05.2011 65.143,41 ,011293
11.05.2011 -4,7730 -3,3622 Yes 4.02.2011 63.675,18 18.05.2011 64.673,73 ,015682
16.06.2011 -5,7868 -1,1227 Yes 4.02.2011 61.191,88 24.06.2011 63.891,31 ,044114
20.07.2011 -7,4683 -3,1563 Yes 4.02.2011 60.263,66 25.07.2011 60.285,41 ,000361
9.12.2011 5,9383 1,0907 Yes 24.10.2011 56.646,87 15.12.2011 55.298,33 ,023806
5.01.2012 5,8731 1,0949 Yes 9.12.2011 59.146,32 16.01.2012 59.146,32 ,000000
17.01.2012 6,8573 4,6028 Yes 8.11.2011 61.932,40 20.01.2012 61.592,70 ,005485
24.01.2012 6,6311 5,2081 Yes 8.11.2011 62.901,79 30.01.2012 61.989,10 ,014510
1.02.2012 9,1647 6,0217 Yes 8.11.2011 65.213,10 7.02.2012 63.879,92 ,020443
1.03.2012 4,3938 1,9880 Yes 1.02.2012 65.123,38 7.03.2012 65.123,38 ,000000
14.03.2012 4,6224 2,1146 Yes 1.02.2012 67.724,88 20.03.2012 64.015,27 ,054775
28.06.2012 -4,3539 2,0976 Yes 18.05.2012 56.083,48 5.07.2012 56.943,09 ,015327
11.07.2012 -3,3737 -2,1458 Yes 18.05.2012 53.421,95 13.07.2012 57.046,30 ,067844
24.07.2012 -6,6344 -1,3531 Yes 18.05.2012 54.024,19 27.07.2012 59.365,43 ,098868
21.09.2012 9,0447 5,5884 Yes 10.08.2012 60.506,24 26.09.2012 58.104,97 ,039686
31.10.2012 -4,2508 -1,8085 Yes 10.10.2012 59.460,27 7.11.2012 59.460,27 ,000000
22.11.2012 -3,3327 -1,5803 Yes 31.10.2012 57.571,44 26.11.2012 59.248,23 ,029125
26.11.2012 -4,5771 -1,8783 Yes 10.10.2012 56.562,17 29.11.2012 59.968,66 ,060226
13.12.2012 5,4556 3,3303 Yes 10.08.2012 59.568,29 18.12.2012 59.565,27 ,000051

147
20.12.2012 6,4501 4,7647 Yes 10.08.2012 60.415,95 28.12.2012 60.415,95 ,000000
3.01.2013 6,4537 4,8448 Yes 21.09.2012 61.932,87 8.01.2013 61.080,92 ,013756
25.03.2013 -6,7526 -1,0711 Yes 21.02.2013 55.900,63 2.04.2013 56.975,82 ,019234
15.04.2013 -5,5044 -1,8078 Yes 25.03.2013 54.301,03 23.04.2013 56.813,65 ,046272
27.05.2013 1,7326 ,6076 Yes 7.05.2013 54.632,53 31.05.2013 48.746,14 ,107745
17.09.2013 8,5243 5,4330 Yes 23.08.2013 54.110,03 23.09.2013 52.093,15 ,037274
16.10.2013 6,9449 -1,5060 Yes 17.09.2013 54.156,36 28.10.2013 51.735,25 ,044706
5.12.2013 -6,4806 -2,9471 Yes 7.11.2013 51.166,59 10.12.2013 51.640,98 ,009271
21.01.2014 -4,7842 -2,9675 Yes 5.12.2013 49.293,58 23.01.2014 49.598,35 ,006183
24.01.2014 -5,5149 -3,7420 Yes 5.12.2013 47.749,85 28.01.2014 48.603,74 ,017882
14.03.2014 -5,1227 -2,9351 Yes 3.02.2014 46.152,99 19.03.2014 51.794,21 ,122229
6.05.2014 6,5909 1,4937 Yes 2.04.2014 53.102,68 12.05.2014 52.132,77 ,018265
14.05.2014 5,8623 3,8256 Yes 2.04.2014 53.975,51 19.05.2014 51.239,34 ,050693
18.06.2014 7,7347 2,8525 Yes 2.04.2014 54.194,33 24.06.2014 52.709,38 ,027400
21.07.2014 8,6842 3,1581 Yes 2.04.2014 57.697,44 29.07.2014 55.266,87 ,042126
29.08.2014 10,2678 5,8720 Yes 2.04.2014 60.800,26 5.09.2014 56.666,42 ,067990
30.01.2015 -1,5493 -,6904 Yes 15.12.2014 48.964,93 4.02.2015 51.867,82 ,059285
1.04.2015 7,1109 3,8212 Yes 19.02.2015 53.737,99 7.04.2015 53.292,23 ,008295
8.05.2015 6,3020 4,6470 Yes 15.04.2015 56.790,23 13.05.2015 53.135,89 ,064348
8.07.2015 -3,8652 -1,4340 Yes 29.05.2015 53.119,47 14.07.2015 53.416,98 ,005601
30.07.2015 -6,2769 -4,3378 Yes 29.05.2015 50.866,92 3.08.2015 50.866,92 ,000000
28.09.2015 -5,4777 -,6787 Yes 24.08.2015 47.033,28 5.10.2015 49.752,04 ,057805

Detailed results of Table 4.28:

Min/Max
CCI Mov. Is Is Trading Price 10 Max Gain
Date CCI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
27.03.2000 139,3960 4,7172 Yes 8.02.2000 18.053,00 30.03.2000 15.501,00 ,141362
22.05.2000 -184,7213 -87,9248 Yes 14.04.2000 14.204,00 26.05.2000 16.640,00 ,171501
7.07.2000 167,6703 94,2800 Yes 2.06.2000 16.893,00 12.07.2000 16.390,00 ,029776
15.08.2000 171,2845 2,0876 Yes 2.06.2000 17.086,00 22.08.2000 17.086,00 ,000000
18.10.2000 -259,2617 -128,2439 Yes 18.09.2000 13.705,00 26.10.2000 15.191,00 ,108428
30.11.2000 -221,1938 -96,8009 Yes 18.10.2000 14.180,00 6.12.2000 15.415,00 ,087095
21.02.2001 -198,3638 -97,7082 Yes 18.09.2000 16.158,00 28.02.2001 16.813,00 ,040537
22.03.2001 -197,7415 -133,8180 Yes 18.10.2000 14.733,00 27.03.2001 15.097,00 ,024706
23.04.2001 -153,9141 -5,0668 Yes 22.03.2001 14.752,00 27.04.2001 15.304,00 ,037419
10.07.2001 -176,0493 -101,8758 Yes 22.03.2001 14.081,00 16.07.2001 14.239,00 ,011221
30.10.2001 23,7432 115,9898 Yes 12.09.2001 12.154,00 6.11.2001 13.137,00 ,080879
6.09.2002 -15,4661 82,9112 Yes 23.07.2002 10.156,00 13.09.2002 10.219,00 ,006203
30.09.2002 -190,5495 -140,5557 Yes 23.07.2002 9.011,00 2.10.2002 9.319,00 ,034180
16.10.2002 -158,3116 -90,6460 Yes 23.07.2002 8.902,00 18.10.2002 10.598,00 ,190519
2.12.2002 185,1026 120,2356 Yes 24.10.2002 10.645,00 5.12.2002 10.307,00 ,031752
3.04.2003 188,7992 123,4878 Yes 20.12.2002 11.784,00 9.04.2003 11.578,00 ,017481

148
6.06.2003 198,1483 104,2087 Yes 18.03.2003 13.901,00 12.06.2003 12.895,00 ,072369
19.09.2003 141,4342 119,2191 Yes 21.08.2003 16.488,00 23.09.2003 15.768,00 ,043668
8.10.2003 194,7451 80,7330 Yes 21.08.2003 18.176,00 15.10.2003 17.340,00 ,045995
11.03.2004 -136,6333 31,6939 Yes 2.02.2004 22.370,00 19.03.2004 23.034,00 ,029683
24.03.2004 -122,6754 -50,6377 Yes 2.02.2004 21.531,00 30.03.2004 23.260,00 ,080303
30.04.2004 -171,4621 -105,1943 Yes 2.02.2004 20.019,00 6.05.2004 20.019,00 ,000000
10.05.2004 -182,5373 -139,8963 Yes 2.02.2004 18.543,00 12.05.2004 19.120,00 ,031117
19.08.2004 188,9422 -17,6229 Yes 2.07.2004 22.583,00 27.08.2004 21.739,00 ,037373
20.09.2004 154,6159 -10,7962 Yes 19.08.2004 22.834,00 28.09.2004 22.593,00 ,010554
26.11.2004 164,4226 142,0554 Yes 4.10.2004 24.855,00 30.11.2004 24.452,00 ,016214
2.06.2005 193,9314 31,9560 Yes 9.02.2005 25.026,00 8.06.2005 24.224,00 ,032047
7.07.2005 -157,3028 -69,5884 Yes 15.04.2005 25.027,00 12.07.2005 26.142,00 ,044552
3.08.2005 175,2869 76,3725 Yes 2.06.2005 27.099,00 11.08.2005 25.734,00 ,050371
3.11.2005 188,5529 -21,5794 Yes 2.09.2005 30.722,00 11.11.2005 29.948,00 ,025194
2.12.2005 174,1842 129,5755 Yes 3.11.2005 32.756,00 8.12.2005 32.476,00 ,008548
17.02.2006 125,5113 6,2905 Yes 4.01.2006 38.350,00 7.03.2006 36.085,00 ,059061
20.03.2006 18,5694 -39,6365 Yes 4.01.2006 37.473,00 24.03.2006 36.682,00 ,021109
4.04.2006 175,0516 12,1705 Yes 4.01.2006 38.478,00 11.04.2006 37.816,00 ,017205
19.04.2006 174,5927 91,1072 Yes 4.01.2006 40.365,00 2.05.2006 38.871,00 ,037012
4.07.2006 158,3953 21,5830 Yes 4.01.2006 36.137,00 11.07.2006 34.591,00 ,042782
4.08.2006 155,0578 93,7850 Yes 4.07.2006 37.602,00 9.08.2006 35.512,00 ,055582
22.09.2006 -206,6629 -91,7612 Yes 23.08.2006 35.817,00 27.09.2006 38.778,00 ,082670
2.01.2007 227,5978 109,1011 Yes 6.11.2006 44.018,87 5.01.2007 41.266,21 ,062534
22.02.2007 168,1974 100,5420 Yes 2.01.2007 46.190,28 27.02.2007 41.117,02 ,109834
26.03.2007 140,2666 26,2406 Yes 2.01.2007 45.601,44 3.04.2007 45.601,44 ,000000
16.04.2007 176,6719 125,0395 Yes 2.01.2007 48.762,99 20.04.2007 48.311,08 ,009267
21.05.2007 167,3629 128,3482 Yes 16.04.2007 51.813,10 24.05.2007 50.214,29 ,030857
15.06.2007 225,4893 103,7365 Yes 2.01.2007 54.643,61 22.06.2007 53.201,62 ,026389
4.09.2007 122,2714 40,5787 Yes 15.06.2007 52.659,64 11.09.2007 52.659,64 ,000000
19.09.2007 191,7858 91,9036 Yes 15.06.2007 60.465,06 1.10.2007 59.535,84 ,015368
29.10.2007 223,9861 66,5789 Yes 15.06.2007 62.967,10 6.11.2007 59.846,62 ,049557
7.12.2007 139,5444 1,2864 Yes 29.10.2007 62.867,81 14.12.2007 59.414,24 ,054934
4.08.2008 -178,5861 -98,6278 Yes 3.07.2008 57.546,42 7.08.2008 57.941,98 ,006874
21.11.2008 -122,7565 -25,2986 Yes 6.10.2008 36.470,37 27.11.2008 39.879,77 ,093484
26.12.2008 -30,6983 82,4863 Yes 6.10.2008 40.243,40 5.01.2009 42.525,21 ,056700
20.01.2009 -68,6407 24,8514 Yes 6.10.2008 38.511,30 27.01.2009 43.406,70 ,127116
3.03.2009 -165,8158 -91,0247 Yes 6.10.2008 38.391,36 5.03.2009 41.136,61 ,071507
24.04.2009 112,7061 104,4102 Yes 23.03.2009 45.819,29 28.04.2009 44.965,82 ,018627
23.07.2009 156,3116 38,8127 Yes 5.05.2009 54.469,67 29.07.2009 53.255,83 ,022285
24.08.2009 178,7283 85,5028 Yes 1.06.2009 56.489,40 1.09.2009 55.338,92 ,020366
17.09.2009 195,9421 91,5909 Yes 1.06.2009 60.496,30 24.09.2009 59.599,75 ,014820
14.10.2009 211,3023 139,1953 Yes 1.06.2009 66.200,49 19.10.2009 60.146,38 ,091451
17.11.2009 112,9753 39,4901 Yes 14.10.2009 66.335,44 23.11.2009 65.737,25 ,009018

149
25.11.2009 108,7782 73,4190 Yes 14.10.2009 66.370,84 27.11.2009 65.737,25 ,009546
2.12.2009 178,2245 92,0272 Yes 14.10.2009 67.735,52 9.12.2009 65.925,19 ,026727
5.01.2010 173,8639 5,6618 Yes 2.12.2009 70.080,52 13.01.2010 64.541,49 ,079038
10.03.2010 156,2377 90,7414 Yes 14.10.2009 69.023,46 16.03.2010 67.899,04 ,016290
25.08.2010 -187,2357 -48,9429 Yes 28.04.2010 67.072,53 2.09.2010 68.141,51 ,015938
14.09.2010 111,9879 38,1151 Yes 26.07.2010 67.087,46 20.09.2010 67.009,45 ,001163
1.03.2011 22,7304 33,3612 Yes 28.01.2011 67.283,78 3.03.2011 68.219,95 ,013914
16.03.2011 -100,3124 7,1334 Yes 28.01.2011 66.683,80 22.03.2011 70.046,53 ,050428
18.04.2011 -155,5391 -,6188 Yes 28.01.2011 66.971,89 26.04.2011 67.413,16 ,006589
5.05.2011 -175,1025 -97,8888 Yes 28.01.2011 64.621,97 10.05.2011 65.143,41 ,008069
16.06.2011 -185,1232 -69,9084 Yes 28.01.2011 61.420,04 22.06.2011 63.891,31 ,040236
4.10.2011 -175,5941 -123,5915 Yes 4.08.2011 51.015,88 6.10.2011 55.504,42 ,087983
27.10.2011 189,7916 102,4763 Yes 1.09.2011 57.326,69 3.11.2011 56.417,99 ,015851
6.12.2011 113,5420 -40,4028 Yes 27.10.2011 57.355,43 13.12.2011 55.298,33 ,035866
4.01.2012 157,4362 24,3794 Yes 27.10.2011 59.146,32 16.01.2012 59.146,32 ,000000
19.01.2012 175,7390 130,0653 Yes 27.10.2011 62.486,22 26.01.2012 61.989,10 ,007956
30.04.2012 -83,0946 -72,5049 Yes 29.03.2012 62.426,66 3.05.2012 62.782,95 ,005707
28.06.2012 -119,5816 45,0526 Yes 9.05.2012 55.780,32 4.07.2012 56.943,09 ,020846
12.07.2012 -107,2543 -22,2496 Yes 9.05.2012 54.587,83 19.07.2012 57.465,94 ,052724
24.07.2012 -111,0863 -54,5064 Yes 9.05.2012 54.024,19 27.07.2012 59.365,43 ,098868
6.08.2012 169,0642 56,7793 Yes 19.06.2012 59.280,83 13.08.2012 57.630,11 ,027846
4.09.2012 -185,6301 -61,0279 Yes 9.05.2012 58.324,63 10.09.2012 63.428,28 ,087504
24.10.2012 -206,4062 -70,5298 Yes 9.05.2012 57.682,24 31.10.2012 59.560,83 ,032568
25.03.2013 -166,8008 -59,9211 Yes 30.01.2013 56.035,45 28.03.2013 56.975,82 ,016782
15.04.2013 -223,5193 -79,1675 Yes 30.01.2013 53.926,50 22.04.2013 56.450,43 ,046803
3.07.2013 -131,0360 -105,6110 Yes 31.05.2013 45.493,56 11.07.2013 49.379,07 ,085408
4.10.2013 -136,6764 -29,5289 Yes 31.05.2013 52.999,89 11.10.2013 56.747,03 ,070701
16.10.2013 170,1012 -44,7643 Yes 9.09.2013 54.863,43 25.10.2013 51.735,25 ,057018
8.11.2013 -188,1418 -44,9716 Yes 31.05.2013 53.451,60 18.11.2013 54.317,16 ,016193
9.01.2014 -167,7063 -3,1073 Yes 4.12.2013 50.106,34 16.01.2014 50.577,38 ,009401
24.01.2014 -168,4207 -120,9698 Yes 4.12.2013 47.233,71 31.01.2014 48.669,22 ,030392
11.06.2014 185,3305 -29,8041 Yes 5.05.2014 54.194,33 24.06.2014 52.709,38 ,027400
21.07.2014 188,1340 101,9970 Yes 5.05.2014 57.420,23 24.07.2014 55.266,87 ,037502
27.08.2014 170,3401 103,5693 Yes 21.07.2014 61.294,48 1.09.2014 56.666,42 ,075505
15.12.2014 -162,1517 -110,6786 Yes 23.10.2014 48.714,43 18.12.2014 50.973,42 ,046372
30.01.2015 -162,2446 -56,1146 Yes 23.10.2014 48.964,93 4.02.2015 51.867,82 ,059285
23.03.2015 89,3785 -34,4348 Yes 18.02.2015 50.099,79 30.03.2015 50.099,79 ,000000
6.04.2015 159,1098 77,0144 Yes 18.02.2015 54.037,28 15.04.2015 53.510,41 ,009750
24.04.2015 157,0336 101,7547 Yes 18.02.2015 55.312,11 30.04.2015 55.079,75 ,004201
5.05.2015 192,3873 120,3679 Yes 18.02.2015 56.964,90 8.05.2015 54.037,59 ,051388
24.08.2015 -200,7548 -151,0061 Yes 24.07.2015 44.545,67 26.08.2015 47.996,65 ,077471
28.09.2015 -194,7143 -16,7775 Yes 24.08.2015 45.313,39 2.10.2015 49.752,04 ,097954
1.12.2015 -187,0520 3,2359 Yes 24.07.2015 46.084,06 10.12.2015 46.322,66 ,005178

150
Detailed results of Table 4.29:

RSI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
30.03.2000 66,2921 60,0068 Yes 3.03.2000 1.756,30 5.04.2000 1.746,30 ,005694
10.04.2000 64,6905 62,9577 Yes 16.02.2000 1.807,84 13.04.2000 1.778,88 ,016019
14.04.2000 64,1120 62,2493 Yes 16.02.2000 1.794,34 18.04.2000 1.779,29 ,008387
20.04.2000 63,2304 61,8588 Yes 16.02.2000 1.838,05 25.04.2000 1.695,53 ,077539
7.06.2000 70,3995 66,5749 Yes 16.02.2000 1.918,19 13.06.2000 1.888,08 ,015697
19.07.2000 69,1452 63,3561 Yes 7.06.2000 1.990,15 25.07.2000 1.989,09 ,000533
3.08.2000 74,7767 69,8718 Yes 16.02.2000 2.025,18 7.08.2000 2.017,90 ,003595
23.11.2000 79,2042 76,6884 Yes 21.08.2000 2.041,16 27.11.2000 2.031,93 ,004522
3.01.2001 66,9611 55,8823 Yes 23.11.2000 2.099,32 9.01.2001 1.956,18 ,068184
17.04.2001 74,4214 66,4623 Yes 23.11.2000 2.150,34 23.04.2001 2.102,82 ,022099
21.05.2001 70,3238 63,2923 Yes 17.04.2001 2.198,01 24.05.2001 2.171,68 ,011979
6.06.2001 70,8561 64,1911 Yes 17.04.2001 2.223,79 11.06.2001 2.157,12 ,029980
27.08.2001 25,8852 34,6166 Yes 31.07.2001 1.868,36 5.09.2001 1.888,90 ,010994
17.09.2001 32,8854 38,7939 Yes 27.08.2001 1.826,42 20.09.2001 1.836,79 ,005678
11.10.2001 22,2379 32,1100 Yes 31.07.2001 1.692,17 15.10.2001 1.744,92 ,031173
22.10.2001 20,2600 28,0188 Yes 31.07.2001 1.733,64 24.10.2001 1.744,92 ,006507
22.01.2002 18,5625 24,9100 Yes 31.07.2001 1.435,32 24.01.2002 1.530,13 ,066055
10.04.2002 60,6282 53,1295 Yes 11.03.2002 1.641,72 17.04.2002 1.603,64 ,023195
26.11.2002 22,5184 28,3008 Yes 11.10.2002 1.420,43 29.11.2002 1.450,19 ,020951
3.01.2003 25,3614 39,4744 Yes 26.11.2002 1.374,62 9.01.2003 1.492,72 ,085915
3.03.2003 63,0764 59,1787 Yes 28.01.2003 1.495,69 7.03.2003 1.452,59 ,028816
28.07.2003 34,6923 44,4914 Yes 1.07.2003 1.494,49 5.08.2003 1.497,10 ,001746
22.09.2003 27,5093 32,1128 Yes 28.08.2003 1.391,40 24.09.2003 1.411,88 ,014719
30.10.2003 35,8960 42,6791 Yes 29.09.2003 1.363,96 4.11.2003 1.412,91 ,035888
12.11.2003 35,0230 41,9898 Yes 29.09.2003 1.338,60 20.11.2003 1.462,07 ,092238
20.02.2004 69,1401 66,4935 Yes 8.01.2004 1.675,64 24.02.2004 1.628,84 ,027930
16.03.2004 66,7242 54,9156 Yes 20.02.2004 1.740,89 24.03.2004 1.711,66 ,016790
6.04.2004 66,6066 60,7794 Yes 16.03.2004 1.717,20 12.04.2004 1.623,05 ,054828
14.06.2004 25,5193 35,9572 Yes 10.05.2004 1.475,27 17.06.2004 1.478,49 ,002183
3.08.2004 35,0136 39,5330 Yes 28.06.2004 1.402,37 5.08.2004 1.413,08 ,007637
23.08.2004 30,6471 37,7705 Yes 28.06.2004 1.344,46 25.08.2004 1.360,75 ,012116
13.09.2004 25,8685 35,6514 Yes 14.06.2004 1.303,29 15.09.2004 1.496,21 ,148025
4.01.2005 27,7202 36,5037 Yes 13.09.2004 1.252,71 11.01.2005 1.268,86 ,012892
20.01.2005 27,2964 33,8940 Yes 13.09.2004 1.258,02 24.01.2005 1.274,12 ,012798
27.04.2005 33,9426 40,1846 Yes 30.03.2005 1.168,33 29.04.2005 1.170,20 ,001601
11.07.2005 32,2294 40,5112 Yes 3.06.2005 1.044,58 13.07.2005 1.090,19 ,043663
5.09.2005 64,6902 59,5424 Yes 11.08.2005 1.170,77 7.09.2005 1.168,58 ,001871
15.09.2005 66,0117 62,1568 Yes 17.08.2005 1.210,85 21.09.2005 1.129,05 ,067556
5.12.2005 36,7803 45,8919 Yes 28.10.2005 1.100,69 8.12.2005 1.142,39 ,037885

151
1.03.2006 67,7721 61,5924 Yes 6.02.2006 1.284,61 3.03.2006 1.238,16 ,036159
23.03.2006 62,9577 52,9553 Yes 6.02.2006 1.291,52 31.03.2006 1.285,73 ,004483
11.04.2006 76,6924 67,9208 Yes 6.02.2006 1.330,09 14.04.2006 1.328,44 ,001241
5.06.2006 68,8777 66,4864 Yes 15.05.2006 1.576,44 8.06.2006 1.512,52 ,040547
6.07.2006 73,3838 65,3282 Yes 15.05.2006 1.641,14 14.07.2006 1.632,69 ,005149
6.09.2006 61,5249 57,2700 Yes 15.05.2006 1.659,70 8.09.2006 1.653,01 ,004031
21.09.2006 72,6291 67,0691 Yes 15.05.2006 1.722,74 25.09.2006 1.704,77 ,010431
11.10.2006 75,7426 68,6927 Yes 15.05.2006 1.768,63 17.10.2006 1.753,49 ,008560
7.11.2006 77,5541 70,8489 Yes 15.05.2006 1.860,95 9.11.2006 1.841,82 ,010280
26.02.2007 68,7338 59,8166 Yes 24.01.2007 2.734,59 28.02.2007 2.723,06 ,004216
18.04.2007 85,3650 82,0280 Yes 4.01.2007 3.460,90 20.04.2007 3.460,90 ,000000
31.07.2007 70,9582 62,3084 Yes 29.05.2007 4.316,57 2.08.2007 4.290,81 ,005968
14.08.2007 76,5852 70,2238 Yes 29.05.2007 4.733,14 17.08.2007 4.646,43 ,018320
28.08.2007 76,5261 71,2847 Yes 29.05.2007 5.144,11 30.08.2007 5.025,34 ,023089
6.09.2007 76,6375 74,2115 Yes 29.05.2007 5.208,32 10.09.2007 5.025,34 ,035132
16.10.2007 79,5608 70,5874 Yes 10.05.2007 5.869,12 19.10.2007 5.462,01 ,069365
25.02.2008 32,5285 40,2159 Yes 22.01.2008 4.323,70 3.03.2008 4.472,15 ,034334
18.04.2008 29,6354 36,3976 Yes 27.03.2008 3.539,87 24.04.2008 3.786,02 ,069536
17.07.2008 37,8146 42,7260 Yes 17.06.2008 2.759,88 21.07.2008 2.924,45 ,059629
18.08.2008 24,4499 32,8065 Yes 17.06.2008 2.484,49 21.08.2008 2.518,44 ,013665
27.10.2008 27,1110 35,1381 Yes 18.09.2008 1.754,21 31.10.2008 1.987,26 ,132852
31.12.2008 37,0231 44,0224 Yes 18.09.2008 1.878,83 6.01.2009 2.018,51 ,074344
7.04.2009 69,1855 65,6897 Yes 16.02.2009 2.345,01 9.04.2009 2.331,88 ,005600
15.04.2009 70,1139 66,0145 Yes 16.02.2009 2.500,17 20.04.2009 2.372,34 ,051128
8.05.2009 69,2621 59,7999 Yes 15.04.2009 2.632,57 18.05.2009 2.538,62 ,035686
19.05.2009 68,2289 66,4393 Yes 16.02.2009 2.639,14 21.05.2009 2.538,62 ,038088
10.06.2009 72,1556 66,5462 Yes 16.02.2009 2.743,03 15.06.2009 2.727,74 ,005575
28.07.2009 81,4568 77,1424 Yes 6.07.2009 3.281,20 30.07.2009 3.060,12 ,067379
19.11.2009 74,6957 67,7512 Yes 6.07.2009 3.214,81 25.11.2009 3.080,89 ,041660
7.06.2010 30,1555 35,7307 Yes 17.05.2010 2.561,55 10.06.2010 2.598,35 ,014368
1.07.2010 26,5276 37,8592 Yes 17.05.2010 2.407,67 7.07.2010 2.553,45 ,060551
7.09.2010 60,9791 53,8647 Yes 9.08.2010 2.657,24 10.09.2010 2.573,63 ,031464
8.11.2010 76,4656 71,3856 Yes 15.10.2010 3.108,51 11.11.2010 2.791,58 ,101955
9.03.2011 68,4589 61,4500 Yes 15.10.2010 2.942,42 11.03.2011 2.850,95 ,031088
18.04.2011 67,1119 63,8144 Yes 9.03.2011 3.005,98 20.04.2011 2.849,91 ,051918
6.09.2011 31,3878 40,4186 Yes 9.08.2011 2.482,86 15.09.2011 2.517,67 ,014022
19.09.2011 32,2739 35,9945 Yes 9.08.2011 2.491,21 22.09.2011 2.499,98 ,003518
26.09.2011 33,6032 37,1368 Yes 9.08.2011 2.427,29 28.09.2011 2.452,99 ,010588
10.10.2011 30,6960 35,9520 Yes 22.08.2011 2.412,83 13.10.2011 2.452,99 ,016643
25.11.2011 37,1323 45,8928 Yes 9.08.2011 2.406,33 30.11.2011 2.423,56 ,007160
30.11.2011 33,9077 40,5998 Yes 10.10.2011 2.374,90 2.12.2011 2.378,30 ,001432
15.12.2011 23,0833 33,7530 Yes 9.08.2011 2.193,66 26.12.2011 2.290,64 ,044212
4.05.2012 65,8156 59,7370 Yes 28.02.2012 2.409,95 10.05.2012 2.330,32 ,033039

152
31.07.2012 29,1136 34,3769 Yes 28.06.2012 2.120,15 2.08.2012 2.176,79 ,026719
27.08.2012 29,2266 38,1271 Yes 31.07.2012 2.060,61 4.09.2012 2.145,00 ,040954
26.09.2012 33,5765 41,6951 Yes 5.09.2012 2.042,89 28.09.2012 2.137,69 ,046405
20.11.2012 33,0682 40,5183 Yes 5.09.2012 2.021,21 22.11.2012 2.040,60 ,009596
29.11.2012 29,5175 35,3685 Yes 27.08.2012 1.973,11 5.12.2012 2.183,71 ,106738
6.02.2013 75,6062 69,5455 Yes 7.01.2013 2.420,26 19.02.2013 2.259,25 ,066529
9.09.2014 75,4726 66,2595 Yes 31.07.2014 2.308,35 12.09.2014 2.282,80 ,011069
9.10.2014 72,5198 67,5733 Yes 15.09.2014 2.366,43 13.10.2014 2.279,84 ,036591
12.11.2014 73,7113 67,6125 Yes 15.09.2014 2.506,86 17.11.2014 2.437,48 ,027676
7.01.2015 79,4254 73,6393 Yes 8.12.2014 3.276,97 9.01.2015 3.095,07 ,055509
2.03.2015 63,6839 56,7785 Yes 8.12.2014 3.264,18 4.03.2015 3.198,37 ,020161
30.03.2015 81,9763 78,1343 Yes 8.12.2014 3.748,34 1.04.2015 3.742,21 ,001635
8.04.2015 85,1782 80,2075 Yes 8.12.2014 3.947,49 10.04.2015 3.929,32 ,004603
14.04.2015 84,9209 81,9701 Yes 8.12.2014 4.194,82 16.04.2015 4.190,68 ,000987
27.05.2015 77,2072 65,0583 Yes 27.04.2015 4.603,47 29.05.2015 4.431,56 ,037344
22.12.2015 62,7165 52,5749 Yes 25.11.2015 3.528,40 29.12.2015 2.978,46 ,155859

Detailed results of Table 4.30:

Stochastic Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date Stochastic Avg. Top Bottom Divergence1 Price TradingDate Days Rate
14.02.2000 90,4610 74,1129 Yes 10.01.2000 1.734,27 17.02.2000 1.583,58 ,086890
13.03.2000 76,8824 75,6486 Yes 14.02.2000 1.680,30 15.03.2000 1.596,07 ,050128
30.03.2000 96,2322 94,5221 Yes 10.01.2000 1.799,57 3.04.2000 1.746,30 ,029601
10.04.2000 96,1899 89,1490 Yes 10.01.2000 1.807,84 13.04.2000 1.778,88 ,016019
29.05.2000 97,7779 96,4578 Yes 10.01.2000 1.875,46 31.05.2000 1.869,34 ,003263
14.07.2000 97,8857 97,5585 Yes 10.01.2000 1.982,50 18.07.2000 1.979,88 ,001322
4.01.2001 96,4254 89,3195 Yes 20.11.2000 2.099,32 9.01.2001 1.956,18 ,068184
22.03.2001 99,9500 99,0283 Yes 9.11.2000 2.052,05 26.03.2001 2.052,05 ,000000
17.04.2001 99,7803 97,4803 Yes 22.03.2001 2.172,43 19.04.2001 2.102,82 ,032042
16.05.2001 99,4959 87,9190 Yes 17.04.2001 2.207,78 21.05.2001 2.171,68 ,016351
6.06.2001 97,1825 95,0309 Yes 16.05.2001 2.229,21 8.06.2001 2.157,12 ,032339
28.08.2001 18,4705 24,6069 Yes 31.07.2001 1.846,19 30.08.2001 1.888,90 ,023134
3.09.2001 21,3697 25,6256 Yes 31.07.2001 1.868,36 5.09.2001 1.888,90 ,010994
18.09.2001 22,5359 36,0454 Yes 28.08.2001 1.815,56 21.09.2001 1.821,34 ,003184
8.10.2001 8,4407 9,4311 Yes 31.07.2001 1.744,04 10.10.2001 1.744,92 ,000505
11.10.2001 5,8819 7,5816 Yes 31.07.2001 1.692,17 15.10.2001 1.744,92 ,031173
22.10.2001 5,8407 11,7192 Yes 31.07.2001 1.733,64 24.10.2001 1.744,92 ,006507
15.01.2002 2,6010 10,1321 Yes 17.12.2001 1.405,55 18.01.2002 1.513,67 ,076924
24.06.2002 93,6219 81,0553 Yes 21.03.2002 1.714,74 27.06.2002 1.689,22 ,014883
9.09.2002 3,9638 23,9832 Yes 26.07.2002 1.619,94 12.09.2002 1.631,67 ,007241
18.11.2002 4,7656 9,3631 Yes 11.10.2002 1.459,21 20.11.2002 1.459,21 ,000000
22.11.2002 4,3982 5,3317 Yes 11.10.2002 1.398,44 26.11.2002 1.450,19 ,037006

153
3.01.2003 5,6288 8,5641 Yes 22.11.2002 1.335,63 7.01.2003 1.492,72 ,117615
5.03.2003 88,7262 87,0210 Yes 29.01.2003 1.495,69 7.03.2003 1.452,59 ,028816
2.04.2003 96,4872 91,0873 Yes 29.01.2003 1.510,22 4.04.2003 1.509,61 ,000404
28.07.2003 10,8345 18,4949 Yes 1.07.2003 1.480,01 31.07.2003 1.497,10 ,011547
18.08.2003 6,6556 11,1361 Yes 1.07.2003 1.449,50 20.08.2003 1.456,55 ,004864
22.09.2003 8,2065 9,7695 Yes 28.08.2003 1.391,40 24.09.2003 1.411,88 ,014719
31.10.2003 16,5029 21,9139 Yes 29.09.2003 1.363,96 4.11.2003 1.412,91 ,035888
13.11.2003 11,8729 15,1720 Yes 29.09.2003 1.334,65 18.11.2003 1.444,56 ,082351
17.03.2004 96,8692 92,1924 Yes 5.02.2004 1.715,47 19.03.2004 1.710,84 ,002699
26.05.2004 15,5854 23,9338 Yes 29.04.2004 1.558,42 28.05.2004 1.580,57 ,014213
9.06.2004 6,2761 20,6218 Yes 29.04.2004 1.471,45 14.06.2004 1.491,69 ,013755
28.06.2004 6,3758 13,0794 Yes 29.04.2004 1.408,27 30.06.2004 1.466,78 ,041547
3.08.2004 9,6732 20,0119 Yes 28.06.2004 1.402,37 5.08.2004 1.413,08 ,007637
23.08.2004 8,0748 11,7294 Yes 28.06.2004 1.344,46 25.08.2004 1.360,75 ,012116
13.09.2004 7,2521 11,4893 Yes 28.06.2004 1.303,29 15.09.2004 1.496,21 ,148025
14.10.2004 7,0683 17,1485 Yes 28.06.2004 1.339,06 19.10.2004 1.361,81 ,016990
8.11.2004 21,1403 26,1651 Yes 14.10.2004 1.358,65 11.11.2004 1.387,34 ,021117
8.12.2004 10,5971 14,9795 Yes 14.10.2004 1.336,63 10.12.2004 1.340,36 ,002791
14.12.2004 8,8800 12,0434 Yes 14.10.2004 1.311,03 16.12.2004 1.317,62 ,005027
1.02.2005 11,9303 28,7575 Yes 4.01.2005 1.253,81 3.02.2005 1.291,46 ,030028
18.03.2005 4,6685 8,5786 Yes 21.12.2004 1.230,68 22.03.2005 1.237,80 ,005785
25.04.2005 7,6869 12,0986 Yes 30.03.2005 1.165,10 27.04.2005 1.172,71 ,006532
16.05.2005 13,1058 16,5321 Yes 25.04.2005 1.099,74 18.05.2005 1.108,84 ,008275
27.05.2005 6,2560 8,7684 Yes 30.03.2005 1.059,61 1.06.2005 1.146,42 ,081926
5.09.2005 82,9318 65,3057 Yes 11.08.2005 1.196,27 8.09.2005 1.147,19 ,041028
9.09.2005 84,8751 81,0432 Yes 11.08.2005 1.188,25 13.09.2005 1.132,53 ,046892
15.09.2005 99,0826 91,7356 Yes 11.08.2005 1.222,26 20.09.2005 1.129,05 ,076260
27.10.2005 7,8894 19,2185 Yes 28.09.2005 1.091,68 1.11.2005 1.117,06 ,023249
6.12.2005 25,3251 34,6588 Yes 27.10.2005 1.100,69 8.12.2005 1.142,39 ,037885
10.01.2006 97,1352 96,9648 Yes 15.09.2005 1.208,77 12.01.2006 1.198,84 ,008215
20.01.2006 98,1549 88,4948 Yes 15.09.2005 1.251,27 25.01.2006 1.245,92 ,004276
1.03.2006 90,0605 86,8072 Yes 6.02.2006 1.284,61 3.03.2006 1.238,16 ,036159
24.03.2006 92,4785 87,9594 Yes 6.02.2006 1.295,76 28.03.2006 1.285,73 ,007741
3.05.2006 96,1383 95,2935 Yes 5.04.2006 1.403,52 5.05.2006 1.389,35 ,010096
9.05.2006 98,2373 96,7632 Yes 5.04.2006 1.532,88 12.05.2006 1.531,23 ,001076
5.06.2006 90,3113 86,7494 Yes 15.05.2006 1.678,24 7.06.2006 1.512,52 ,098746
29.06.2006 98,3845 86,0155 Yes 5.04.2006 1.700,32 4.07.2006 1.633,90 ,039063
19.09.2006 96,6970 89,5625 Yes 28.08.2006 1.744,60 22.09.2006 1.704,77 ,022830
11.10.2006 96,4286 95,9468 Yes 29.06.2006 1.776,51 13.10.2006 1.753,49 ,012958
2.11.2006 96,3562 85,1431 Yes 11.10.2006 1.860,95 9.11.2006 1.841,82 ,010280
24.01.2007 96,0969 92,0971 Yes 27.12.2006 2.805,96 26.01.2007 2.541,52 ,094242
26.02.2007 94,8642 93,7389 Yes 24.01.2007 2.734,59 28.02.2007 2.723,06 ,004216
21.03.2007 96,9218 85,5010 Yes 18.12.2006 3.083,94 26.03.2007 3.052,08 ,010331

154
28.03.2007 98,4449 96,4748 Yes 18.12.2006 3.178,50 30.03.2007 3.157,03 ,006755
9.05.2007 98,4657 96,7223 Yes 11.04.2007 3.970,66 14.05.2007 3.845,23 ,031589
25.07.2007 96,1274 95,7352 Yes 23.05.2007 4.315,37 27.07.2007 4.268,79 ,010794
31.07.2007 97,9381 97,3545 Yes 9.05.2007 4.316,57 2.08.2007 4.290,81 ,005968
7.08.2007 98,3079 93,6221 Yes 9.05.2007 4.658,59 9.08.2007 4.640,77 ,003825
3.09.2007 96,4843 92,6982 Yes 7.08.2007 5.336,67 6.09.2007 5.025,34 ,058338
24.09.2007 95,1617 92,9315 Yes 3.09.2007 5.407,83 26.09.2007 5.306,82 ,018679
9.10.2007 96,6830 89,9064 Yes 22.08.2007 5.798,39 11.10.2007 5.546,04 ,043521
15.10.2007 96,6583 94,4074 Yes 22.08.2007 6.031,92 18.10.2007 5.462,01 ,094482
7.01.2008 97,7599 94,0732 Yes 7.08.2007 5.365,22 9.01.2008 4.510,50 ,159308
23.01.2008 9,9262 12,3816 Yes 28.11.2007 4.716,98 25.01.2008 4.806,89 ,019061
30.01.2008 4,8205 9,9576 Yes 28.11.2007 4.415,02 4.02.2008 4.695,80 ,063596
18.03.2008 6,6367 8,0001 Yes 30.01.2008 3.721,50 20.03.2008 3.857,62 ,036577
21.04.2008 6,2516 11,2743 Yes 30.01.2008 3.116,41 23.04.2008 3.786,02 ,214866
11.06.2008 5,4347 6,5705 Yes 30.01.2008 2.960,91 13.06.2008 2.976,45 ,005248
13.06.2008 5,1223 5,8015 Yes 30.01.2008 2.873,13 17.06.2008 2.945,42 ,025161
27.10.2008 5,1642 6,6056 Yes 17.09.2008 1.786,20 29.10.2008 1.887,80 ,056881
10.12.2008 89,0483 87,3944 Yes 17.11.2008 2.014,58 12.12.2008 1.832,35 ,090456
25.12.2008 4,8422 19,8198 Yes 17.09.2008 1.851,91 30.12.2008 1.948,23 ,052011
23.03.2009 97,4192 94,0243 Yes 10.02.2009 2.333,16 25.03.2009 2.274,90 ,024974
15.04.2009 97,3930 92,7062 Yes 23.03.2009 2.524,63 17.04.2009 2.372,34 ,060319
8.05.2009 94,9073 93,3576 Yes 15.04.2009 2.562,36 12.05.2009 2.538,62 ,009265
19.05.2009 93,9424 92,9663 Yes 15.04.2009 2.639,14 21.05.2009 2.538,62 ,038088
3.06.2009 94,9864 82,0824 Yes 15.04.2009 2.753,34 8.06.2009 2.721,85 ,011437
10.06.2009 95,1695 91,8844 Yes 15.04.2009 2.743,03 15.06.2009 2.727,74 ,005575
19.06.2009 95,6149 90,0999 Yes 15.04.2009 2.889,05 24.06.2009 2.880,28 ,003032
28.07.2009 97,6652 97,2773 Yes 3.07.2009 3.281,20 30.07.2009 3.060,12 ,067379
29.09.2009 11,3744 14,8207 Yes 18.08.2009 2.927,02 12.10.2009 3.123,46 ,067113
21.10.2009 96,6385 93,2625 Yes 15.09.2009 3.057,39 23.10.2009 2.923,52 ,043783
18.11.2009 97,4421 95,6179 Yes 3.07.2009 3.312,97 23.11.2009 3.080,89 ,070054
20.04.2010 17,9216 48,2301 Yes 28.01.2010 2.995,57 23.04.2010 3.015,63 ,006698
4.05.2010 7,5059 8,2316 Yes 2.02.2010 2.838,95 6.05.2010 2.838,95 ,000000
10.05.2010 6,3890 8,3770 Yes 28.01.2010 2.653,58 13.05.2010 2.712,86 ,022341
19.08.2010 87,9824 81,2565 Yes 26.07.2010 2.637,82 23.08.2010 2.588,64 ,018643
8.09.2010 93,6704 82,5269 Yes 26.07.2010 2.657,24 10.09.2010 2.573,63 ,031464
13.10.2010 97,6059 93,4293 Yes 26.07.2010 2.863,74 15.10.2010 2.858,22 ,001928
8.11.2010 97,1175 89,2490 Yes 13.10.2010 3.108,51 11.11.2010 2.791,58 ,101955
29.12.2010 6,6859 13,7429 Yes 18.11.2010 2.759,16 31.12.2010 2.868,00 ,039448
20.01.2011 18,1531 19,5160 Yes 29.12.2010 2.716,52 24.01.2011 2.906,26 ,069845
24.01.2011 13,1408 17,6071 Yes 29.12.2010 2.690,82 27.01.2011 2.939,28 ,092335
14.02.2011 97,2052 89,8960 Yes 13.10.2010 2.893,68 16.02.2011 2.839,20 ,018830
8.04.2011 97,4990 85,9454 Yes 8.03.2011 3.012,79 12.04.2011 2.931,50 ,026983
20.06.2011 3,7049 16,8510 Yes 27.05.2011 2.648,53 22.06.2011 2.818,14 ,064038

155
8.08.2011 11,7286 14,2780 Yes 20.06.2011 2.562,39 10.08.2011 2.636,36 ,028866
6.09.2011 7,5412 19,4339 Yes 20.06.2011 2.523,96 8.09.2011 2.528,42 ,001767
10.10.2011 4,6063 6,6873 Yes 20.06.2011 2.335,49 12.10.2011 2.452,99 ,050312
7.12.2011 10,0076 13,6711 Yes 10.10.2011 2.315,51 9.12.2011 2.331,26 ,006800
8.05.2012 97,6887 97,1244 Yes 24.02.2012 2.409,95 10.05.2012 2.330,32 ,033039
11.07.2012 6,7631 10,1465 Yes 8.06.2012 2.180,17 13.07.2012 2.198,66 ,008480
30.07.2012 4,6880 6,0849 Yes 29.03.2012 2.120,15 2.08.2012 2.176,79 ,026719
20.08.2012 18,4849 23,3179 Yes 30.07.2012 2.118,88 22.08.2012 2.121,15 ,001070
29.08.2012 6,0566 7,5092 Yes 30.07.2012 2.046,29 31.08.2012 2.145,00 ,048240
24.09.2012 9,8116 14,4372 Yes 29.08.2012 2.027,85 26.09.2012 2.127,31 ,049043
15.11.2012 7,4685 14,9868 Yes 29.08.2012 2.020,43 20.11.2012 2.034,88 ,007152
13.06.2013 6,9523 15,0506 Yes 1.04.2013 2.165,99 17.06.2013 2.169,36 ,001552
13.01.2014 4,6312 6,7477 Yes 20.12.2013 2.024,23 15.01.2014 2.060,99 ,018159
12.03.2014 7,9501 12,5590 Yes 13.01.2014 2.008,82 14.03.2014 2.079,55 ,035208
10.04.2014 94,9830 88,8066 Yes 12.02.2014 2.127,41 14.04.2014 2.000,14 ,059825
29.04.2014 6,6403 10,0537 Yes 20.12.2013 2.022,18 5.05.2014 2.061,06 ,019228
19.08.2014 96,2239 89,6415 Yes 28.07.2014 2.228,97 22.08.2014 2.193,26 ,016021
3.10.2014 98,0410 97,2570 Yes 8.09.2014 2.361,32 7.10.2014 2.312,83 ,020535
8.10.2014 98,7645 98,2780 Yes 8.09.2014 2.366,43 13.10.2014 2.279,84 ,036591
4.11.2014 96,4405 95,1509 Yes 8.10.2014 2.419,62 6.11.2014 2.401,75 ,007386
19.12.2014 94,5772 89,6230 Yes 28.11.2014 3.085,08 23.12.2014 2.934,91 ,048676
2.01.2015 98,5979 93,7499 Yes 28.11.2014 3.326,65 7.01.2015 3.095,07 ,069614
27.01.2015 85,8345 83,1948 Yes 2.01.2015 3.259,00 29.01.2015 3.049,11 ,064403
23.02.2015 95,7313 94,2086 Yes 2.01.2015 3.228,84 25.02.2015 3.198,37 ,009437
2.03.2015 97,8731 95,5245 Yes 2.01.2015 3.264,18 4.03.2015 3.198,37 ,020161
25.05.2015 99,9477 94,3197 Yes 8.04.2015 4.943,74 28.05.2015 4.431,56 ,103602
3.08.2015 19,5918 27,1535 Yes 3.07.2015 3.625,50 6.08.2015 4.000,68 ,103484
10.11.2015 94,1152 92,2873 Yes 20.10.2015 3.600,76 13.11.2015 3.412,43 ,052303
22.12.2015 93,7290 88,7526 Yes 10.11.2015 3.631,31 24.12.2015 3.115,89 ,141940

Detailed results of Table 4.31:

Min/Max Max
MACD Is Is Trading Price 10 Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
3.04.2000 42,1680 37,9083 Yes 21.02.2000 1.775,78 6.04.2000 1.775,68 ,000056
10.04.2000 39,1393 38,1299 Yes 21.02.2000 1.807,84 13.04.2000 1.778,88 ,016019
15.06.2000 36,0780 32,2072 Yes 10.04.2000 1.913,07 20.06.2000 1.888,08 ,013063
21.08.2000 31,3503 29,2657 Yes 15.06.2000 2.058,53 24.08.2000 1.923,60 ,065547
19.04.2001 32,8591 30,3354 Yes 23.11.2000 2.151,34 24.04.2001 2.102,82 ,022553
6.06.2001 22,1819 20,6932 Yes 19.04.2001 2.213,54 12.06.2001 2.157,12 ,025489
22.10.2001 -67,9963 -54,0652 Yes 8.08.2001 1.708,03 25.10.2001 1.717,74 ,005685
7.01.2003 -25,1212 -19,4399 Yes 27.11.2002 1.398,38 10.01.2003 1.492,72 ,067464
18.11.2003 -15,8733 -13,3077 Yes 30.09.2003 1.379,94 21.11.2003 1.462,07 ,059517

156
23.03.2004 23,9639 19,8812 Yes 9.02.2004 1.718,78 30.03.2004 1.702,40 ,009530
7.04.2004 22,3361 20,7804 Yes 9.02.2004 1.717,20 12.04.2004 1.623,05 ,054828
30.08.2004 -21,5591 -19,7427 Yes 28.06.2004 1.327,81 3.09.2004 1.415,64 ,066146
13.09.2004 -24,0922 -20,5510 Yes 28.06.2004 1.364,25 16.09.2004 1.496,21 ,096727
2.11.2004 -17,5374 -13,8788 Yes 28.06.2004 1.358,65 11.11.2004 1.387,34 ,021117
7.01.2005 -20,3713 -17,9351 Yes 13.09.2004 1.255,72 13.01.2005 1.268,86 ,010464
20.01.2005 -21,2646 -18,9616 Yes 13.09.2004 1.252,35 25.01.2005 1.274,12 ,017383
25.01.2006 27,8851 25,6390 Yes 17.08.2005 1.251,27 1.02.2006 1.245,92 ,004276
12.07.2006 39,7172 32,1615 Yes 22.05.2006 1.662,05 17.07.2006 1.611,16 ,030619
13.10.2006 30,7677 27,5629 Yes 12.07.2006 1.762,40 18.10.2006 1.753,49 ,005056
-
23.06.2008 181,6189 -147,6271 Yes 21.04.2008 2.673,55 7.07.2008 2.952,04 ,104165
-
19.08.2008 122,8330 -91,7688 Yes 23.06.2008 2.380,47 1.09.2008 2.380,47 ,000000
-
18.09.2008 149,4653 -128,5116 Yes 23.06.2008 2.209,12 23.09.2008 2.333,28 ,056203
-
4.11.2008 114,2312 -106,0808 Yes 18.09.2008 1.782,31 10.11.2008 2.050,88 ,150686
20.04.2009 76,0129 68,9104 Yes 17.02.2009 2.440,68 23.04.2009 2.372,34 ,027998
11.06.2009 66,4424 60,4269 Yes 20.04.2009 2.771,52 17.06.2009 2.744,22 ,009851
5.07.2010 -68,0176 -56,3860 Yes 20.05.2010 2.468,54 12.07.2010 2.589,48 ,048994
18.04.2011 34,3899 29,2074 Yes 26.10.2010 3.021,77 21.04.2011 2.834,46 ,061988
11.08.2011 -50,3110 -33,6194 Yes 30.05.2011 2.602,21 26.08.2011 2.616,64 ,005545
20.09.2011 -40,5266 -38,7574 Yes 11.08.2011 2.491,21 22.09.2011 2.499,98 ,003518
11.10.2011 -51,6387 -45,7365 Yes 30.05.2011 2.429,89 14.10.2011 2.483,76 ,022171
3.12.2012 -28,2150 -22,3205 Yes 5.09.2012 2.029,56 6.12.2012 2.183,71 ,075953
9.12.2013 20,5601 15,3601 Yes 16.09.2013 2.188,26 13.12.2013 2.068,54 ,054708
14.03.2014 -17,6825 -10,7520 Yes 13.01.2014 2.050,83 24.03.2014 2.102,45 ,025173
15.09.2014 37,7625 34,4824 Yes 6.08.2014 2.303,85 18.09.2014 2.284,38 ,008451
14.11.2014 35,7739 27,6334 Yes 15.09.2014 2.452,64 21.11.2014 2.446,65 ,002442
12.06.2015 198,6343 181,8497 Yes 28.04.2015 4.967,90 17.06.2015 4.053,03 ,184156
-
27.08.2015 205,5918 -126,5765 Yes 9.07.2015 3.197,89 10.09.2015 3.229,48 ,009878

Detailed results of Table 4.32:

ROC Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date ROC Avg. Top Bottom Divergence1 Price TradingDate Days Rate
10.03.2000 6,9044 5,1893 Yes 15.02.2000 1.680,30 15.03.2000 1.596,07 ,050128
3.04.2000 12,0352 4,1701 Yes 15.02.2000 1.775,78 6.04.2000 1.775,68 ,000056
20.04.2000 4,9038 2,8348 Yes 3.04.2000 1.838,05 25.04.2000 1.695,53 ,077539
31.05.2000 11,1440 3,6436 Yes 3.04.2000 1.896,43 12.06.2000 1.884,62 ,006228
28.06.2000 1,8415 1,2352 Yes 31.05.2000 1.937,84 30.06.2000 1.888,25 ,025590
19.07.2000 5,4224 2,0603 Yes 31.05.2000 1.999,44 26.07.2000 1.999,40 ,000020
9.08.2000 3,6165 2,3596 Yes 19.07.2000 2.095,38 21.08.2000 1.923,60 ,081980
21.08.2000 3,5550 3,1211 Yes 19.07.2000 2.064,04 23.08.2000 1.923,60 ,068041
28.09.2000 -4,5374 -3,7212 Yes 6.09.2000 1.917,90 10.10.2000 1.962,13 ,023062

157
23.10.2000 3,6866 ,8476 Yes 31.05.2000 1.968,17 27.10.2000 1.956,42 ,005970
6.11.2000 4,0634 2,8361 Yes 31.05.2000 1.999,15 8.11.2000 1.998,34 ,000405
16.11.2000 6,8674 4,3447 Yes 31.05.2000 2.041,16 27.11.2000 2.031,93 ,004522
3.01.2001 4,1454 ,5711 Yes 16.11.2000 2.099,32 9.01.2001 1.956,18 ,068184
29.03.2001 5,1513 4,1021 Yes 12.03.2001 2.084,81 5.04.2001 2.081,64 ,001521
20.04.2001 2,9468 2,3913 Yes 29.03.2001 2.151,34 24.04.2001 2.102,82 ,022553
24.04.2001 2,7298 2,3355 Yes 29.03.2001 2.113,39 26.04.2001 2.102,82 ,005001
21.05.2001 5,1557 1,0675 Yes 12.03.2001 2.194,45 28.05.2001 2.171,68 ,010376
13.06.2001 2,8775 1,2996 Yes 21.05.2001 2.196,69 15.06.2001 2.157,12 ,018013
31.08.2001 -5,8140 -2,8757 Yes 7.08.2001 1.868,36 5.09.2001 1.888,90 ,010994
7.09.2001 -4,9704 -4,8157 Yes 7.08.2001 1.859,97 11.09.2001 1.871,13 ,006000
17.09.2001 -2,9908 -2,2617 Yes 7.08.2001 1.800,24 19.09.2001 1.836,79 ,020303
24.09.2001 -3,5776 -1,5440 Yes 31.08.2001 1.793,65 26.09.2001 1.793,67 ,000011
19.03.2002 10,8363 7,6909 Yes 28.02.2002 1.684,07 22.03.2002 1.575,97 ,064190
29.04.2002 ,9869 ,2304 Yes 19.03.2002 1.614,90 15.05.2002 1.520,12 ,058691
15.10.2002 -5,8431 -3,7050 Yes 24.05.2002 1.525,08 22.10.2002 1.565,23 ,026327
3.01.2003 -6,7954 -1,0787 Yes 21.11.2002 1.398,38 10.01.2003 1.492,72 ,067464
19.02.2003 4,1486 3,4504 Yes 20.01.2003 1.508,08 21.02.2003 1.474,47 ,022287
26.02.2003 2,2301 1,5763 Yes 20.01.2003 1.512,86 28.02.2003 1.453,37 ,039323
3.03.2003 1,4053 1,2151 Yes 20.01.2003 1.524,08 5.03.2003 1.452,59 ,046907
5.03.2003 1,3805 ,7805 Yes 20.01.2003 1.495,69 7.03.2003 1.452,59 ,028816
15.04.2003 9,3523 5,3089 Yes 20.01.2003 1.598,50 21.04.2003 1.473,27 ,078342
1.07.2003 -5,2382 -2,8242 Yes 13.05.2003 1.501,62 8.07.2003 1.540,19 ,025686
28.07.2003 -4,0172 ,1268 Yes 1.07.2003 1.493,03 6.08.2003 1.497,10 ,002726
25.08.2003 -4,3829 -2,2286 Yes 1.07.2003 1.423,35 1.09.2003 1.456,55 ,023325
22.09.2003 -4,5591 -2,1332 Yes 1.07.2003 1.394,49 25.09.2003 1.411,88 ,012471
29.09.2003 -4,8197 -3,4268 Yes 1.07.2003 1.366,20 8.10.2003 1.411,88 ,033436
30.10.2003 -3,1365 -,6393 Yes 29.09.2003 1.363,96 4.11.2003 1.412,91 ,035888
7.11.2003 -4,4928 -1,2711 Yes 29.09.2003 1.334,65 18.11.2003 1.444,56 ,082351
24.12.2003 5,3708 3,3993 Yes 4.12.2003 1.509,28 29.12.2003 1.491,25 ,011946
7.01.2004 9,7429 4,8766 Yes 4.12.2003 1.591,82 15.01.2004 1.579,24 ,007903
17.02.2004 7,1062 5,2779 Yes 29.01.2004 1.715,81 20.02.2004 1.628,84 ,050687
24.03.2004 6,2860 3,9058 Yes 17.02.2004 1.734,59 29.03.2004 1.702,40 ,018558
25.05.2004 -4,8596 -2,5872 Yes 29.04.2004 1.524,94 27.05.2004 1.580,57 ,036480
12.07.2004 -2,1432 -1,2616 Yes 18.06.2004 1.399,86 14.07.2004 1.465,84 ,047133
26.07.2004 -3,6193 -,0685 Yes 18.06.2004 1.408,49 30.07.2004 1.424,55 ,011402
3.08.2004 -6,1643 -2,2605 Yes 18.06.2004 1.396,62 10.08.2004 1.404,72 ,005800
26.08.2004 -4,7367 -3,1184 Yes 3.08.2004 1.340,75 1.09.2004 1.374,04 ,024829
13.09.2004 -5,5530 -2,6934 Yes 3.08.2004 1.303,29 15.09.2004 1.496,21 ,148025
14.10.2004 -7,1504 -2,1369 Yes 18.06.2004 1.340,81 28.10.2004 1.379,86 ,029124
8.12.2004 -4,0911 -1,4403 Yes 14.10.2004 1.311,03 16.12.2004 1.317,62 ,005027
21.12.2004 -4,6388 -3,3489 Yes 14.10.2004 1.308,58 23.12.2004 1.308,59 ,000008
7.01.2005 -4,8043 -3,2251 Yes 14.10.2004 1.252,71 11.01.2005 1.268,86 ,012892

158
31.01.2005 -5,1333 -2,1383 Yes 14.10.2004 1.253,81 3.02.2005 1.291,46 ,030028
8.03.2005 4,7102 2,5698 Yes 17.02.2005 1.284,51 11.03.2005 1.187,58 ,075461
27.04.2005 -7,4305 -1,9997 Yes 30.03.2005 1.168,33 4.05.2005 1.170,20 ,001601
23.05.2005 -7,6185 -4,8500 Yes 30.03.2005 1.071,21 26.05.2005 1.146,42 ,070210
3.06.2005 -8,0982 -6,2393 Yes 30.03.2005 1.118,81 9.06.2005 1.146,42 ,024678
13.07.2005 -7,7580 -5,1632 Yes 30.03.2005 1.011,01 19.07.2005 1.104,04 ,092017
15.09.2005 6,1838 3,0730 Yes 8.08.2005 1.222,26 20.09.2005 1.129,05 ,076260
6.12.2005 -2,6150 ,1834 Yes 3.11.2005 1.097,52 9.12.2005 1.144,94 ,043206
26.12.2005 5,3263 3,1995 Yes 8.08.2005 1.157,51 29.12.2005 1.157,51 ,000000
9.01.2006 7,0849 4,5194 Yes 8.08.2005 1.208,77 12.01.2006 1.198,84 ,008215
19.01.2006 7,7963 5,8112 Yes 8.08.2005 1.256,01 24.01.2006 1.245,92 ,008033
15.02.2006 3,2685 2,4431 Yes 19.01.2006 1.269,40 17.02.2006 1.256,81 ,009918
21.02.2006 2,4141 1,8221 Yes 19.01.2006 1.284,13 23.02.2006 1.238,16 ,035799
27.02.2006 2,1852 1,3404 Yes 19.01.2006 1.284,61 3.03.2006 1.238,16 ,036159
6.03.2006 1,4418 ,9711 Yes 19.01.2006 1.256,69 8.03.2006 1.238,16 ,014745
28.03.2006 4,2660 ,9375 Yes 1.02.2006 1.298,68 3.04.2006 1.298,68 ,000000
4.04.2006 4,7532 3,2492 Yes 19.01.2006 1.344,24 10.04.2006 1.328,44 ,011754
11.04.2006 5,2159 3,7596 Yes 19.01.2006 1.330,09 14.04.2006 1.328,44 ,001241
18.04.2006 6,6864 4,5806 Yes 19.01.2006 1.385,92 21.04.2006 1.383,45 ,001782
3.07.2006 10,6455 2,8006 Yes 15.05.2006 1.736,21 13.07.2006 1.632,69 ,059624
12.09.2006 4,4873 3,6625 Yes 15.05.2006 1.689,63 14.09.2006 1.672,88 ,009913
19.09.2006 6,0213 3,7718 Yes 3.07.2006 1.722,74 25.09.2006 1.704,77 ,010431
9.10.2006 5,6638 3,9510 Yes 3.07.2006 1.784,52 11.10.2006 1.753,49 ,017388
8.11.2006 6,1061 3,8202 Yes 3.07.2006 1.878,70 13.11.2006 1.841,82 ,019631
30.01.2007 9,8365 7,2295 Yes 4.01.2007 2.744,81 1.02.2007 2.541,52 ,074063
26.02.2007 13,7434 ,3464 Yes 4.01.2007 2.792,94 2.03.2007 2.723,06 ,025020
3.04.2007 12,3127 8,4821 Yes 26.02.2007 3.333,42 9.04.2007 3.333,26 ,000048
17.04.2007 13,4388 11,1284 Yes 26.02.2007 3.610,02 19.04.2007 3.358,93 ,069554
14.05.2007 17,3200 11,2916 Yes 4.01.2007 3.890,81 16.05.2007 3.845,23 ,011715
20.06.2007 13,9200 ,0891 Yes 14.05.2007 3.863,25 26.06.2007 3.563,54 ,077580
24.08.2007 9,5324 9,2822 Yes 6.08.2007 5.134,14 28.08.2007 5.058,45 ,014742
28.08.2007 9,3764 8,7494 Yes 6.08.2007 5.144,11 30.08.2007 5.025,34 ,023089
4.09.2007 13,6897 8,7615 Yes 6.08.2007 5.336,67 6.09.2007 5.025,34 ,058338
25.09.2007 2,8178 2,6726 Yes 4.09.2007 5.338,11 27.09.2007 5.306,82 ,005862
16.10.2007 11,6852 7,5143 Yes 4.09.2007 5.869,12 19.10.2007 5.462,01 ,069365
7.01.2008 11,5209 4,8545 Yes 4.09.2007 5.507,58 14.01.2008 4.409,08 ,199452
25.02.2008 -4,3542 -3,0125 Yes 30.01.2008 4.256,53 27.02.2008 4.472,15 ,050656
10.03.2008 -8,4132 -5,1723 Yes 30.01.2008 4.254,67 12.03.2008 4.272,98 ,004304
- -
27.03.2008 18,1088 13,7978 Yes 30.01.2008 3.465,91 31.03.2008 3.656,96 ,055123
23.04.2008 -8,9257 -6,5261 Yes 1.04.2008 3.572,55 25.04.2008 3.786,02 ,059753
26.05.2008 -7,9932 -1,0605 Yes 27.03.2008 3.456,58 3.06.2008 3.469,06 ,003610
4.06.2008 -6,5150 -5,6001 Yes 27.03.2008 3.362,00 6.06.2008 3.371,28 ,002760
16.07.2008 -1,1049 -,5565 Yes 19.06.2008 2.711,74 18.07.2008 2.924,45 ,078440

159
 - -
18.08.2008 16,4228 11,0088 Yes 19.06.2008 2.484,49 21.08.2008 2.518,44 ,013665
- -
17.09.2008 19,5347 10,8706 Yes 19.06.2008 2.241,72 22.09.2008 2.333,28 ,040844
- -
27.10.2008 16,9302 12,3312 Yes 17.09.2008 1.786,20 29.10.2008 1.887,80 ,056881
- -
29.10.2008 17,0604 13,8213 Yes 17.09.2008 1.754,21 31.10.2008 1.987,26 ,132852
10.12.2008 9,5970 1,8614 Yes 19.11.2008 1.948,86 16.12.2008 1.815,41 ,068476
1.04.2009 11,8296 8,6873 Yes 16.02.2009 2.422,10 7.04.2009 2.331,88 ,037250
15.05.2009 10,1533 5,0655 Yes 1.04.2009 2.639,14 21.05.2009 2.538,62 ,038088
10.06.2009 7,8765 3,6985 Yes 15.05.2009 2.771,52 17.06.2009 2.744,22 ,009851
2.07.2009 10,2388 6,0125 Yes 1.04.2009 3.057,46 8.07.2009 3.011,21 ,015126
28.07.2009 10,4190 7,4709 Yes 1.04.2009 3.281,20 30.07.2009 3.060,12 ,067379
30.09.2009 -8,1710 -,0462 Yes 19.08.2009 2.994,89 15.10.2009 3.123,46 ,042931
23.10.2009 12,8263 4,2241 Yes 17.09.2009 3.014,18 28.10.2009 2.923,52 ,030077
16.11.2009 10,6261 4,2179 Yes 23.10.2009 3.312,97 23.11.2009 3.080,89 ,070054
1.04.2010 5,1648 1,6119 Yes 3.03.2010 3.118,93 9.04.2010 2.941,35 ,056935
13.04.2010 4,7058 3,4797 Yes 23.10.2009 3.159,67 16.04.2010 2.820,95 ,107202
18.06.2010 -5,3674 -2,3656 Yes 17.05.2010 2.579,63 22.06.2010 2.598,35 ,007258
5.07.2010 -7,6672 -3,0754 Yes 17.05.2010 2.468,54 12.07.2010 2.589,48 ,048994
19.08.2010 2,3212 1,3666 Yes 2.08.2010 2.637,82 23.08.2010 2.588,64 ,018643
7.09.2010 2,1215 ,1785 Yes 2.08.2010 2.657,24 10.09.2010 2.573,63 ,031464
13.09.2010 3,2587 ,9361 Yes 2.08.2010 2.646,92 16.09.2010 2.573,63 ,027690
8.11.2010 5,8984 5,1286 Yes 19.10.2010 3.108,51 11.11.2010 2.791,58 ,101955
29.12.2010 -5,8649 -,3430 Yes 23.11.2010 2.833,12 5.01.2011 2.868,00 ,012315
20.01.2011 -6,1345 -1,5099 Yes 23.11.2010 2.741,31 28.01.2011 2.939,28 ,072217
10.03.2011 3,5590 2,3117 Yes 17.02.2011 2.927,98 15.03.2011 2.850,95 ,026311
8.04.2011 4,1553 1,3340 Yes 17.02.2011 3.036,34 15.04.2011 2.871,01 ,054452
18.04.2011 3,3553 2,9773 Yes 17.02.2011 3.005,98 20.04.2011 2.849,91 ,051918
27.05.2011 -6,0162 -3,0553 Yes 5.05.2011 2.715,31 2.06.2011 2.754,12 ,014292
20.06.2011 -4,4584 -2,4214 Yes 27.05.2011 2.648,53 22.06.2011 2.818,14 ,064038
13.09.2011 -5,5045 -2,3122 Yes 22.08.2011 2.491,21 22.09.2011 2.499,98 ,003518
10.10.2011 -5,4161 -3,5026 Yes 13.09.2011 2.412,83 13.10.2011 2.452,99 ,016643
25.11.2011 -5,7307 -2,0558 Yes 22.08.2011 2.406,33 30.11.2011 2.423,56 ,007160
30.11.2011 -7,7233 -4,0990 Yes 9.08.2011 2.363,11 5.12.2011 2.363,13 ,000007
20.04.2012 6,3671 ,4237 Yes 8.02.2012 2.433,59 3.05.2012 2.342,35 ,037491
14.06.2012 -3,9207 -2,1196 Yes 24.05.2012 2.313,46 19.06.2012 2.313,46 ,000000
28.06.2012 -4,7710 -2,9897 Yes 9.04.2012 2.234,32 2.07.2012 2.244,83 ,004705
5.07.2012 -4,9523 -3,4726 Yes 9.04.2012 2.210,71 9.07.2012 2.216,70 ,002706
9.07.2012 -5,3236 -3,7498 Yes 29.03.2012 2.172,06 12.07.2012 2.198,66 ,012245
31.07.2012 -3,7632 -2,6108 Yes 9.07.2012 2.120,15 2.08.2012 2.176,79 ,026719
27.08.2012 -5,4457 -1,2687 Yes 29.03.2012 2.060,61 4.09.2012 2.145,00 ,040954
26.09.2012 -6,1231 -,5464 Yes 29.03.2012 2.081,59 9.10.2012 2.138,03 ,027114
28.11.2012 -5,0859 -3,6867 Yes 26.09.2012 1.977,25 3.12.2012 2.169,57 ,097264
4.02.2013 6,2692 2,9661 Yes 14.01.2013 2.383,49 20.02.2013 2.259,25 ,052128

160
20.03.2013 1,9341 -2,0459 Yes 31.12.2012 2.238,49 29.03.2013 2.165,78 ,032478
12.04.2013 -5,1547 -2,7898 Yes 18.03.2013 2.181,82 18.04.2013 2.250,11 ,031298
20.05.2013 5,7891 2,0719 Yes 31.12.2012 2.281,45 24.05.2013 2.205,07 ,033478
13.01.2014 -4,5951 -3,5834 Yes 20.12.2013 2.024,23 15.01.2014 2.060,99 ,018159
20.01.2014 -5,6004 -3,7398 Yes 20.12.2013 2.009,97 22.01.2014 2.111,06 ,050295
10.03.2014 -6,5326 -2,8218 Yes 20.12.2013 2.008,82 14.03.2014 2.079,55 ,035208
28.04.2014 -6,1291 ,2289 Yes 20.12.2013 2.022,93 12.05.2014 2.061,06 ,018848
21.07.2014 -,4241 ,7595 Yes 2.07.2014 2.074,20 23.07.2014 2.226,84 ,073590
25.08.2014 1,9016 1,8337 Yes 4.08.2014 2.207,03 27.08.2014 2.193,26 ,006239
15.09.2014 6,5269 3,9481 Yes 4.08.2014 2.298,98 17.09.2014 2.282,80 ,007038
2.10.2014 2,9309 1,0481 Yes 15.09.2014 2.368,58 8.10.2014 2.312,83 ,023537
8.10.2014 4,0579 1,9446 Yes 15.09.2014 2.366,43 13.10.2014 2.279,84 ,036591
31.12.2014 9,5232 7,2516 Yes 8.12.2014 3.258,63 5.01.2015 3.095,07 ,050193
9.01.2015 10,5257 8,2684 Yes 8.12.2014 3.223,54 13.01.2015 3.095,07 ,039854
4.02.2015 1,8541 -,2760 Yes 8.12.2014 3.120,09 6.02.2015 3.049,11 ,022749
24.02.2015 5,5593 ,1285 Yes 8.12.2014 3.264,18 4.03.2015 3.198,37 ,020161
24.03.2015 13,8906 7,4083 Yes 8.12.2014 3.748,34 1.04.2015 3.742,21 ,001635
14.04.2015 12,0417 9,4793 Yes 24.03.2015 4.194,82 16.04.2015 4.190,68 ,000987
22.04.2015 13,8349 10,8881 Yes 24.03.2015 4.441,93 27.04.2015 4.112,21 ,074229
27.04.2015 14,3996 11,5351 Yes 8.12.2014 4.446,12 29.04.2015 4.112,21 ,075101
25.05.2015 17,0611 1,8573 Yes 8.12.2014 4.603,47 29.05.2015 4.431,56 ,037344
6.08.2015 -8,8643 -2,9526 Yes 3.07.2015 3.928,81 11.08.2015 4.000,68 ,018293
-
26.08.2015 25,4843 -3,8736 Yes 3.07.2015 3.027,68 4.09.2015 3.256,74 ,075655
19.11.2015 9,0560 7,0790 Yes 20.10.2015 3.630,87 23.11.2015 3.327,81 ,083468
25.12.2015 4,4774 2,2407 Yes 19.11.2015 3.528,40 29.12.2015 2.978,46 ,155859

Detailed results of Table 4.33:

Min/Max
CCI Mov. Is Is Trading Price 10 Max Gain
Date CCI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
28.03.2000 190,6521 48,8389 Yes 14.02.2000 1.795,16 4.04.2000 1.746,30 ,027218
21.04.2000 141,6215 89,1239 Yes 14.02.2000 1.835,67 26.04.2000 1.695,53 ,076343
29.05.2000 126,4831 14,2140 Yes 21.04.2000 1.937,19 8.06.2000 1.884,62 ,027137
26.06.2000 137,7864 65,9667 Yes 21.04.2000 1.937,84 30.06.2000 1.888,25 ,025590
13.07.2000 161,6411 18,9076 Yes 28.03.2000 1.994,42 21.07.2000 1.982,88 ,005786
9.08.2000 160,5578 117,5480 Yes 28.03.2000 2.086,81 17.08.2000 1.980,34 ,051020
21.12.2000 74,4836 -78,4639 Yes 13.11.2000 2.055,83 29.12.2000 2.030,29 ,012423
17.04.2001 190,3990 105,9381 Yes 3.01.2001 2.150,34 23.04.2001 2.102,82 ,022099
6.06.2001 144,0897 87,5485 Yes 17.04.2001 2.223,79 11.06.2001 2.157,12 ,029980
17.09.2001 -148,9789 -67,6199 Yes 30.07.2001 1.815,56 21.09.2001 1.821,34 ,003184
11.10.2001 -232,0781 -154,3823 Yes 30.07.2001 1.689,19 16.10.2001 1.744,92 ,032992
20.12.2001 -177,7522 -58,1477 Yes 11.10.2001 1.626,95 28.12.2001 1.649,80 ,014045
14.01.2002 -205,7815 -122,9254 Yes 11.10.2001 1.355,86 23.01.2002 1.522,32 ,122771

161
10.04.2002 89,4395 -28,4935 Yes 11.03.2002 1.641,72 17.04.2002 1.603,64 ,023195
30.04.2002 114,0844 -7,8347 Yes 11.03.2002 1.634,90 13.05.2002 1.529,35 ,064561
9.09.2002 -149,6185 6,7892 Yes 23.07.2002 1.618,20 20.09.2002 1.618,20 ,000000
10.10.2002 -224,5007 -125,7412 Yes 16.05.2002 1.524,91 16.10.2002 1.553,86 ,018985
21.11.2002 -201,2085 -132,0083 Yes 10.10.2002 1.398,44 26.11.2002 1.450,19 ,037006
4.03.2003 154,6879 78,0998 Yes 23.12.2002 1.495,69 7.03.2003 1.452,59 ,028816
28.07.2003 -173,9149 -24,3704 Yes 23.06.2003 1.494,49 5.08.2003 1.497,10 ,001746
18.08.2003 -192,5821 -95,1754 Yes 23.06.2003 1.434,21 25.08.2003 1.456,55 ,015577
17.09.2003 -178,7264 -98,7141 Yes 18.08.2003 1.391,40 24.09.2003 1.411,88 ,014719
30.10.2003 -144,8231 -47,4280 Yes 17.09.2003 1.389,72 5.11.2003 1.396,86 ,005138
13.11.2003 -166,1934 -88,8280 Yes 17.09.2003 1.313,84 19.11.2003 1.462,07 ,112822
16.03.2004 170,2963 -13,2894 Yes 8.01.2004 1.737,49 25.03.2004 1.711,66 ,014866
18.05.2004 -143,4788 -92,9551 Yes 15.04.2004 1.549,02 25.05.2004 1.580,57 ,020368
25.05.2004 -164,9453 -102,3342 Yes 15.04.2004 1.558,42 28.05.2004 1.580,57 ,014213
13.07.2004 -120,5906 -33,0942 Yes 9.06.2004 1.456,77 19.07.2004 1.465,84 ,006226
27.07.2004 -130,7098 -14,4492 Yes 28.06.2004 1.402,37 5.08.2004 1.413,08 ,007637
19.08.2004 -169,9893 -96,3379 Yes 9.06.2004 1.344,46 25.08.2004 1.360,75 ,012116
13.09.2004 -224,7331 -122,2459 Yes 9.06.2004 1.303,29 15.09.2004 1.496,21 ,148025
15.10.2004 -226,3142 -47,3361 Yes 9.06.2004 1.337,25 25.10.2004 1.356,63 ,014492
20.12.2004 -190,0825 -127,5177 Yes 15.10.2004 1.308,58 23.12.2004 1.308,59 ,000008
20.01.2005 -177,2963 -116,0446 Yes 20.12.2004 1.258,02 24.01.2005 1.274,12 ,012798
25.04.2005 -151,6155 -30,6518 Yes 18.03.2005 1.168,33 2.05.2005 1.170,20 ,001601
12.05.2005 -207,7101 -101,5672 Yes 18.03.2005 1.101,75 19.05.2005 1.108,61 ,006226
5.07.2005 -202,2876 -11,8387 Yes 12.05.2005 1.044,58 13.07.2005 1.090,19 ,043663
5.09.2005 143,3776 53,5167 Yes 28.07.2005 1.188,25 13.09.2005 1.132,53 ,046892
14.09.2005 155,6326 109,3468 Yes 28.07.2005 1.210,85 21.09.2005 1.129,05 ,067556
21.11.2005 151,9301 -21,7509 Yes 28.07.2005 1.095,30 30.11.2005 1.074,01 ,019438
5.12.2005 -131,4512 18,4799 Yes 26.10.2005 1.097,52 9.12.2005 1.144,94 ,043206
15.12.2005 147,7866 22,3649 Yes 28.07.2005 1.135,70 23.12.2005 1.135,07 ,000555
26.12.2005 156,6256 129,1447 Yes 28.07.2005 1.157,51 29.12.2005 1.157,51 ,000000
6.01.2006 181,4322 138,5806 Yes 28.07.2005 1.208,77 12.01.2006 1.198,84 ,008215
8.02.2006 150,2694 100,2970 Yes 6.01.2006 1.279,63 14.02.2006 1.256,81 ,017833
15.02.2006 151,1906 113,9194 Yes 6.01.2006 1.269,40 17.02.2006 1.256,81 ,009918
1.03.2006 158,8271 80,2002 Yes 6.01.2006 1.284,61 3.03.2006 1.238,16 ,036159
6.04.2006 173,8827 107,3591 Yes 6.01.2006 1.330,09 14.04.2006 1.328,44 ,001241
5.07.2006 167,4278 80,2020 Yes 9.05.2006 1.736,99 11.07.2006 1.632,69 ,060046
29.08.2006 211,5697 52,7934 Yes 9.05.2006 1.635,33 4.09.2006 1.635,12 ,000128
1.11.2006 209,3227 113,2352 Yes 29.08.2006 1.860,95 9.11.2006 1.841,82 ,010280
19.12.2006 178,3629 131,6728 Yes 20.11.2006 2.334,27 22.12.2006 2.321,92 ,005291
4.01.2007 196,6724 157,5698 Yes 20.11.2006 2.621,07 8.01.2007 2.620,62 ,000172
16.02.2007 122,2851 -23,0988 Yes 4.01.2007 2.734,59 28.02.2007 2.723,06 ,004216
29.03.2007 165,7359 124,5297 Yes 4.01.2007 3.196,59 2.04.2007 3.196,59 ,000000
8.05.2007 167,7771 121,2309 Yes 4.01.2007 3.970,66 14.05.2007 3.845,23 ,031589

162
29.05.2007 169,6365 109,9493 Yes 4.01.2007 4.006,28 31.05.2007 3.404,15 ,150297
5.07.2007 -171,3481 -56,8728 Yes 5.06.2007 3.895,91 10.07.2007 4.284,83 ,099828
27.08.2007 147,9973 115,5203 Yes 23.07.2007 5.144,11 30.08.2007 5.025,34 ,023089
3.09.2007 139,5093 129,0930 Yes 23.07.2007 5.296,07 5.09.2007 5.025,34 ,051119
20.09.2007 136,9230 82,9716 Yes 23.07.2007 5.338,11 27.09.2007 5.306,82 ,005862
8.10.2007 234,7627 117,9593 Yes 23.07.2007 6.031,92 18.10.2007 5.462,01 ,094482
18.12.2007 -110,0109 -25,5547 Yes 12.11.2007 5.017,19 21.12.2007 5.480,07 ,092259
18.03.2008 -207,0898 -135,8376 Yes 22.01.2008 3.790,11 21.03.2008 3.840,48 ,013290
18.04.2008 -178,6183 -93,6744 Yes 18.03.2008 3.539,87 24.04.2008 3.786,02 ,069536
26.05.2008 -174,7845 -17,1318 Yes 18.03.2008 3.456,58 3.06.2008 3.469,06 ,003610
11.06.2008 -254,0472 -125,9188 Yes 22.01.2008 2.772,37 18.06.2008 2.945,42 ,062419
16.07.2008 -78,5473 1,7385 Yes 11.06.2008 2.852,44 22.07.2008 2.924,45 ,025245
11.08.2008 -234,6713 -83,2631 Yes 11.06.2008 2.451,78 18.08.2008 2.523,47 ,029240
16.10.2008 -124,2342 -41,3236 Yes 8.09.2008 1.932,68 22.10.2008 1.950,79 ,009370
27.10.2008 -153,5526 -99,0456 Yes 18.09.2008 1.713,76 3.11.2008 2.031,10 ,185172
29.12.2008 -138,1726 -47,3013 Yes 18.09.2008 1.878,83 6.01.2009 2.018,51 ,074344
3.03.2009 -133,2641 -11,4679 Yes 8.09.2008 2.180,79 6.03.2009 2.294,12 ,051967
24.03.2009 186,1124 50,4175 Yes 9.02.2009 2.313,88 31.03.2009 2.299,16 ,006364
8.05.2009 148,4977 52,6734 Yes 24.03.2009 2.646,89 15.05.2009 2.538,62 ,040904
6.07.2009 169,6779 146,2989 Yes 3.06.2009 3.057,46 8.07.2009 3.011,21 ,015126
27.07.2009 178,5159 136,7921 Yes 3.06.2009 3.281,20 30.07.2009 3.060,12 ,067379
29.09.2009 -131,1402 -1,4785 Yes 17.08.2009 2.927,02 12.10.2009 3.123,46 ,067113
20.10.2009 130,4718 12,4693 Yes 3.06.2009 3.014,18 28.10.2009 2.923,52 ,030077
6.11.2009 141,9671 81,3485 Yes 3.06.2009 3.206,43 16.11.2009 3.080,89 ,039154
17.11.2009 166,9356 128,0801 Yes 3.06.2009 3.312,97 23.11.2009 3.080,89 ,070054
16.03.2010 -98,3158 34,5365 Yes 26.01.2010 3.046,75 19.03.2010 3.159,60 ,037039
20.04.2010 -197,6551 26,9717 Yes 26.01.2010 2.821,35 4.05.2010 2.862,55 ,014603
7.06.2010 -144,3666 -76,9385 Yes 7.05.2010 2.561,55 10.06.2010 2.598,35 ,014368
7.09.2010 146,1238 15,2475 Yes 26.07.2010 2.665,66 13.09.2010 2.573,63 ,034523
14.12.2010 229,9379 -11,2292 Yes 11.10.2010 2.857,59 21.12.2010 2.721,48 ,047631
9.03.2011 180,9143 99,2721 Yes 14.12.2010 2.923,98 14.03.2011 2.850,95 ,024979
11.04.2011 172,2170 86,4594 Yes 9.03.2011 3.038,81 19.04.2011 2.860,07 ,058817
26.07.2011 -214,2947 -7,9529 Yes 24.05.2011 2.683,19 4.08.2011 2.698,81 ,005823
9.08.2011 -220,7787 -147,8177 Yes 20.06.2011 2.508,86 11.08.2011 2.636,36 ,050821
24.11.2011 -152,7165 -43,9630 Yes 6.09.2011 2.406,33 30.11.2011 2.423,56 ,007160
15.12.2011 -207,1526 -136,7544 Yes 9.08.2011 2.209,70 20.12.2011 2.239,86 ,013649
4.05.2012 126,4929 108,8652 Yes 27.02.2012 2.432,47 9.05.2012 2.330,32 ,041993
26.06.2012 -201,1640 -103,9521 Yes 29.03.2012 2.225,57 3.07.2012 2.244,83 ,008656
31.07.2012 -154,3609 -112,5063 Yes 26.06.2012 2.113,97 3.08.2012 2.176,79 ,029721
27.08.2012 -190,3775 -93,3729 Yes 26.06.2012 2.060,61 4.09.2012 2.145,00 ,040954
26.09.2012 -110,3675 -41,8572 Yes 27.08.2012 2.042,89 28.09.2012 2.137,69 ,046405
16.11.2012 -173,5229 -76,5894 Yes 27.08.2012 2.021,21 22.11.2012 2.040,60 ,009596
2.05.2013 -148,1421 -74,0699 Yes 18.03.2013 2.212,50 6.05.2013 2.309,39 ,043795

163
22.07.2013 -12,0989 21,5535 Yes 13.06.2013 2.035,69 24.07.2013 2.069,56 ,016638
29.07.2013 -85,9936 23,9105 Yes 13.06.2013 2.039,51 2.08.2013 2.198,85 ,078123
23.08.2013 ,1797 102,1953 Yes 13.06.2013 2.092,31 28.08.2013 2.258,07 ,079225
21.10.2013 51,6622 20,2480 Yes 9.09.2013 2.178,82 24.10.2013 2.093,20 ,039298
25.10.2013 -194,8658 -17,4061 Yes 13.06.2013 2.139,84 5.11.2013 2.203,30 ,029656
11.03.2014 -147,9447 -72,8888 Yes 10.01.2014 2.026,22 18.03.2014 2.079,55 ,026318
10.04.2014 216,5543 83,8688 Yes 11.02.2014 2.097,21 16.04.2014 1.997,64 ,047479
28.04.2014 -150,0970 -6,6064 Yes 10.01.2014 2.016,50 9.05.2014 2.061,06 ,022098
20.06.2014 -127,6336 77,9394 Yes 20.12.2013 2.051,23 1.07.2014 2.070,36 ,009326
5.09.2014 252,7605 87,5726 Yes 28.07.2014 2.315,73 11.09.2014 2.282,80 ,014220
3.11.2014 188,1859 -56,0024 Yes 5.09.2014 2.495,00 13.11.2014 2.437,48 ,023054
26.11.2014 234,3403 112,6814 Yes 5.09.2014 2.907,82 8.12.2014 2.807,68 ,034438
5.01.2015 170,7723 114,9325 Yes 26.11.2014 3.276,97 9.01.2015 3.095,07 ,055509
2.03.2015 142,9422 70,0781 Yes 26.11.2014 3.264,18 4.03.2015 3.198,37 ,020161
17.04.2015 153,8073 138,7818 Yes 17.03.2015 4.293,62 21.04.2015 4.282,24 ,002650
27.04.2015 137,8394 134,5081 Yes 17.03.2015 4.446,12 29.04.2015 4.112,21 ,075101
26.05.2015 228,7532 75,3589 Yes 17.03.2015 4.633,10 1.06.2015 4.615,23 ,003857
28.07.2015 -96,4008 -9,3580 Yes 19.06.2015 3.786,03 10.08.2015 4.000,68 ,056695

Detailed results of Table 4.34:

RSI Min/Max
Mov. Is Is Trading Price 10 Max Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
29.02.2000 35,2116 45,7015 Yes 31.01.2000 ,96230 9.03.2000 ,97460 ,012782
29.03.2000 39,2914 45,2919 Yes 29.02.2000 ,96190 31.03.2000 ,97500 ,013619
31.08.2000 33,2440 37,6254 Yes 9.08.2000 ,90030 4.09.2000 ,90400 ,004110
11.09.2000 25,8077 34,3143 Yes 4.05.2000 ,86070 22.09.2000 ,90060 ,046358
25.10.2000 25,6118 31,8544 Yes 4.05.2000 ,83940 30.10.2000 ,87950 ,047772
14.05.2001 36,3486 44,0302 Yes 30.03.2001 ,88380 17.05.2001 ,88810 ,004865
5.07.2001 34,8725 43,9978 Yes 31.05.2001 ,84780 9.07.2001 ,87880 ,036565
18.09.2001 64,0643 54,9451 Yes 15.08.2001 ,91490 24.09.2001 ,90590 ,009837
24.12.2001 36,7478 53,8352 Yes 21.11.2001 ,88970 2.01.2002 ,90685 ,019276
6.06.2002 73,4755 68,0423 Yes 6.05.2002 ,94255 10.06.2002 ,93880 ,003979
3.09.2002 60,0721 50,3404 Yes 1.07.2002 ,98080 9.09.2002 ,96080 ,020391
8.11.2002 73,7340 62,6482 Yes 16.07.2002 1,00865 14.11.2002 ,98760 ,020869
10.03.2003 70,1337 60,5732 Yes 27.01.2003 1,09895 13.03.2003 1,05015 ,044406
6.05.2003 77,9664 68,2170 Yes 27.01.2003 1,14775 15.05.2003 1,13705 ,009323
1.10.2003 71,8845 64,8044 Yes 6.05.2003 1,15780 6.10.2003 1,15315 ,004016
18.11.2003 66,4921 51,5881 Yes 8.10.2003 1,17820 25.11.2003 1,17535 ,002419
11.02.2004 62,1115 52,8873 Yes 9.01.2004 1,26890 19.02.2004 1,20590 ,049649
26.03.2004 39,3413 43,6172 Yes 4.03.2004 1,23200 1.04.2004 1,23900 ,005682
5.04.2004 37,9158 43,1188 Yes 4.03.2004 1,21180 7.04.2004 1,22200 ,008417
13.04.2004 37,1770 43,6348 Yes 4.03.2004 1,20230 20.04.2004 1,21180 ,007902

164
17.11.2004 73,6097 71,1714 Yes 25.10.2004 1,29585 19.11.2004 1,29385 ,001543
30.12.2004 69,7428 64,5586 Yes 3.12.2004 1,35645 3.01.2005 1,30260 ,039699
11.03.2005 69,3298 60,7092 Yes 1.12.2004 1,33045 16.03.2005 1,28555 ,033748
17.05.2005 30,4606 38,9753 Yes 7.02.2005 1,26830 19.05.2005 1,26915 ,000670
5.09.2005 67,1771 56,1453 Yes 11.08.2005 1,24185 8.09.2005 1,20995 ,025688
4.10.2005 31,4301 37,1038 Yes 14.06.2005 1,19740 6.10.2005 1,22055 ,019334
10.11.2005 31,4105 41,0926 Yes 14.06.2005 1,17470 18.11.2005 1,19035 ,013323
21.03.2007 70,4622 60,4035 Yes 4.12.2006 1,32865 26.03.2007 1,32540 ,002446
19.04.2007 73,6887 66,4641 Yes 4.12.2006 1,35765 24.04.2007 1,35155 ,004493
19.10.2007 68,2181 62,5033 Yes 28.09.2007 1,41770 23.10.2007 1,41700 ,000494
31.10.2007 72,3539 66,1379 Yes 28.09.2007 1,44225 2.11.2007 1,44200 ,000173
9.11.2007 75,3493 70,9526 Yes 28.09.2007 1,45310 13.11.2007 1,45205 ,000723
14.01.2008 63,1391 57,9506 Yes 21.11.2007 1,48010 16.01.2008 1,43660 ,029390
6.03.2008 79,3387 71,0812 Yes 28.09.2007 1,53405 12.03.2008 1,53340 ,000424
9.04.2008 65,9884 63,7315 Yes 17.03.2008 1,57430 11.04.2008 1,55555 ,011910
14.04.2008 63,4270 61,5939 Yes 17.03.2008 1,57980 16.04.2008 1,55170 ,017787
16.04.2008 66,8831 62,4645 Yes 26.03.2008 1,58160 21.04.2008 1,53600 ,028832
22.04.2008 65,0836 62,8949 Yes 17.03.2008 1,58920 24.04.2008 1,52855 ,038164
2.07.2008 62,9354 55,3578 Yes 28.03.2008 1,57045 4.07.2008 1,56110 ,005954
11.07.2008 62,8946 56,6105 Yes 28.03.2008 1,58255 17.07.2008 1,55200 ,019304
6.10.2008 23,9373 40,7074 Yes 11.09.2008 1,35900 14.10.2008 1,37695 ,013208
27.10.2008 18,7072 26,8090 Yes 11.09.2008 1,27725 29.10.2008 1,32975 ,041104
20.11.2008 36,2260 37,8617 Yes 27.10.2008 1,25840 24.11.2008 1,30810 ,039495
25.05.2009 70,6823 63,5435 Yes 19.03.2009 1,38235 28.05.2009 1,37930 ,002206
2.06.2009 72,8472 67,9562 Yes 19.03.2009 1,41595 4.06.2009 1,37460 ,029203
3.08.2009 64,4351 57,2561 Yes 2.06.2009 1,41845 10.08.2009 1,40460 ,009768
22.10.2009 69,3106 65,4928 Yes 22.09.2009 1,48675 27.10.2009 1,46250 ,016311
25.11.2009 62,9262 54,5582 Yes 22.10.2009 1,50185 30.11.2009 1,45850 ,028864
25.03.2010 31,9552 43,8946 Yes 15.02.2010 1,34810 30.03.2010 1,36919 ,015648
27.04.2010 34,5989 44,7322 Yes 25.03.2010 1,33355 3.05.2010 1,33620 ,001987
4.11.2010 67,3236 60,2468 Yes 14.10.2010 1,40385 8.11.2010 1,34475 ,042098
7.01.2011 33,8200 45,7440 Yes 30.11.2010 1,31295 13.01.2011 1,37585 ,047907
4.03.2011 68,1156 61,3170 Yes 27.01.2011 1,39044 9.03.2011 1,37520 ,010961
21.03.2011 70,2882 62,3195 Yes 14.10.2010 1,41010 24.03.2011 1,40200 ,005748
14.12.2011 28,3989 39,7394 Yes 3.10.2011 1,30805 21.12.2011 1,31985 ,009021
6.01.2012 28,2701 34,4064 Yes 3.10.2011 1,28140 13.01.2012 1,32340 ,032777
12.07.2012 32,7670 41,2495 Yes 31.05.2012 1,22916 18.07.2012 1,23898 ,007989
24.07.2012 28,6965 35,2703 Yes 31.05.2012 1,21557 26.07.2012 1,24440 ,023717
20.12.2012 72,1357 63,2828 Yes 14.09.2012 1,31770 24.12.2012 1,29976 ,013615
14.01.2013 68,3913 55,2201 Yes 20.12.2012 1,33155 22.01.2013 1,32650 ,003796
1.02.2013 76,4447 66,8876 Yes 14.09.2012 1,35175 5.02.2013 1,33067 ,015595
27.03.2013 35,9651 39,9475 Yes 6.03.2013 1,28457 2.04.2013 1,32015 ,027694
17.05.2013 35,7021 45,2336 Yes 19.03.2013 1,29335 24.05.2013 1,33061 ,028805

165
9.07.2013 32,0555 38,7086 Yes 6.03.2013 1,29665 11.07.2013 1,32958 ,025404
8.08.2013 64,4854 60,2821 Yes 13.06.2013 1,32986 13.08.2013 1,32059 ,006974
20.08.2013 63,6930 58,8281 Yes 13.06.2013 1,33534 22.08.2013 1,31100 ,018224
19.09.2013 69,2449 55,9147 Yes 13.06.2013 1,34887 27.09.2013 1,34690 ,001461
3.10.2013 70,3959 65,3537 Yes 13.06.2013 1,35555 7.10.2013 1,34731 ,006075
28.02.2014 63,0609 58,8299 Yes 30.12.2013 1,37356 4.03.2014 1,37075 ,002042
18.03.2014 67,2490 64,3991 Yes 11.12.2013 1,38206 20.03.2014 1,36983 ,008846
1.10.2014 20,7646 26,3757 Yes 8.09.2014 1,26688 3.10.2014 1,28866 ,017196
3.10.2014 20,8454 24,9839 Yes 8.09.2014 1,26531 7.10.2014 1,28866 ,018458
6.11.2014 32,0872 40,2074 Yes 3.10.2014 1,24729 12.11.2014 1,26000 ,010194
3.12.2014 36,3265 43,3823 Yes 6.11.2014 1,23725 10.12.2014 1,25701 ,015971
16.01.2015 17,9169 23,1282 Yes 8.09.2014 1,16060 20.01.2015 1,16766 ,006083
23.01.2015 17,3977 22,2661 Yes 8.09.2014 1,13794 28.01.2015 1,15301 ,013243

Detailed results of Table 4.35:

Stochastic Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date Stochastic Avg. Top Bottom Divergence1 Price TradingDate Days Rate
29.02.2000 32,9317 38,4291 Yes 8.02.2000 ,97240 2.03.2000 ,97930 ,007096
7.03.2000 26,4050 30,5555 Yes 28.01.2000 ,96230 9.03.2000 ,97460 ,012782
30.03.2000 24,2958 34,8875 Yes 28.01.2000 ,95550 3.04.2000 ,97500 ,020408
19.04.2000 7,0552 16,3687 Yes 28.01.2000 ,93850 24.04.2000 ,94570 ,007672
26.06.2000 10,4372 21,8080 Yes 19.04.2000 ,94550 28.06.2000 ,96030 ,015653
19.07.2000 11,1940 15,5476 Yes 26.06.2000 ,93360 21.07.2000 ,94500 ,012211
3.08.2000 10,0992 11,4898 Yes 19.04.2000 ,90800 7.08.2000 ,91840 ,011454
31.08.2000 15,9358 21,8576 Yes 9.08.2000 ,90030 4.09.2000 ,90400 ,004110
12.09.2000 10,9533 11,3175 Yes 3.08.2000 ,86030 14.09.2000 ,90060 ,046844
16.10.2000 6,0665 15,5844 Yes 19.09.2000 ,85420 18.10.2000 ,86190 ,009014
24.11.2000 7,2156 8,7052 Yes 16.10.2000 ,85280 28.11.2000 ,89760 ,052533
14.05.2001 7,5552 11,5931 Yes 30.03.2001 ,88380 17.05.2001 ,88810 ,004865
23.05.2001 6,3773 15,8854 Yes 30.03.2001 ,86070 28.05.2001 ,86140 ,000813
5.07.2001 15,0753 21,6209 Yes 4.06.2001 ,84780 9.07.2001 ,87880 ,036565
20.09.2001 87,2550 86,3090 Yes 21.08.2001 ,91490 24.09.2001 ,90590 ,009837
15.11.2001 11,7761 14,7596 Yes 23.10.2001 ,88430 19.11.2001 ,89830 ,015832
21.11.2001 10,9268 12,9361 Yes 23.10.2001 ,87850 23.11.2001 ,89830 ,022538
25.12.2001 13,0926 31,0645 Yes 23.11.2001 ,88375 28.12.2001 ,90685 ,026139
21.01.2002 14,6635 16,4354 Yes 23.10.2001 ,88690 23.01.2002 ,88925 ,002650
30.05.2002 91,6071 86,6829 Yes 7.05.2002 ,93370 3.06.2002 ,93025 ,003695
20.06.2002 95,1153 88,3027 Yes 26.04.2002 ,96970 25.06.2002 ,96450 ,005362
18.07.2002 88,3416 87,3958 Yes 20.06.2002 1,01045 22.07.2002 ,97260 ,037459
4.09.2002 85,4483 80,1057 Yes 20.06.2002 ,98080 9.09.2002 ,96080 ,020391
17.09.2002 16,6085 19,8764 Yes 31.07.2002 ,97710 19.09.2002 ,99120 ,014430
3.10.2002 83,1651 81,0150 Yes 20.06.2002 ,97930 7.10.2002 ,96860 ,010926

166
21.10.2002 12,5090 18,0843 Yes 31.07.2002 ,97730 23.10.2002 1,00555 ,028906
4.11.2002 91,4600 85,5556 Yes 20.06.2002 ,99885 6.11.2002 ,99395 ,004906
16.12.2002 92,5067 89,1504 Yes 8.11.2002 1,02640 18.12.2002 1,02065 ,005602
10.03.2003 90,4021 88,0620 Yes 21.01.2003 1,09895 13.03.2003 1,05015 ,044406
25.04.2003 94,6800 90,6723 Yes 21.01.2003 1,09840 29.04.2003 1,09335 ,004598
1.05.2003 95,0494 91,5581 Yes 21.01.2003 1,12960 6.05.2003 1,12755 ,001815
26.05.2003 96,0965 91,7192 Yes 21.01.2003 1,18160 28.05.2003 1,16305 ,015699
18.11.2003 92,3873 86,3085 Yes 8.10.2003 1,18925 20.11.2003 1,17535 ,011688
28.11.2003 92,6546 84,2313 Yes 8.10.2003 1,21085 4.12.2003 1,20295 ,006524
12.02.2004 88,4750 84,3529 Yes 30.12.2003 1,27720 17.02.2004 1,21975 ,044981
22.04.2004 11,3555 14,4117 Yes 26.03.2004 1,18425 26.04.2004 1,21805 ,028541
13.05.2004 21,0329 22,0934 Yes 22.04.2004 1,18870 17.05.2004 1,22970 ,034491
27.08.2004 9,7721 16,5815 Yes 2.08.2004 1,21830 1.09.2004 1,23105 ,010465
1.10.2004 93,0141 89,2099 Yes 17.08.2004 1,22920 5.10.2004 1,22245 ,005491
25.10.2004 95,7902 93,6425 Yes 17.08.2004 1,27640 27.10.2004 1,26310 ,010420
27.12.2004 96,8860 90,1922 Yes 25.11.2004 1,36080 30.12.2004 1,30260 ,042769
10.05.2005 15,2913 22,3657 Yes 25.03.2005 1,28140 12.05.2005 1,28145 ,000039
13.05.2005 6,0198 12,5003 Yes 25.03.2005 1,26015 18.05.2005 1,26915 ,007142
5.07.2005 6,2394 14,8013 Yes 14.06.2005 1,19540 8.07.2005 1,22565 ,025305
5.09.2005 89,7822 77,6861 Yes 12.08.2005 1,24660 7.09.2005 1,20995 ,029400
20.09.2005 9,1462 13,4464 Yes 1.06.2005 1,22165 22.09.2005 1,22700 ,004379
27.09.2005 6,6535 8,7433 Yes 14.06.2005 1,20365 29.09.2005 1,22055 ,014041
4.10.2005 6,7227 9,9624 Yes 1.06.2005 1,21800 7.10.2005 1,21800 ,000000
8.11.2005 9,1865 16,3587 Yes 4.10.2005 1,17635 10.11.2005 1,18675 ,008841
14.11.2005 5,8336 7,9049 Yes 1.06.2005 1,17235 16.11.2005 1,19035 ,015354
9.03.2006 30,4779 45,3352 Yes 14.02.2006 1,19640 14.03.2006 1,22085 ,020436
19.04.2006 89,9810 70,1163 Yes 17.03.2006 1,23640 24.04.2006 1,23333 ,002487
3.07.2006 95,2214 74,5401 Yes 28.04.2006 1,27195 6.07.2006 1,24595 ,020441
1.08.2006 96,6707 84,9848 Yes 28.04.2006 1,28020 4.08.2006 1,26940 ,008436
11.10.2006 6,7834 10,9549 Yes 13.06.2006 1,25550 13.10.2006 1,27500 ,015532
28.11.2006 95,2521 94,1519 Yes 1.08.2006 1,31525 30.11.2006 1,31300 ,001711
4.12.2006 96,5954 94,0445 Yes 1.08.2006 1,32860 7.12.2006 1,30520 ,017613
21.03.2007 93,3099 90,8300 Yes 27.02.2007 1,33290 23.03.2007 1,32540 ,005627
13.04.2007 90,2195 85,9585 Yes 21.03.2007 1,35320 17.04.2007 1,35240 ,000591
19.04.2007 95,2254 91,8002 Yes 4.12.2006 1,35765 24.04.2007 1,35155 ,004493
13.06.2007 10,8974 14,6107 Yes 10.05.2007 1,33890 18.06.2007 1,36400 ,018747
19.10.2007 87,8387 77,1294 Yes 28.09.2007 1,41770 23.10.2007 1,41700 ,000494
22.11.2007 96,0555 90,4216 Yes 30.10.2007 1,48285 26.11.2007 1,45265 ,020366
14.01.2008 91,7870 84,8923 Yes 22.11.2007 1,48010 16.01.2008 1,43660 ,029390
28.02.2008 96,4321 95,5073 Yes 30.10.2007 1,51810 3.03.2008 1,51455 ,002338
11.04.2008 79,4369 76,2309 Yes 14.03.2008 1,58300 15.04.2008 1,55410 ,018256
17.04.2008 82,8710 80,1412 Yes 14.03.2008 1,58160 21.04.2008 1,53600 ,028832
23.04.2008 82,9841 80,7451 Yes 28.03.2008 1,56780 25.04.2008 1,52855 ,025035

167
22.05.2008 91,8325 85,4483 Yes 14.03.2008 1,57710 27.05.2008 1,53630 ,025870
4.06.2008 16,9044 26,0777 Yes 1.05.2008 1,55940 6.06.2008 1,58440 ,016032
1.07.2008 91,5244 87,8579 Yes 22.05.2008 1,57045 4.07.2008 1,56110 ,005954
8.09.2008 7,5646 9,6890 Yes 18.08.2008 1,41345 10.09.2008 1,48670 ,051824
10.09.2008 6,8203 8,0762 Yes 18.08.2008 1,42970 15.09.2008 1,48670 ,039869
6.10.2008 5,9393 7,6077 Yes 18.08.2008 1,35945 8.10.2008 1,37855 ,014050
22.10.2008 6,9157 9,2691 Yes 8.08.2008 1,29470 24.10.2008 1,32975 ,027072
12.11.2008 27,4479 32,9414 Yes 22.10.2008 1,25565 17.11.2008 1,30810 ,041771
20.11.2008 17,1410 22,6139 Yes 22.10.2008 1,29500 25.11.2008 1,30810 ,010116
14.01.2009 6,2801 11,1727 Yes 6.10.2008 1,33480 19.01.2009 1,33890 ,003072
18.02.2009 6,8918 14,1853 Yes 14.01.2009 1,26735 20.02.2009 1,29915 ,025092
25.05.2009 94,5857 92,8807 Yes 19.03.2009 1,39845 27.05.2009 1,37930 ,013694
2.06.2009 94,7933 89,9619 Yes 19.03.2009 1,41595 4.06.2009 1,37460 ,029203
8.07.2009 28,6262 40,2222 Yes 17.06.2009 1,39400 13.07.2009 1,42980 ,025681
5.08.2009 92,2191 86,3087 Yes 2.06.2009 1,43479 7.08.2009 1,40460 ,021045
15.10.2009 94,8403 88,8209 Yes 17.09.2009 1,49100 19.10.2009 1,46830 ,015225
25.11.2009 80,5550 70,6409 Yes 21.10.2009 1,50185 30.11.2009 1,45850 ,028864
21.01.2010 8,2686 18,3566 Yes 22.12.2009 1,41518 26.01.2010 1,41795 ,001957
25.03.2010 5,1522 13,2937 Yes 29.01.2010 1,34865 29.03.2010 1,36919 ,015234
29.04.2010 13,9186 18,7784 Yes 25.03.2010 1,33355 3.05.2010 1,33620 ,001987
5.05.2010 5,1654 14,5220 Yes 25.03.2010 1,28225 10.05.2010 1,30950 ,021252
14.05.2010 4,3325 10,8198 Yes 29.01.2010 1,21940 19.05.2010 1,26725 ,039241
7.06.2010 5,4595 11,5720 Yes 14.05.2010 1,19813 10.06.2010 1,24875 ,042249
16.09.2010 92,0115 84,8143 Yes 15.07.2010 1,30495 20.09.2010 1,30280 ,001648
24.09.2010 93,0927 92,3926 Yes 2.08.2010 1,34530 28.09.2010 1,33815 ,005315
4.11.2010 84,1896 69,6887 Yes 14.10.2010 1,39185 9.11.2010 1,33617 ,040001
23.12.2010 9,4800 17,5519 Yes 25.11.2010 1,31640 28.12.2010 1,34335 ,020473
10.01.2011 5,7288 14,3807 Yes 30.11.2010 1,29730 12.01.2011 1,37215 ,057697
25.02.2011 87,2701 77,9596 Yes 27.01.2011 1,37788 2.03.2011 1,37431 ,002595
4.03.2011 96,6648 92,5055 Yes 27.01.2011 1,39688 8.03.2011 1,37520 ,015520
8.04.2011 94,2098 91,6454 Yes 4.03.2011 1,44355 12.04.2011 1,41580 ,019223
28.04.2011 95,5948 92,7882 Yes 4.03.2011 1,48099 2.05.2011 1,40482 ,051428
7.06.2011 95,2913 93,2530 Yes 4.03.2011 1,45840 9.06.2011 1,40730 ,035038
12.07.2011 18,9220 30,9912 Yes 24.05.2011 1,41425 15.07.2011 1,45359 ,027817
17.08.2011 81,5512 67,4103 Yes 27.07.2011 1,43265 19.08.2011 1,41840 ,009947
4.10.2011 11,3764 17,1980 Yes 9.09.2011 1,33415 6.10.2011 1,39142 ,042926
10.11.2011 17,2503 22,5973 Yes 9.09.2011 1,36320 15.11.2011 1,36425 ,000770
9.01.2012 9,5450 15,5242 Yes 14.12.2011 1,27780 11.01.2012 1,31210 ,026843
15.03.2012 8,7240 9,2489 Yes 25.11.2011 1,31745 19.03.2012 1,33858 ,016035
27.03.2012 90,1106 83,2903 Yes 9.02.2012 1,33170 29.03.2012 1,30334 ,021296
12.07.2012 5,3027 7,3549 Yes 31.05.2012 1,22570 16.07.2012 1,23898 ,010835
24.07.2012 5,3349 11,1794 Yes 31.05.2012 1,21557 26.07.2012 1,24440 ,023717
18.10.2012 88,3187 79,3620 Yes 13.09.2012 1,30221 22.10.2012 1,27675 ,019555

168
14.01.2013 92,6276 69,5011 Yes 18.12.2012 1,32908 17.01.2013 1,32650 ,001945
27.03.2013 6,9329 17,1693 Yes 25.02.2013 1,28140 1.04.2013 1,31383 ,025308
16.05.2013 8,0308 9,2505 Yes 25.02.2013 1,28260 20.05.2013 1,31080 ,021987
28.06.2013 8,1940 8,9719 Yes 25.02.2013 1,30629 2.07.2013 1,32072 ,011046
9.07.2013 6,3627 7,2711 Yes 25.02.2013 1,29665 11.07.2013 1,32958 ,025404
19.09.2013 92,7583 86,4043 Yes 29.07.2013 1,34932 24.09.2013 1,34625 ,002272
24.10.2013 94,5456 93,8135 Yes 29.07.2013 1,38030 28.10.2013 1,32959 ,036735
4.02.2014 13,2001 19,2619 Yes 7.01.2014 1,35338 6.02.2014 1,37732 ,017689
18.02.2014 93,0404 84,7709 Yes 9.12.2013 1,37190 21.02.2014 1,36433 ,005514
11.04.2014 91,9390 76,7316 Yes 18.02.2014 1,38220 15.04.2014 1,37852 ,002666
6.05.2014 86,4267 83,2423 Yes 11.04.2014 1,39112 8.05.2014 1,36353 ,019836
20.08.2014 9,6693 25,8778 Yes 29.07.2014 1,32115 25.08.2014 1,32250 ,001022
26.08.2014 5,0744 9,1782 Yes 29.07.2014 1,31817 29.08.2014 1,31960 ,001085
23.09.2014 6,6170 9,5573 Yes 2.09.2014 1,27514 26.09.2014 1,27914 ,003137
3.11.2014 12,3718 16,9914 Yes 3.10.2014 1,25450 5.11.2014 1,26000 ,004384
7.11.2014 10,9545 12,8385 Yes 26.09.2014 1,24203 11.11.2014 1,26000 ,014468
5.12.2014 12,3067 15,0115 Yes 7.11.2014 1,23136 9.12.2014 1,25701 ,020826
26.01.2015 11,9284 13,1911 Yes 2.01.2015 1,13794 28.01.2015 1,15301 ,013243
4.03.2015 6,3695 6,6996 Yes 2.01.2015 1,10310 6.03.2015 1,10356 ,000426
10.03.2015 2,0091 3,4584 Yes 2.01.2015 1,06219 13.03.2015 1,10523 ,040525
13.04.2015 7,1082 16,3658 Yes 10.03.2015 1,06535 15.04.2015 1,11878 ,050148
26.05.2015 2,5453 5,1935 Yes 2.01.2015 1,09025 28.05.2015 1,13864 ,044380
20.07.2015 2,9886 6,5182 Yes 26.05.2015 1,09355 22.07.2015 1,11291 ,017699
24.08.2015 94,5448 87,2220 Yes 15.05.2015 1,15214 26.08.2015 1,10874 ,037665
6.11.2015 5,3435 8,0725 Yes 20.07.2015 1,07225 11.11.2015 1,08298 ,010002
18.11.2015 5,0219 11,3467 Yes 20.07.2015 1,07368 20.11.2015 1,09810 ,022749

Detailed results of Table 4.36:

Min/Max Max
MACD Is Is Trading Price 10 Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
20.09.2000 -,014514 -,012836 Yes 8.05.2000 ,87820 25.09.2000 ,88850 ,011729
13.11.2002 ,007644 ,005361 Yes 1.07.2002 1,00085 21.11.2002 ,98605 ,014787
1.01.2003 ,011058 ,009179 Yes 19.07.2002 1,04100 8.01.2003 1,03590 ,004899
11.03.2003 ,007931 ,005981 Yes 28.01.2003 1,07840 14.03.2003 1,05015 ,026196
17.02.2004 ,007372 ,005405 Yes 9.01.2004 1,25405 23.02.2004 1,20590 ,038396
5.10.2005 -,008700 -,006607 Yes 14.06.2005 1,21160 10.10.2005 1,21540 ,003136
16.11.2005 -,009777 -,007636 Yes 5.07.2005 1,18150 23.11.2005 1,19035 ,007491
22.03.2007 ,006070 ,004705 Yes 5.12.2006 1,33325 4.04.2007 1,33175 ,001125
5.04.2007 ,005633 ,005417 Yes 5.12.2006 1,33540 10.04.2007 1,33495 ,000337
25.04.2007 ,008920 ,008074 Yes 5.12.2006 1,36015 2.05.2007 1,34620 ,010256
20.07.2007 ,008813 ,007480 Yes 25.04.2007 1,37210 26.07.2007 1,36095 ,008126
9.11.2007 ,013474 ,011518 Yes 1.10.2007 1,46655 19.11.2007 1,46205 ,003068

169
15.07.2008 ,007174 ,005253 Yes 28.03.2008 1,57817 23.07.2008 1,53980 ,024310
2.06.2009 ,021213 ,017351 Yes 24.12.2008 1,38950 9.06.2009 1,37460 ,010723
6.08.2009 ,008918 ,007141 Yes 2.06.2009 1,41410 11.08.2009 1,40460 ,006722
22.09.2009 ,012852 ,010498 Yes 2.06.2009 1,46220 29.09.2009 1,44810 ,009643
23.10.2009 ,011530 ,010276 Yes 2.06.2009 1,48105 28.10.2009 1,46250 ,012525
3.12.2009 ,005408 ,004992 Yes 23.10.2009 1,48555 7.12.2009 1,42610 ,040019
26.03.2010 -,008682 -,006493 Yes 8.02.2010 1,35855 2.04.2010 1,36919 ,007832
8.04.2010 -,006995 -,006620 Yes 8.02.2010 1,35665 12.04.2010 1,36919 ,009247
11.01.2011 -,008264 -,006520 Yes 1.12.2010 1,33630 14.01.2011 1,37585 ,029597
7.03.2011 ,010377 ,008127 Yes 8.10.2010 1,39032 14.03.2011 1,38557 ,003420
22.03.2011 ,012383 ,010308 Yes 2.02.2011 1,40852 29.03.2011 1,40470 ,002719
29.11.2011 -,011525 -,008743 Yes 4.10.2011 1,33830 5.12.2011 1,34865 ,007734
19.12.2011 -,014111 -,011497 Yes 4.10.2011 1,30600 27.12.2011 1,30845 ,001876
16.01.2012 -,013554 -,012902 Yes 4.10.2011 1,28590 19.01.2012 1,32340 ,029162
24.07.2012 -,010683 -,009137 Yes 31.05.2012 1,22821 27.07.2012 1,24440 ,013182
20.12.2012 ,008064 ,005846 Yes 19.09.2012 1,31985 1.01.2013 1,29976 ,015221
1.02.2013 ,010579 ,008228 Yes 19.09.2012 1,33990 8.02.2013 1,31456 ,018912
9.07.2013 -,006836 -,002759 Yes 28.03.2013 1,30640 16.07.2013 1,33013 ,018164
3.10.2013 ,007314 ,006039 Yes 18.06.2013 1,35210 10.10.2013 1,34731 ,003539
28.10.2013 ,008858 ,007474 Yes 18.06.2013 1,35874 1.11.2013 1,32959 ,021454
18.03.2014 ,006372 ,005346 Yes 28.10.2013 1,37795 21.03.2014 1,36729 ,007740
8.12.2014 -,006408 -,005574 Yes 3.10.2014 1,24468 11.12.2014 1,25701 ,009906
16.03.2015 -,022248 -,017292 Yes 26.01.2015 1,08423 23.03.2015 1,10523 ,019364
25.08.2015 ,010047 ,004238 Yes 15.05.2015 1,12261 3.09.2015 1,10874 ,012351

Detailed results of Table 4.37:

ROC Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date ROC Avg. Top Bottom Divergence1 Price TradingDate Days Rate
10.03.2000 -3,9470 -2,5117 Yes 28.01.2000 ,96860 15.03.2000 ,97900 ,010737
3.04.2000 -1,7407 -,1793 Yes 10.03.2000 ,95750 7.04.2000 ,96790 ,010862
11.04.2000 -1,9125 -1,0392 Yes 10.03.2000 ,95870 13.04.2000 ,96790 ,009596
11.09.2000 -4,6362 -2,5292 Yes 4.05.2000 ,86460 15.09.2000 ,90060 ,041638
19.09.2000 -5,4204 -4,0441 Yes 4.05.2000 ,86070 22.09.2000 ,90060 ,046358
25.10.2000 -4,6978 -3,6127 Yes 19.09.2000 ,83940 30.10.2000 ,87950 ,047772
21.02.2001 -3,0261 -1,3406 Yes 29.01.2001 ,91760 26.02.2001 ,93830 ,022559
14.05.2001 -3,2001 -,7707 Yes 22.03.2001 ,88380 17.05.2001 ,88810 ,004865
23.05.2001 -3,9416 -2,0846 Yes 22.03.2001 ,85640 30.05.2001 ,85920 ,003269
1.06.2001 -4,2091 -2,9181 Yes 22.03.2001 ,85440 6.06.2001 ,86740 ,015215
5.07.2001 -1,9670 -,2531 Yes 6.06.2001 ,84960 10.07.2001 ,87880 ,034369
20.09.2001 4,3806 ,7042 Yes 15.08.2001 ,92280 26.09.2001 ,90590 ,018314
19.11.2001 -2,6383 -1,0088 Yes 23.10.2001 ,88050 27.11.2001 ,89830 ,020216
24.12.2001 -1,8287 ,9225 Yes 19.11.2001 ,88970 2.01.2002 ,90685 ,019276

170
22.07.2002 3,1137 2,0201 Yes 1.07.2002 ,99140 24.07.2002 ,96210 ,029554
4.09.2002 1,5605 ,5307 Yes 1.07.2002 ,98080 9.09.2002 ,96080 ,020391
8.11.2002 4,0480 1,7572 Yes 1.07.2002 1,00865 14.11.2002 ,98760 ,020869
13.12.2002 3,3660 ,7225 Yes 8.11.2002 1,02645 24.12.2002 1,02520 ,001218
27.12.2002 3,5856 2,8123 Yes 8.11.2002 1,04885 1.01.2003 1,03345 ,014683
27.01.2003 3,4243 2,3299 Yes 27.12.2002 1,08255 29.01.2003 1,06640 ,014918
6.03.2003 2,7149 ,6845 Yes 27.01.2003 1,07840 14.03.2003 1,05015 ,026196
23.05.2003 4,1973 3,7556 Yes 6.05.2003 1,18725 27.05.2003 1,16305 ,020383
29.07.2003 1,6022 -,3418 Yes 6.05.2003 1,12795 4.08.2003 1,11255 ,013653
21.11.2003 4,1962 1,1709 Yes 2.10.2003 1,19955 1.12.2003 1,19370 ,004877
10.12.2003 3,7090 2,6703 Yes 21.11.2003 1,23290 17.12.2003 1,22945 ,002798
17.12.2003 3,7576 2,9236 Yes 21.11.2003 1,24250 19.12.2003 1,23445 ,006479
6.01.2004 2,8816 1,9820 Yes 17.12.2003 1,26320 8.01.2004 1,23350 ,023512
8.01.2004 3,0181 2,1199 Yes 17.12.2003 1,26490 15.01.2004 1,23350 ,024824
11.02.2004 2,9367 ,0996 Yes 8.01.2004 1,27145 20.02.2004 1,20590 ,051555
24.03.2004 -2,2124 -,9115 Yes 4.03.2004 1,21680 31.03.2004 1,23900 ,018245
5.04.2004 -3,0183 -,9629 Yes 4.03.2004 1,20860 12.04.2004 1,20990 ,001076
19.04.2004 -2,7379 -1,5503 Yes 4.03.2004 1,18470 22.04.2004 1,21805 ,028151
23.04.2004 -2,9407 -1,8782 Yes 5.04.2004 1,18645 27.04.2004 1,21805 ,026634
6.05.2004 1,7865 -,4368 Yes 21.11.2003 1,18465 11.05.2004 1,17760 ,005951
23.06.2004 -1,7985 -1,0758 Yes 4.03.2004 1,21700 25.06.2004 1,24245 ,020912
9.07.2004 2,6377 1,5147 Yes 27.05.2004 1,23285 14.07.2004 1,19990 ,026727
3.08.2004 -3,1678 -2,1447 Yes 4.03.2004 1,20570 6.08.2004 1,23885 ,027494
17.08.2004 2,7916 ,6436 Yes 27.05.2004 1,21400 24.08.2004 1,20050 ,011120
1.10.2004 2,1890 1,1580 Yes 17.08.2004 1,22920 5.10.2004 1,22245 ,005491
17.11.2004 2,2273 1,8812 Yes 25.10.2004 1,29585 19.11.2004 1,29385 ,001543
6.12.2004 3,4181 2,6422 Yes 25.10.2004 1,33390 9.12.2004 1,31400 ,014919
28.12.2004 2,9181 ,7922 Yes 6.12.2004 1,35645 3.01.2005 1,30260 ,039699
8.02.2005 -2,1273 -,9575 Yes 17.01.2005 1,28755 11.02.2005 1,32755 ,031067
23.02.2005 3,5707 ,4862 Yes 25.10.2004 1,31415 3.03.2005 1,30955 ,003500
28.03.2005 -3,9864 -,8086 Yes 17.01.2005 1,28700 7.04.2005 1,31255 ,019852
13.05.2005 -2,3238 -1,2440 Yes 28.03.2005 1,26830 19.05.2005 1,26915 ,000670
20.05.2005 -2,9543 -1,9117 Yes 28.03.2005 1,25825 25.05.2005 1,26205 ,003020
26.05.2005 -2,8842 -2,1915 Yes 28.03.2005 1,25650 30.05.2005 1,25465 ,000000
1.06.2005 -3,6656 -2,3996 Yes 28.03.2005 1,22840 8.06.2005 1,23545 ,005739
5.07.2005 -3,0398 -1,1055 Yes 14.06.2005 1,20745 12.07.2005 1,22565 ,015073
5.09.2005 2,9855 -,0506 Yes 11.08.2005 1,22825 13.09.2005 1,19785 ,024751
14.11.2005 -3,7598 -1,6775 Yes 14.06.2005 1,17470 18.11.2005 1,19035 ,013323
7.03.2006 -,4106 ,0379 Yes 16.02.2006 1,19640 14.03.2006 1,22085 ,020436
17.03.2006 2,2229 ,8131 Yes 6.01.2006 1,20955 22.03.2006 1,19520 ,011864
6.04.2006 1,1120 ,7219 Yes 17.03.2006 1,21035 10.04.2006 1,20662 ,003078
19.04.2006 1,9767 1,0271 Yes 17.03.2006 1,23180 21.04.2006 1,22670 ,004140
11.07.2006 2,1509 1,2133 Yes 28.04.2006 1,27030 13.07.2006 1,24595 ,019169

171
18.07.2006 -2,2436 ,6512 Yes 20.06.2006 1,27225 27.07.2006 1,29125 ,014934
3.08.2006 2,3910 ,3062 Yes 28.04.2006 1,28350 9.08.2006 1,26940 ,010986
30.08.2006 ,9558 ,0285 Yes 3.08.2006 1,28380 4.09.2006 1,26310 ,016124
10.10.2006 -1,9418 -,3249 Yes 20.06.2006 1,25440 18.10.2006 1,27988 ,020309
9.11.2006 2,1297 1,6050 Yes 3.08.2006 1,28050 14.11.2006 1,27615 ,003397
21.03.2007 2,2651 ,5383 Yes 4.12.2006 1,32865 26.03.2007 1,32540 ,002446
19.04.2007 2,1119 1,1727 Yes 21.03.2007 1,35765 24.04.2007 1,35155 ,004493
25.04.2007 2,1266 1,6532 Yes 21.03.2007 1,35980 27.04.2007 1,34620 ,010001
13.06.2007 -1,0705 -,4596 Yes 10.05.2007 1,33890 18.06.2007 1,36400 ,018747
6.08.2007 -,0905 -,1693 Yes 12.07.2007 1,37380 8.08.2007 1,33605 ,027479
8.08.2007 -,0724 -,4492 Yes 12.07.2007 1,36785 10.08.2007 1,33605 ,023248
10.09.2007 1,7063 1,0597 Yes 12.07.2007 1,38390 12.09.2007 1,38235 ,001120
13.09.2007 2,0877 1,5230 Yes 12.07.2007 1,38740 17.09.2007 1,38280 ,003316
19.10.2007 1,4903 ,3209 Yes 20.09.2007 1,41770 23.10.2007 1,41700 ,000494
2.11.2007 2,0588 1,5295 Yes 20.09.2007 1,44675 6.11.2007 1,44665 ,000069
7.11.2007 3,1758 1,8603 Yes 20.09.2007 1,45310 13.11.2007 1,45205 ,000723
10.01.2008 2,7694 1,7466 Yes 7.11.2007 1,48695 15.01.2008 1,43660 ,033861
4.02.2008 1,2806 ,1758 Yes 10.01.2008 1,46485 6.02.2008 1,44400 ,014234
9.04.2008 2,6018 1,1875 Yes 12.03.2008 1,57430 11.04.2008 1,55555 ,011910
17.04.2008 1,9188 1,0490 Yes 12.03.2008 1,58160 21.04.2008 1,53600 ,028832
22.04.2008 1,6526 1,0248 Yes 12.03.2008 1,56780 25.04.2008 1,52855 ,025035
26.05.2008 2,4359 ,6456 Yes 12.03.2008 1,56410 29.05.2008 1,53630 ,017774
1.07.2008 2,6855 ,7914 Yes 12.03.2008 1,57040 7.07.2008 1,56110 ,005922
21.07.2008 1,4465 ,8899 Yes 1.07.2008 1,57817 23.07.2008 1,53980 ,024310
8.09.2008 -5,1377 -2,2037 Yes 18.08.2008 1,42580 16.09.2008 1,48670 ,042713
20.11.2008 -4,0339 -1,3328 Yes 3.11.2008 1,29500 25.11.2008 1,30810 ,010116
12.02.2009 -2,2675 -1,4832 Yes 20.01.2009 1,28025 17.02.2009 1,29915 ,014763
19.02.2009 -2,8140 -1,6138 Yes 20.01.2009 1,27940 23.02.2009 1,29915 ,015437
25.02.2009 -2,2136 -1,6913 Yes 20.01.2009 1,27365 27.02.2009 1,29575 ,017352
3.03.2009 -2,3247 -1,7017 Yes 20.01.2009 1,26594 5.03.2009 1,37385 ,085241
22.05.2009 5,0148 3,3262 Yes 19.03.2009 1,39845 27.05.2009 1,37930 ,013694
2.06.2009 6,0519 3,7082 Yes 19.03.2009 1,39700 8.06.2009 1,37460 ,016034
24.07.2009 2,3298 ,9139 Yes 1.07.2009 1,40462 30.07.2009 1,40070 ,002787
4.08.2009 2,1446 1,5190 Yes 2.06.2009 1,44065 6.08.2009 1,40460 ,025027
27.08.2009 1,3354 ,0043 Yes 2.06.2009 1,43005 7.09.2009 1,42880 ,000874
17.09.2009 3,6706 1,9009 Yes 2.06.2009 1,46590 25.09.2009 1,44810 ,012143
19.10.2009 2,9014 1,1229 Yes 17.09.2009 1,48675 27.10.2009 1,46250 ,016311
1.12.2009 1,1773 ,7403 Yes 19.10.2009 1,50482 3.12.2009 1,43040 ,049454
3.12.2009 1,1763 ,6430 Yes 19.10.2009 1,48555 7.12.2009 1,42610 ,040019
29.01.2010 -4,4568 -2,1100 Yes 21.12.2009 1,36965 8.02.2010 1,38391 ,010411
18.02.2010 -3,1012 -2,5806 Yes 29.01.2010 1,36340 22.02.2010 1,37360 ,007481
30.03.2010 -2,5737 -1,1394 Yes 18.02.2010 1,35103 1.04.2010 1,36919 ,013445
8.06.2010 -4,7320 -2,7355 Yes 18.05.2010 1,21220 11.06.2010 1,24875 ,030152

172
6.08.2010 4,1660 2,5772 Yes 15.07.2010 1,32230 10.08.2010 1,25880 ,048022
4.11.2010 3,5844 ,3055 Yes 6.10.2010 1,39185 9.11.2010 1,33617 ,040001
7.01.2011 -1,4582 -,2167 Yes 21.12.2010 1,33630 14.01.2011 1,37585 ,029597
25.01.2011 6,0111 1,9522 Yes 28.09.2010 1,36939 1.02.2011 1,34285 ,019377
3.03.2011 3,5694 1,2183 Yes 25.01.2011 1,39044 9.03.2011 1,37520 ,010961
24.03.2011 1,9229 1,5406 Yes 3.03.2011 1,40879 28.03.2011 1,40200 ,004823
28.03.2011 2,1246 1,6334 Yes 3.03.2011 1,41125 30.03.2011 1,40523 ,004269
1.04.2011 2,0935 1,5281 Yes 3.03.2011 1,42215 5.04.2011 1,41515 ,004922
12.04.2011 2,7506 1,4862 Yes 3.03.2011 1,42320 19.04.2011 1,42050 ,001897
4.05.2011 4,1812 2,3622 Yes 25.01.2011 1,45362 6.05.2011 1,40482 ,033571
8.06.2011 3,7961 1,6428 Yes 25.01.2011 1,43259 13.06.2011 1,40730 ,017650
18.07.2011 -2,6641 -1,0223 Yes 23.06.2011 1,44362 22.07.2011 1,45359 ,006906
22.08.2011 1,8657 ,1485 Yes 28.07.2011 1,43795 26.08.2011 1,36270 ,052331
26.08.2011 2,2678 1,0629 Yes 28.07.2011 1,43760 1.09.2011 1,34960 ,061213
3.10.2011 -5,0625 -2,7674 Yes 13.09.2011 1,33415 6.10.2011 1,39142 ,042926
15.11.2011 -4,2907 -1,3978 Yes 13.09.2011 1,34590 18.11.2011 1,36150 ,011591
19.12.2011 -3,4501 -1,6317 Yes 24.11.2011 1,30600 27.12.2011 1,30845 ,001876
11.01.2012 -2,6878 -1,3458 Yes 19.12.2011 1,27375 18.01.2012 1,32340 ,038979
28.02.2012 2,0053 ,7026 Yes 27.01.2012 1,31870 5.03.2012 1,30042 ,013866
15.03.2012 -2,8653 -,9980 Yes 15.11.2011 1,31745 19.03.2012 1,33858 ,016035
30.03.2012 2,4089 ,8582 Yes 27.01.2012 1,32320 4.04.2012 1,29953 ,017892
6.07.2012 -3,2786 -,7213 Yes 30.05.2012 1,22730 17.07.2012 1,23898 ,009521
17.10.2012 1,7975 ,2955 Yes 17.09.2012 1,30598 23.10.2012 1,27635 ,022688
26.12.2012 2,1885 1,5193 Yes 4.12.2012 1,32150 31.12.2012 1,29976 ,016451
25.01.2013 3,0093 1,5519 Yes 17.09.2012 1,34542 29.01.2013 1,33535 ,007488
27.03.2013 -2,0461 -,9649 Yes 6.03.2013 1,28140 1.04.2013 1,31383 ,025308
2.04.2013 -1,9911 -1,2757 Yes 6.03.2013 1,28455 4.04.2013 1,32015 ,027714
17.05.2013 -2,6140 -,6290 Yes 6.03.2013 1,29335 24.05.2013 1,33061 ,028805
20.08.2013 1,0289 ,6171 Yes 25.07.2013 1,33549 23.08.2013 1,31045 ,018753
23.09.2013 2,8545 ,9928 Yes 25.07.2013 1,34887 27.09.2013 1,34690 ,001461
25.10.2013 2,0796 ,9844 Yes 23.09.2013 1,37347 31.10.2013 1,32959 ,031945
26.11.2013 1,5639 -,4134 Yes 23.09.2013 1,35418 3.12.2013 1,35245 ,001281
11.12.2013 1,9904 1,2333 Yes 23.09.2013 1,37410 16.12.2013 1,36255 ,008405
30.12.2013 ,3341 ,2548 Yes 11.12.2013 1,37455 1.01.2014 1,35485 ,014332
18.02.2014 1,9848 ,2834 Yes 23.09.2013 1,37457 26.02.2014 1,36433 ,007446
14.03.2014 1,6483 ,8570 Yes 18.02.2014 1,39332 19.03.2014 1,37051 ,016374
11.06.2014 -,8369 -,6010 Yes 23.05.2014 1,35400 16.06.2014 1,36975 ,011629
17.06.2014 -,6232 -,5166 Yes 23.05.2014 1,35916 19.06.2014 1,37004 ,008001
23.06.2014 -,4242 -,3866 Yes 23.05.2014 1,36064 25.06.2014 1,37004 ,006909
30.07.2014 -1,6323 -1,1699 Yes 23.05.2014 1,34293 4.08.2014 1,34335 ,000313
3.10.2014 -2,7127 -1,7458 Yes 8.09.2014 1,26688 8.10.2014 1,28866 ,017196
6.11.2014 -2,6899 -1,2627 Yes 3.10.2014 1,24729 12.11.2014 1,26000 ,010194
5.12.2014 -2,1332 -,4230 Yes 6.11.2014 1,23725 10.12.2014 1,25701 ,015971

173
16.12.2014 ,4775 -,7043 Yes 26.11.2014 1,23425 18.12.2014 1,20954 ,020020
6.08.2015 -,1545 -,0093 Yes 15.07.2015 1,09690 10.08.2015 1,17088 ,067449
5.10.2015 -2,1440 -,5714 Yes 9.09.2015 1,12727 7.10.2015 1,14951 ,019725
30.11.2015 -2,3096 -1,9660 Yes 6.11.2015 1,06348 2.12.2015 1,10598 ,039968

Detailed results of Table 4.38:

Min/Max Max
CCI Mov. Is Is Trading Price 10 Gain
Date CCI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
29.03.2000 -181,0563 -18,1938 Yes 28.02.2000 ,96110 5.04.2000 ,97100 ,010301
19.04.2000 -221,3057 -98,1118 Yes 28.02.2000 ,91170 1.05.2000 ,91990 ,008994
18.05.2000 -97,7687 -70,0174 Yes 19.04.2000 ,90270 23.05.2000 ,96000 ,063476
26.06.2000 -95,8354 27,1993 Yes 19.04.2000 ,95270 3.07.2000 ,95980 ,007452
30.06.2000 34,0896 -16,2550 Yes 26.05.2000 ,94830 10.07.2000 ,91920 ,030686
11.07.2000 28,6854 4,4308 Yes 26.05.2000 ,94250 13.07.2000 ,91920 ,024721
19.07.2000 -178,4294 -67,9925 Yes 19.04.2000 ,93680 24.07.2000 ,94500 ,008753
26.07.2000 -1,9324 -97,8556 Yes 26.05.2000 ,92300 31.07.2000 ,89610 ,029144
3.08.2000 -183,5533 -93,1681 Yes 19.04.2000 ,90770 11.08.2000 ,91840 ,011788
31.08.2000 -179,2426 -104,6538 Yes 19.04.2000 ,90030 4.09.2000 ,90400 ,004110
18.10.2000 -191,2477 -55,5992 Yes 6.09.2000 ,83100 27.10.2000 ,87950 ,058363
24.11.2000 -128,6882 -21,2507 Yes 18.10.2000 ,85650 29.11.2000 ,89760 ,047986
5.02.2001 25,4950 -88,7312 Yes 22.12.2000 ,91880 9.02.2001 ,90140 ,018938
2.03.2001 121,0822 -43,7163 Yes 22.12.2000 ,92910 13.03.2001 ,88320 ,049403
16.03.2001 -167,0052 17,8215 Yes 15.02.2001 ,89710 27.03.2001 ,90930 ,013599
18.04.2001 -118,0718 -40,0872 Yes 16.03.2001 ,89760 20.04.2001 ,90830 ,011921
20.04.2001 114,9273 -27,9960 Yes 4.12.2000 ,88890 1.05.2001 ,87250 ,018450
14.05.2001 -170,6011 -66,8576 Yes 15.02.2001 ,88380 17.05.2001 ,88810 ,004865
23.05.2001 -214,1665 -128,2579 Yes 25.01.2001 ,86030 29.05.2001 ,86140 ,001279
5.07.2001 -163,5545 -20,3764 Yes 23.05.2001 ,85550 11.07.2001 ,88150 ,030392
17.09.2001 165,0777 -20,9852 Yes 15.08.2001 ,91490 24.09.2001 ,90590 ,009837
14.11.2001 -191,6888 -69,8519 Yes 11.10.2001 ,88320 21.11.2001 ,89830 ,017097
25.12.2001 -183,1435 52,9252 Yes 14.11.2001 ,88970 2.01.2002 ,90685 ,019276
22.05.2002 146,6898 91,4978 Yes 18.04.2002 ,92025 27.05.2002 ,91825 ,002173
30.05.2002 204,2887 134,1822 Yes 18.04.2002 ,93980 6.06.2002 ,93365 ,006544
3.09.2002 191,6562 21,8333 Yes 24.06.2002 ,98080 9.09.2002 ,96080 ,020391
1.11.2002 188,1940 -4,5282 Yes 3.09.2002 1,01220 13.11.2002 ,98760 ,024303
13.12.2002 190,1837 53,8580 Yes 3.09.2002 1,02630 20.12.2002 1,02160 ,004580
24.01.2003 170,6926 142,6069 Yes 13.12.2002 1,08255 29.01.2003 1,06640 ,014918
24.04.2003 155,2043 101,1753 Yes 5.03.2003 1,10665 30.04.2003 1,10625 ,000361
1.05.2003 181,4773 132,9365 Yes 5.03.2003 1,13525 8.05.2003 1,13090 ,003832
26.05.2003 145,9792 110,4771 Yes 5.03.2003 1,17650 29.05.2003 1,16305 ,011432
16.06.2003 123,2198 44,0727 Yes 1.05.2003 1,16815 19.06.2003 1,14005 ,024055
25.07.2003 86,9505 -48,3826 Yes 1.05.2003 1,12335 1.08.2003 1,11360 ,008679

174
22.09.2003 143,3007 109,6999 Yes 1.05.2003 1,14705 26.09.2003 1,13965 ,006451
30.09.2003 145,3165 121,2216 Yes 1.05.2003 1,15780 6.10.2003 1,15315 ,004016
19.11.2003 133,9633 2,5734 Yes 8.10.2003 1,17820 25.11.2003 1,17535 ,002419
12.02.2004 157,3210 30,5249 Yes 6.01.2004 1,26890 19.02.2004 1,20590 ,049649
5.04.2004 -193,3162 -79,5905 Yes 3.03.2004 1,21790 8.04.2004 1,22200 ,003366
7.07.2004 190,6825 77,7942 Yes 27.05.2004 1,23285 14.07.2004 1,19990 ,026727
28.07.2004 -175,9125 -29,1983 Yes 3.03.2004 1,20605 4.08.2004 1,23885 ,027196
30.08.2004 -93,9202 3,3795 Yes 28.07.2004 1,21915 2.09.2004 1,23105 ,009761
1.10.2004 154,0758 113,7011 Yes 7.07.2004 1,22920 5.10.2004 1,22245 ,005491
25.11.2004 207,6853 126,8097 Yes 25.10.2004 1,32660 3.12.2004 1,31400 ,009498
2.05.2005 -86,7983 61,4644 Yes 24.03.2005 1,29605 6.05.2005 1,29645 ,000309
13.05.2005 -209,7081 -93,6254 Yes 7.02.2005 1,26445 20.05.2005 1,26545 ,000791
1.06.2005 -217,4961 -121,1687 Yes 7.02.2005 1,22840 8.06.2005 1,23545 ,005739
4.07.2005 -204,2010 -95,0964 Yes 1.06.2005 1,19540 8.07.2005 1,22565 ,025305
2.09.2005 171,5451 6,0550 Yes 4.08.2005 1,23995 9.09.2005 1,20390 ,029074
24.01.2006 154,8354 88,1614 Yes 14.12.2005 1,21045 30.01.2006 1,18775 ,018753
3.03.2006 181,2065 -21,5183 Yes 14.12.2005 1,18860 8.03.2006 1,18600 ,002187
16.03.2006 228,9656 81,2699 Yes 14.12.2005 1,20795 23.03.2006 1,19520 ,010555
18.04.2006 184,1437 64,0200 Yes 16.03.2006 1,26155 3.05.2006 1,25710 ,003527
5.06.2006 192,6245 59,5954 Yes 16.03.2006 1,27875 8.06.2006 1,25305 ,020098
18.07.2006 -118,6905 36,7137 Yes 12.06.2006 1,26940 24.07.2006 1,29100 ,017016
4.08.2006 142,8576 46,6642 Yes 4.07.2006 1,27925 11.08.2006 1,26940 ,007700
2.01.2007 88,8234 -34,8021 Yes 24.11.2006 1,30840 5.01.2007 1,28660 ,016662
5.02.2007 -55,4594 -6,3662 Yes 5.01.2007 1,29840 7.02.2007 1,31905 ,015904
15.02.2007 263,8185 99,3833 Yes 24.11.2006 1,31410 22.02.2007 1,30725 ,005213
16.03.2007 226,6580 67,0143 Yes 15.02.2007 1,32865 26.03.2007 1,32540 ,002446
13.04.2007 237,7497 128,9893 Yes 15.02.2007 1,36100 20.04.2007 1,35345 ,005547
15.05.2007 -22,6777 -44,1677 Yes 13.04.2007 1,35175 17.05.2007 1,34069 ,008186
2.07.2007 192,1937 50,3274 Yes 13.04.2007 1,36275 10.07.2007 1,35930 ,002532
6.08.2007 69,7064 -3,7598 Yes 2.07.2007 1,36785 10.08.2007 1,33605 ,023248
12.09.2007 193,2783 86,9951 Yes 13.04.2007 1,38680 18.09.2007 1,38280 ,002884
19.10.2007 162,1682 80,5542 Yes 12.09.2007 1,41770 23.10.2007 1,41700 ,000494
4.01.2008 100,8428 23,0858 Yes 29.10.2007 1,46550 10.01.2008 1,43660 ,019720
14.01.2008 119,2217 84,5546 Yes 21.11.2007 1,46530 17.01.2008 1,43660 ,019586
31.01.2008 126,1613 8,1518 Yes 21.11.2007 1,46485 6.02.2008 1,44400 ,014234
17.04.2008 124,8678 81,4648 Yes 17.03.2008 1,58160 21.04.2008 1,53600 ,028832
22.04.2008 166,6434 100,2882 Yes 28.02.2008 1,56780 25.04.2008 1,52855 ,025035
22.05.2008 172,4311 1,7811 Yes 28.02.2008 1,56410 29.05.2008 1,53630 ,017774
13.06.2008 -132,5742 -38,2508 Yes 2.05.2008 1,55050 20.06.2008 1,59100 ,026121
26.06.2008 181,6450 ,0504 Yes 28.02.2008 1,57045 4.07.2008 1,56110 ,005954
6.10.2008 -180,1950 -22,6743 Yes 5.09.2008 1,35900 14.10.2008 1,37695 ,013208
27.10.2008 -198,2647 -122,9385 Yes 5.09.2008 1,29647 30.10.2008 1,32975 ,025674
12.01.2009 -174,1853 -39,7974 Yes 5.09.2008 1,33480 19.01.2009 1,33890 ,003072

175
18.02.2009 -208,6856 -99,7034 Yes 5.09.2008 1,27940 23.02.2009 1,29915 ,015437
11.05.2009 184,8921 86,3218 Yes 18.03.2009 1,36415 15.05.2009 1,34235 ,015981
22.05.2009 170,0219 129,5801 Yes 18.03.2009 1,38235 28.05.2009 1,37930 ,002206
1.07.2009 113,4279 ,4776 Yes 22.05.2009 1,39700 6.07.2009 1,38325 ,009842
20.07.2009 176,6331 37,0094 Yes 11.05.2009 1,42309 28.07.2009 1,40050 ,015877
4.08.2009 163,3985 93,7401 Yes 18.03.2009 1,41845 10.08.2009 1,40460 ,009768
14.10.2009 204,8732 71,3256 Yes 9.09.2009 1,49405 21.10.2009 1,46250 ,021117
25.11.2009 183,2292 48,3549 Yes 14.10.2009 1,50185 30.11.2009 1,45850 ,028864
18.02.2010 -108,2833 -107,8267 Yes 20.01.2010 1,36340 22.02.2010 1,37360 ,007481
25.02.2010 -106,2489 -96,3633 Yes 20.01.2010 1,36615 1.03.2010 1,37960 ,009842
25.03.2010 -235,1116 -10,8438 Yes 20.01.2010 1,34116 31.03.2010 1,36919 ,020903
28.04.2010 -159,5394 -63,1615 Yes 25.03.2010 1,33355 3.05.2010 1,33620 ,001987
6.05.2010 -243,4701 -147,1570 Yes 20.01.2010 1,27854 11.05.2010 1,28029 ,001369
7.06.2010 -195,9891 -104,4709 Yes 6.05.2010 1,21220 11.06.2010 1,24875 ,030152
25.10.2010 79,2532 71,6052 Yes 22.09.2010 1,38605 27.10.2010 1,36705 ,013712
7.01.2011 -181,0187 -10,5036 Yes 16.11.2010 1,33630 14.01.2011 1,37585 ,029597
21.03.2011 197,8481 100,8778 Yes 4.11.2010 1,41745 25.03.2011 1,40200 ,010900
8.04.2011 198,6919 99,6858 Yes 4.11.2010 1,44879 15.04.2011 1,41580 ,022774
10.11.2011 -163,5738 -21,6689 Yes 9.09.2011 1,35155 21.11.2011 1,35690 ,003958
25.11.2011 -156,7590 -124,7778 Yes 9.09.2011 1,33165 29.11.2011 1,35490 ,017460
9.05.2012 -214,3630 -21,7829 Yes 14.12.2011 1,26946 18.05.2012 1,28250 ,010268
28.06.2012 -89,5286 34,0526 Yes 9.05.2012 1,26620 2.07.2012 1,26803 ,001441
17.10.2012 215,0338 26,0987 Yes 23.08.2012 1,29852 24.10.2012 1,27368 ,019129
19.12.2012 178,7777 101,4656 Yes 17.10.2012 1,31770 24.12.2012 1,29976 ,013615
14.01.2013 208,9448 9,4387 Yes 17.10.2012 1,33223 23.01.2013 1,32650 ,004305
5.07.2013 -142,4393 -95,3433 Yes 15.05.2013 1,29665 11.07.2013 1,32958 ,025404
8.08.2013 142,3369 99,5208 Yes 6.06.2013 1,32986 13.08.2013 1,32059 ,006974
20.08.2013 180,2555 94,7214 Yes 6.06.2013 1,33549 23.08.2013 1,31045 ,018753
19.09.2013 198,4877 32,1857 Yes 6.06.2013 1,34887 27.09.2013 1,34690 ,001461
10.12.2013 201,9053 136,9466 Yes 18.10.2013 1,37410 16.12.2013 1,36255 ,008405
7.03.2014 234,5834 98,9008 Yes 18.10.2013 1,38970 17.03.2014 1,37051 ,013809
11.04.2014 112,2469 -34,0930 Yes 7.03.2014 1,38101 21.04.2014 1,37775 ,002361
6.05.2014 212,1894 88,0135 Yes 7.03.2014 1,38398 9.05.2014 1,36159 ,016178
11.06.2014 -185,6205 -95,2754 Yes 13.05.2014 1,35470 18.06.2014 1,37004 ,011320
30.09.2014 -185,1983 -126,6598 Yes 20.08.2014 1,26688 3.10.2014 1,28866 ,017196
3.11.2014 -233,8894 -56,5086 Yes 20.08.2014 1,24203 11.11.2014 1,26000 ,014468
3.12.2014 -244,2251 -63,6866 Yes 20.08.2014 1,23725 10.12.2014 1,25701 ,015971
7.01.2015 -172,8761 -134,1927 Yes 3.12.2014 1,18454 12.01.2015 1,18710 ,002161
16.01.2015 -153,3206 -143,4547 Yes 3.12.2014 1,16060 20.01.2015 1,16766 ,006083
23.01.2015 -194,8392 -130,9342 Yes 3.12.2014 1,13794 28.01.2015 1,15301 ,013243
27.02.2015 -240,7664 -37,1698 Yes 3.12.2014 1,05439 12.03.2015 1,10523 ,048217
31.03.2015 -19,6208 -6,8794 Yes 27.02.2015 1,08811 3.04.2015 1,10360 ,014231
13.04.2015 -167,2506 -12,0754 Yes 27.02.2015 1,08182 20.04.2015 1,12899 ,043607

176
26.05.2015 -194,2857 -5,5405 Yes 27.02.2015 1,11512 3.06.2015 1,13864 ,021087
18.06.2015 109,6313 66,2951 Yes 30.04.2015 1,11581 24.06.2015 1,09165 ,021648
17.07.2015 -178,1011 -117,3963 Yes 26.05.2015 1,09355 22.07.2015 1,11291 ,017699
23.11.2015 -102,9098 -101,3422 Yes 23.10.2015 1,06436 25.11.2015 1,10422 ,037455
30.11.2015 -120,5358 -99,5094 Yes 23.10.2015 1,06348 2.12.2015 1,10598 ,039968
31.12.2015 -70,8559 34,0648 Yes 23.10.2015 1,09303 8.01.2016 1,09845 ,004959

Detailed results of Table 4.39:

RSI Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date RSI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
17.01.2000 73,9446 66,1249 Yes 2.01.2000 ,54700 19.01.2000 ,54348 ,006439
2.02.2000 82,2318 77,5824 Yes 2.01.2000 ,56160 6.02.2000 ,55654 ,009005
7.02.2000 81,8228 80,4843 Yes 2.01.2000 ,56090 9.02.2000 ,55654 ,007768
8.03.2000 82,8582 78,2782 Yes 2.01.2000 ,55755 10.03.2000 ,55725 ,000538
4.04.2000 70,1026 66,4049 Yes 8.03.2000 ,58900 6.04.2000 ,58645 ,004324
9.04.2000 69,6472 68,6048 Yes 8.03.2000 ,59095 11.04.2000 ,58713 ,006466
23.06.2000 67,4632 44,6380 Yes 18.05.2000 ,62150 6.07.2000 ,61874 ,004441
7.07.2000 62,0096 59,1500 Yes 8.05.2000 ,62175 11.07.2000 ,61894 ,004521
18.07.2000 73,5674 62,9227 Yes 18.05.2000 ,62850 21.07.2000 ,62683 ,002657
1.08.2000 73,3566 64,1487 Yes 18.05.2000 ,64363 11.08.2000 ,63928 ,006756
29.08.2000 74,3657 66,6817 Yes 18.05.2000 ,65350 4.09.2000 ,65300 ,000765
6.09.2000 76,8927 69,3659 Yes 18.05.2000 ,66190 8.09.2000 ,65771 ,006324
13.10.2000 69,8286 61,4283 Yes 19.09.2000 ,67650 18.10.2000 ,67352 ,004398
18.10.2000 73,2105 64,2238 Yes 19.09.2000 ,68200 20.10.2000 ,67277 ,013535
24.11.2000 62,9826 58,5224 Yes 23.10.2000 ,68650 29.11.2000 ,67300 ,019665
20.02.2001 67,8736 60,1449 Yes 18.10.2000 ,74000 22.02.2001 ,74000 ,000000
4.04.2001 85,7828 74,8748 Yes 28.02.2001 1,19075 7.04.2001 1,15100 ,033382
13.06.2001 74,4635 61,6798 Yes 28.02.2001 1,19325 15.06.2001 1,18500 ,006914
25.06.2001 77,1093 69,4796 Yes 11.04.2001 1,26700 27.06.2001 1,24200 ,019732
17.07.2001 82,6563 70,9933 Yes 4.04.2001 1,38000 19.07.2001 1,30000 ,057971
15.08.2001 79,0688 65,7214 Yes 17.07.2001 1,42600 18.08.2001 1,36000 ,046283
17.09.2001 69,9293 58,5171 Yes 15.08.2001 1,53500 28.09.2001 1,51400 ,013681
10.10.2001 78,5044 72,1745 Yes 15.08.2001 1,58250 12.10.2001 1,57000 ,007899
13.12.2001 24,6009 32,6857 Yes 19.11.2001 1,44300 19.12.2001 1,48600 ,029799
14.01.2002 26,8754 34,7680 Yes 13.12.2001 1,36700 17.01.2002 1,36700 ,000000
21.01.2002 24,7686 30,6157 Yes 13.12.2001 1,34150 23.01.2002 1,36300 ,016027
5.04.2002 28,5787 38,7993 Yes 21.01.2002 1,31950 9.04.2002 1,34400 ,018568
9.07.2002 71,2955 66,0246 Yes 12.06.2002 1,67400 15.07.2002 1,64400 ,017921
16.07.2002 68,8383 67,7137 Yes 12.06.2002 1,64650 18.07.2002 1,64500 ,000911
24.07.2002 65,6923 64,6171 Yes 26.06.2002 1,68050 26.07.2002 1,61500 ,038977
31.07.2002 64,9291 63,4470 Yes 9.07.2002 1,64600 2.08.2002 1,61500 ,018834
10.09.2002 65,1710 48,2548 Yes 26.06.2002 1,66000 20.09.2002 1,63500 ,015060

177
1.11.2002 74,5065 64,6718 Yes 26.06.2002 1,64900 5.11.2002 1,57500 ,044876
17.03.2003 70,5915 49,6879 Yes 1.11.2002 1,71350 27.03.2003 1,63500 ,045813
12.06.2003 26,5350 27,5542 Yes 20.05.2003 1,42524 16.06.2003 1,44800 ,015969
17.06.2003 27,3954 28,3707 Yes 20.05.2003 1,41850 19.06.2003 1,44800 ,020797
4.07.2003 27,5942 35,9785 Yes 12.06.2003 1,40725 9.07.2003 1,42850 ,015100
24.09.2003 24,0283 31,9435 Yes 20.05.2003 1,37850 26.09.2003 1,41850 ,029017
13.02.2004 32,2164 39,5696 Yes 13.01.2004 1,32295 17.02.2004 1,33850 ,011756
1.04.2004 37,4375 44,7630 Yes 13.02.2004 1,31432 6.04.2004 1,39521 ,061545
20.09.2004 65,3184 55,2507 Yes 23.08.2004 1,49491 24.09.2004 1,48452 ,006949
26.11.2004 28,7731 35,2313 Yes 29.10.2004 1,42776 30.11.2004 1,45756 ,020867
7.12.2004 24,4950 30,2887 Yes 29.10.2004 1,41130 9.12.2004 1,45756 ,032776
26.01.2005 39,8820 44,7340 Yes 27.12.2004 1,34030 31.01.2005 1,34800 ,005745
1.02.2005 38,6610 42,7310 Yes 27.12.2004 1,32650 3.02.2005 1,34800 ,016208
4.03.2005 27,6373 35,5822 Yes 27.12.2004 1,27950 11.03.2005 1,37400 ,073857
28.04.2005 66,8902 57,6650 Yes 29.03.2005 1,35400 4.05.2005 1,34100 ,009601
21.07.2005 37,1244 39,6363 Yes 30.06.2005 1,34050 25.07.2005 1,35250 ,008952
30.01.2006 33,4437 37,6665 Yes 6.01.2006 1,32650 2.02.2006 1,34370 ,012966
20.02.2006 33,3989 44,5852 Yes 6.01.2006 1,32450 23.02.2006 1,35850 ,025670
2.03.2006 27,1712 36,3329 Yes 6.01.2006 1,31000 7.03.2006 1,35850 ,037023
29.03.2006 64,4503 55,5421 Yes 8.03.2006 1,34800 3.04.2006 1,32850 ,014466
23.06.2006 78,7943 70,4369 Yes 15.05.2006 1,66580 27.06.2006 1,53350 ,079421
25.09.2006 68,4724 52,1541 Yes 15.05.2006 1,49350 28.09.2006 1,46350 ,020087
26.10.2006 34,2821 41,3661 Yes 9.08.2006 1,45850 31.10.2006 1,47800 ,013370
16.11.2006 39,7407 42,1750 Yes 26.10.2006 1,45050 20.11.2006 1,49150 ,028266
13.12.2006 30,3310 38,5844 Yes 9.08.2006 1,43450 19.12.2006 1,44700 ,008714
22.01.2007 37,6245 47,3875 Yes 28.12.2006 1,43600 26.01.2007 1,43950 ,002437
7.02.2007 35,9862 42,7229 Yes 28.12.2006 1,41300 13.02.2007 1,42250 ,006723
14.02.2007 32,5818 38,1125 Yes 28.12.2006 1,38350 27.02.2007 1,46260 ,057174
22.03.2007 39,1025 46,8286 Yes 14.02.2007 1,39430 29.03.2007 1,39650 ,001578
5.04.2007 33,8299 40,7230 Yes 14.02.2007 1,37550 13.04.2007 1,37650 ,000727
21.05.2007 35,8480 39,1098 Yes 25.04.2007 1,32450 23.05.2007 1,34200 ,013213
1.06.2007 37,2066 41,9711 Yes 25.04.2007 1,32600 7.06.2007 1,36650 ,030543
18.06.2007 36,3848 47,1037 Yes 21.05.2007 1,32360 26.06.2007 1,33550 ,008991
13.07.2007 32,6291 36,9596 Yes 25.04.2007 1,27810 19.07.2007 1,32935 ,040099
19.07.2007 33,3874 35,6630 Yes 25.04.2007 1,27050 23.07.2007 1,32935 ,046320
23.07.2007 29,2762 34,9832 Yes 25.04.2007 1,30030 27.07.2007 1,32935 ,022341
5.10.2007 25,9443 30,3377 Yes 25.04.2007 1,19160 12.10.2007 1,24955 ,048632
31.10.2007 32,1489 42,4407 Yes 5.10.2007 1,18130 5.11.2007 1,22015 ,032887
10.01.2008 33,7978 41,5270 Yes 31.10.2007 1,17840 17.01.2008 1,24985 ,060633
10.03.2008 69,8215 57,6952 Yes 21.01.2008 1,22120 12.03.2008 1,21365 ,006182
20.11.2008 69,0803 62,0398 Yes 22.10.2008 1,67185 24.11.2008 1,54530 ,075695
17.02.2009 68,7768 56,9458 Yes 20.01.2009 1,68280 25.02.2009 1,67150 ,006715
3.03.2009 69,7621 64,3478 Yes 20.01.2009 1,71950 5.03.2009 1,67105 ,028177

178
9.03.2009 75,0924 66,5401 Yes 22.10.2008 1,75690 11.03.2009 1,64650 ,062838
8.05.2009 34,3814 40,9454 Yes 3.04.2009 1,57350 12.05.2009 1,58315 ,006133
15.10.2009 33,8985 40,2382 Yes 3.08.2009 1,46025 19.10.2009 1,51225 ,035610
24.03.2010 62,0854 52,9631 Yes 23.02.2010 1,53040 30.03.2010 1,47730 ,034697
7.06.2010 65,9720 59,9034 Yes 6.05.2010 1,57730 11.06.2010 1,54460 ,020732
4.11.2010 32,8855 41,4937 Yes 13.10.2010 1,40950 9.11.2010 1,48595 ,054239
11.01.2011 67,9221 63,5009 Yes 20.12.2010 1,56040 13.01.2011 1,53100 ,018841
20.01.2011 64,6948 58,9019 Yes 20.12.2010 1,56380 25.01.2011 1,55495 ,005659
28.01.2011 69,4985 58,2026 Yes 28.12.2010 1,57825 2.02.2011 1,56860 ,006114
2.03.2011 63,5607 57,3772 Yes 28.01.2011 1,59725 4.03.2011 1,56645 ,019283
11.05.2011 70,4160 54,4265 Yes 28.12.2010 1,57240 19.05.2011 1,57110 ,000827
9.09.2011 62,6999 52,7471 Yes 8.08.2011 1,76630 14.09.2011 1,76520 ,000623
19.09.2011 63,0788 57,9772 Yes 8.08.2011 1,78715 21.09.2011 1,78415 ,001679
3.10.2011 72,2991 66,6099 Yes 8.08.2011 1,86900 6.10.2011 1,81640 ,028143
19.12.2011 67,4244 59,6397 Yes 3.10.2011 1,88445 21.12.2011 1,85360 ,016371
28.12.2011 67,4824 62,5898 Yes 3.10.2011 1,86915 2.01.2012 1,84005 ,015569
1.05.2012 32,1399 41,5928 Yes 1.02.2012 1,76270 4.05.2012 1,84130 ,044591
19.03.2013 71,2382 62,8953 Yes 25.02.2013 1,81650 21.03.2013 1,80115 ,008450
24.06.2013 74,9457 63,5359 Yes 3.06.2013 1,92160 28.06.2013 1,91415 ,003877
5.07.2013 71,8282 67,2224 Yes 6.06.2013 1,94610 9.07.2013 1,89975 ,023817
28.08.2013 77,9959 66,9633 Yes 6.06.2013 2,02045 3.09.2013 1,98750 ,016308
12.11.2013 73,5224 64,8069 Yes 28.08.2013 2,04515 14.11.2013 1,99405 ,024986
27.12.2013 76,3815 65,1710 Yes 28.08.2013 2,12375 31.12.2013 2,11260 ,005250
30.01.2015 77,2371 65,2269 Yes 15.12.2014 2,40175 4.02.2015 2,39440 ,003060
15.04.2015 71,5451 60,1081 Yes 6.03.2015 2,68540 22.04.2015 2,64495 ,015063
1.06.2015 60,7731 47,7415 Yes 6.03.2015 2,66485 8.06.2015 2,66130 ,001332
9.06.2015 69,0480 59,0336 Yes 15.04.2015 2,70220 12.06.2015 2,65220 ,018503
30.07.2015 68,2843 60,2854 Yes 9.06.2015 2,77755 7.08.2015 2,76030 ,006211
28.09.2015 69,6289 65,0975 Yes 7.09.2015 3,03735 30.09.2015 2,89090 ,048216
2.11.2015 34,5715 42,9601 Yes 8.10.2015 2,92050 9.11.2015 2,92820 ,002637

Detailed results of Table 4.40:

Min/Max Max
Stochastic Is Is Trading Price 10 Gain
Date Stochastic Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
17.01.2000 76,9786 76,6425 Yes 1.01.2000 ,54700 19.01.2000 ,543478 ,006439
29.01.2000 97,2967 92,9007 Yes 1.01.2000 ,55830 1.02.2000 ,555906 ,004288
3.02.2000 97,4455 96,9131 Yes 1.01.2000 ,56160 5.02.2000 ,556543 ,009005
13.02.2000 97,0912 89,8336 Yes 1.01.2000 ,56545 16.02.2000 ,558244 ,012744
20.02.2000 97,1312 94,6432 Yes 3.02.2000 ,56570 22.02.2000 ,558244 ,013180
1.03.2000 97,8381 95,9796 Yes 1.01.2000 ,57695 4.03.2000 ,557250 ,034145
8.03.2000 98,6028 98,4949 Yes 1.01.2000 ,55755 10.03.2000 ,557250 ,000538
31.03.2000 97,1107 95,5580 Yes 8.03.2000 ,58985 2.04.2000 ,586453 ,005759

179
4.04.2000 97,4808 97,0896 Yes 8.03.2000 ,58900 6.04.2000 ,586453 ,004324
8.04.2000 98,1080 94,8718 Yes 8.03.2000 ,59095 11.04.2000 ,587129 ,006466
27.04.2000 97,8747 97,3276 Yes 8.04.2000 ,61110 30.04.2000 ,606979 ,006744
4.05.2000 97,8372 97,6497 Yes 8.04.2000 ,61675 6.05.2000 ,610840 ,009582
19.05.2000 95,6211 91,7400 Yes 4.05.2000 ,62350 21.05.2000 ,612422 ,017767
11.07.2000 90,3738 88,8154 Yes 19.05.2000 ,62530 13.07.2000 ,623994 ,002089
19.07.2000 94,0933 91,6651 Yes 19.05.2000 ,62850 21.07.2000 ,626830 ,002657
1.08.2000 94,0128 88,7247 Yes 19.05.2000 ,64040 3.08.2000 ,638551 ,002887
23.08.2000 97,2332 92,5532 Yes 4.05.2000 ,64965 25.08.2000 ,644660 ,007681
13.09.2000 93,0852 90,4258 Yes 23.08.2000 ,66460 15.09.2000 ,658839 ,008668
19.09.2000 97,6598 90,7014 Yes 4.05.2000 ,66860 22.09.2000 ,658839 ,014599
16.10.2000 95,1921 92,2014 Yes 19.09.2000 ,67650 18.10.2000 ,673525 ,004398
17.11.2000 88,7363 77,4134 Yes 16.10.2000 ,68515 21.11.2000 ,676320 ,012888
29.01.2001 90,5625 86,8413 Yes 16.10.2000 ,67700 31.01.2001 ,671000 ,008863
15.02.2001 95,6426 89,0724 Yes 19.09.2000 ,68575 19.02.2001 ,682300 ,005031
4.04.2001 89,3099 82,2414 Yes 15.03.2001 1,19900 6.04.2001 1,151000 ,040033
11.04.2001 94,6259 86,5597 Yes 15.03.2001 1,20700 14.04.2001 1,140000 ,055510
21.06.2001 95,4103 90,4428 Yes 15.03.2001 1,28450 23.06.2001 1,242000 ,033087
17.07.2001 82,9245 77,9887 Yes 25.06.2001 1,38000 19.07.2001 1,300000 ,057971
9.08.2001 93,7794 90,5217 Yes 21.06.2001 1,38950 11.08.2001 1,379000 ,007557
17.09.2001 95,2354 92,9998 Yes 21.06.2001 1,49950 19.09.2001 1,495000 ,003001
22.10.2001 93,3334 90,9376 Yes 4.10.2001 1,61300 24.10.2001 1,528000 ,052697
14.01.2002 4,2360 6,9202 Yes 11.12.2001 1,36950 16.01.2002 1,376000 ,004746
4.02.2002 4,8718 8,1829 Yes 14.01.2002 1,33000 7.02.2002 1,420000 ,067669
15.03.2002 4,9862 13,7425 Yes 14.01.2002 1,35600 20.03.2002 1,356000 ,000000
22.03.2002 3,4602 13,7946 Yes 11.12.2001 1,34200 27.03.2002 1,351000 ,006706
12.04.2002 8,6309 15,7034 Yes 22.03.2002 1,30400 16.04.2002 1,381000 ,059049
10.07.2002 88,9011 84,3776 Yes 12.06.2002 1,66700 12.07.2002 1,644000 ,013797
16.07.2002 87,4402 85,3938 Yes 12.06.2002 1,64650 18.07.2002 1,645000 ,000911
31.07.2002 85,8381 82,5098 Yes 10.07.2002 1,64600 2.08.2002 1,615000 ,018834
10.09.2002 84,2656 66,2232 Yes 10.07.2002 1,66000 13.09.2002 1,647000 ,007831
25.10.2002 93,0327 90,0849 Yes 12.06.2002 1,67750 30.10.2002 1,605000 ,043219
11.11.2002 9,1440 12,0095 Yes 4.10.2002 1,63750 13.11.2002 1,639000 ,000916
24.03.2003 96,0094 88,1865 Yes 19.12.2002 1,72100 26.03.2003 1,635000 ,049971
30.05.2003 4,9185 7,4321 Yes 5.05.2003 1,43150 3.06.2003 1,457000 ,017814
4.07.2003 6,4018 8,7341 Yes 30.05.2003 1,39532 8.07.2003 1,428500 ,023777
21.08.2003 10,1936 13,7508 Yes 4.07.2003 1,39076 26.08.2003 1,416816 ,018738
9.09.2003 11,2318 15,8131 Yes 4.07.2003 1,38500 11.09.2003 1,389750 ,003430
16.09.2003 9,9805 15,2285 Yes 15.07.2003 1,37100 19.09.2003 1,418500 ,034645
22.09.2003 8,7928 11,7103 Yes 15.07.2003 1,35183 25.09.2003 1,418500 ,049320
9.12.2003 4,8818 7,3757 Yes 18.11.2003 1,43850 11.12.2003 1,454501 ,011123
5.01.2004 7,0671 9,4000 Yes 9.12.2003 1,36618 8.01.2004 1,373753 ,005546
13.01.2004 4,3284 7,1819 Yes 18.11.2003 1,35207 15.01.2004 1,372220 ,014900

180
13.02.2004 13,0191 34,5082 Yes 22.01.2004 1,32348 18.02.2004 1,338500 ,011353
2.04.2004 16,7367 19,8539 Yes 22.01.2004 1,31432 6.04.2004 1,395206 ,061545
24.08.2004 83,7529 77,6051 Yes 27.07.2004 1,51150 26.08.2004 1,484939 ,017573
20.09.2004 70,1652 59,0401 Yes 30.08.2004 1,50853 23.09.2004 1,484524 ,015914
21.02.2005 5,7186 8,8696 Yes 26.01.2005 1,30250 24.02.2005 1,302500 ,000000
1.03.2005 5,0133 7,4766 Yes 26.01.2005 1,27100 4.03.2005 1,340100 ,054367
8.03.2005 3,5423 7,0384 Yes 26.01.2005 1,26750 10.03.2005 1,374000 ,084024
29.04.2005 87,8613 78,9409 Yes 24.03.2005 1,38100 3.05.2005 1,341000 ,028965
25.05.2005 86,0377 78,1263 Yes 24.03.2005 1,37950 27.05.2005 1,336500 ,031171
2.06.2005 10,6300 19,2476 Yes 6.05.2005 1,36750 6.06.2005 1,384500 ,012432
5.08.2005 6,8273 7,8990 Yes 14.07.2005 1,32350 9.08.2005 1,382500 ,044579
6.09.2005 5,8253 10,4332 Yes 30.06.2005 1,33500 8.09.2005 1,356500 ,016105
21.02.2006 10,0472 19,0199 Yes 6.01.2006 1,32450 23.02.2006 1,358500 ,025670
2.03.2006 8,6267 11,0351 Yes 6.01.2006 1,30750 6.03.2006 1,358500 ,039006
24.04.2006 7,0270 8,1715 Yes 6.01.2006 1,32630 26.04.2006 1,372000 ,034457
2.05.2006 1,8315 6,3675 Yes 6.01.2006 1,32100 4.05.2006 1,537500 ,163891
11.05.2006 90,1092 67,4682 Yes 10.03.2006 1,47550 16.05.2006 1,410500 ,044053
24.05.2006 91,0998 87,5084 Yes 10.03.2006 1,52450 29.05.2006 1,520500 ,002624
22.06.2006 91,5368 86,4923 Yes 10.03.2006 1,69950 26.06.2006 1,533500 ,097676
25.09.2006 79,9159 75,1509 Yes 28.08.2006 1,50650 27.09.2006 1,469500 ,024560
16.10.2006 9,8866 14,6111 Yes 28.07.2006 1,47900 18.10.2006 1,485300 ,004260
20.10.2006 10,0723 14,5085 Yes 8.08.2006 1,47150 25.10.2006 1,478000 ,004417
27.10.2006 4,7513 11,9796 Yes 28.07.2006 1,45850 31.10.2006 1,478000 ,013370
8.12.2006 11,6095 15,5537 Yes 27.10.2006 1,42600 13.12.2006 1,439500 ,009467
15.12.2006 7,7499 8,9678 Yes 27.10.2006 1,43450 19.12.2006 1,447000 ,008714
24.01.2007 22,8097 25,9821 Yes 29.12.2006 1,43600 26.01.2007 1,439500 ,002437
2.02.2007 18,8525 29,9833 Yes 29.12.2006 1,40350 7.02.2007 1,416000 ,008906
8.02.2007 15,9259 18,0247 Yes 15.12.2006 1,40250 12.02.2007 1,416000 ,009626
16.02.2007 7,8710 11,7803 Yes 15.12.2006 1,38050 20.02.2007 1,462600 ,059471
23.03.2007 5,8770 6,4677 Yes 27.10.2006 1,39000 27.03.2007 1,400500 ,007554
5.04.2007 5,6857 9,3339 Yes 27.10.2006 1,36600 10.04.2007 1,382500 ,012079
17.05.2007 7,4920 9,1821 Yes 25.04.2007 1,32690 21.05.2007 1,342000 ,011380
31.10.2007 9,0789 14,7500 Yes 5.10.2007 1,18130 5.11.2007 1,220150 ,032887
10.12.2007 4,2861 8,3489 Yes 13.09.2007 1,17995 12.12.2007 1,197350 ,014746
14.01.2008 7,1070 9,9733 Yes 10.12.2007 1,15600 16.01.2008 1,249850 ,081185
23.06.2008 19,5154 24,8483 Yes 15.05.2008 1,22870 25.06.2008 1,256450 ,022585
7.10.2008 92,9040 87,7866 Yes 4.09.2008 1,43445 10.10.2008 1,365750 ,047893
22.10.2008 93,3141 89,7188 Yes 4.09.2008 1,68190 24.10.2008 1,468000 ,127178
20.11.2008 92,6792 86,4011 Yes 22.10.2008 1,67185 24.11.2008 1,545300 ,075695
12.01.2009 91,9093 87,1620 Yes 4.09.2008 1,59475 14.01.2009 1,579450 ,009594
14.01.2009 92,2146 91,0529 Yes 4.09.2008 1,61310 16.01.2009 1,594450 ,011562
20.01.2009 94,6469 92,1923 Yes 4.09.2008 1,64560 22.01.2009 1,607200 ,023335
18.02.2009 91,3355 85,9979 Yes 20.01.2009 1,69560 20.02.2009 1,671500 ,014213

181
3.03.2009 92,8045 84,3193 Yes 20.01.2009 1,79095 9.03.2009 1,656100 ,075295
9.03.2009 93,0897 92,3191 Yes 20.01.2009 1,75690 11.03.2009 1,646500 ,062838
6.05.2009 5,8217 11,6174 Yes 3.04.2009 1,56130 8.05.2009 1,583150 ,013995
1.07.2009 17,0639 19,2046 Yes 20.05.2009 1,53920 3.07.2009 1,568650 ,019133
20.07.2009 6,1958 14,5528 Yes 6.05.2009 1,50815 22.07.2009 1,510500 ,001558
28.07.2009 5,8720 7,2945 Yes 6.05.2009 1,49970 30.07.2009 1,519650 ,013303
4.08.2009 4,8545 8,9430 Yes 3.04.2009 1,46435 6.08.2009 1,519650 ,037764
14.10.2009 5,0073 7,9635 Yes 4.08.2009 1,46025 19.10.2009 1,512250 ,035610
26.11.2009 84,5127 78,7259 Yes 3.11.2009 1,51430 30.11.2009 1,472900 ,027339
23.12.2009 90,8332 88,9671 Yes 28.10.2009 1,51420 25.12.2009 1,455300 ,038898
5.02.2010 91,7731 83,4701 Yes 28.10.2009 1,50400 10.02.2010 1,502200 ,001197
26.03.2010 83,3702 80,6267 Yes 5.02.2010 1,53040 30.03.2010 1,477300 ,034697
6.05.2010 86,4635 77,9322 Yes 24.02.2010 1,55100 10.05.2010 1,509400 ,026821
8.06.2010 87,6781 83,8969 Yes 24.02.2010 1,60280 10.06.2010 1,544600 ,036311
9.07.2010 15,2767 19,2287 Yes 18.06.2010 1,55500 13.07.2010 1,560700 ,003666
15.09.2010 16,6666 27,5913 Yes 9.08.2010 1,49320 20.09.2010 1,500000 ,004554
22.09.2010 11,7039 14,1838 Yes 3.08.2010 1,48700 24.09.2010 1,489500 ,001681
5.11.2010 16,2423 26,8872 Yes 13.10.2010 1,40950 9.11.2010 1,485950 ,054239
11.01.2011 77,9957 72,5765 Yes 16.12.2010 1,56040 13.01.2011 1,531000 ,018841
31.01.2011 86,3665 80,6331 Yes 16.12.2010 1,57825 2.02.2011 1,568600 ,006114
2.03.2011 83,7899 73,4108 Yes 31.01.2011 1,59795 7.03.2011 1,566450 ,019713
2.05.2011 36,7501 39,9543 Yes 5.04.2011 1,53355 4.05.2011 1,600150 ,043429
6.05.2011 93,1554 83,2773 Yes 16.12.2010 1,54700 10.05.2011 1,545250 ,001131
13.05.2011 93,9722 91,5898 Yes 16.12.2010 1,59195 17.05.2011 1,571100 ,013097
27.06.2011 92,0315 88,9409 Yes 13.05.2011 1,64200 29.06.2011 1,604950 ,022564
22.07.2011 88,6499 84,0694 Yes 27.06.2011 1,69830 27.07.2011 1,667250 ,018283
8.08.2011 91,1896 82,4482 Yes 27.06.2011 1,75480 10.08.2011 1,739800 ,008548
12.09.2011 80,3965 71,3401 Yes 8.08.2011 1,76630 14.09.2011 1,765200 ,000623
23.09.2011 92,2793 88,9121 Yes 13.05.2011 1,85195 27.09.2011 1,826900 ,013526
20.12.2011 90,4899 88,6572 Yes 21.11.2011 1,88515 22.12.2011 1,853600 ,016736
29.12.2011 94,3734 91,1747 Yes 25.11.2011 1,86915 2.01.2012 1,840050 ,015569
3.04.2012 10,9621 11,8075 Yes 25.01.2012 1,79320 5.04.2012 1,817750 ,013691
26.04.2012 2,2892 14,1435 Yes 20.01.2012 1,75725 1.05.2012 1,828300 ,040433
7.08.2012 11,3053 16,3281 Yes 20.06.2012 1,78015 9.08.2012 1,806250 ,014662
27.09.2012 13,6263 16,7587 Yes 20.06.2012 1,79690 1.10.2012 1,826600 ,016528
11.01.2013 7,3380 9,2982 Yes 6.11.2012 1,76900 15.01.2013 1,774800 ,003279
17.01.2013 6,4709 9,2298 Yes 6.11.2012 1,76225 21.01.2013 1,774800 ,007122
19.03.2013 84,8336 79,8313 Yes 25.02.2013 1,81870 22.03.2013 1,793200 ,014021
15.05.2013 92,3773 81,7092 Yes 25.02.2013 1,82400 17.05.2013 1,822650 ,000740
30.05.2013 93,0187 89,9033 Yes 25.02.2013 1,88220 3.06.2013 1,850350 ,016922
21.06.2013 88,0666 77,1001 Yes 30.05.2013 1,93265 26.06.2013 1,914150 ,009572
5.07.2013 89,0575 82,2886 Yes 30.05.2013 1,94610 9.07.2013 1,899750 ,023817
5.12.2013 82,9770 75,4151 Yes 7.11.2013 2,02955 9.12.2013 2,021250 ,004090

182
23.12.2013 92,3509 86,7317 Yes 7.11.2013 2,07660 25.12.2013 2,062050 ,007007
10.06.2014 12,0433 23,2055 Yes 7.05.2014 2,11595 12.06.2014 2,153700 ,017841
7.08.2014 89,1725 83,6893 Yes 17.06.2014 2,14485 11.08.2014 2,135100 ,004546
15.09.2014 89,4009 84,5706 Yes 17.06.2014 2,20295 17.09.2014 2,202950 ,000000
15.12.2014 90,7388 88,0407 Yes 29.09.2014 2,36325 17.12.2014 2,309050 ,022934
4.03.2015 94,4149 89,9836 Yes 30.01.2015 2,62245 9.03.2015 2,540450 ,031268
14.04.2015 94,1999 90,7443 Yes 4.03.2015 2,69890 16.04.2015 2,644950 ,019990
3.06.2015 93,0982 84,9489 Yes 30.01.2015 2,66765 5.06.2015 2,655700 ,004480
27.07.2015 93,6314 88,3755 Yes 14.04.2015 2,75935 29.07.2015 2,753650 ,002066
19.08.2015 92,2868 92,2446 Yes 29.07.2015 2,91550 21.08.2015 2,899100 ,005625
30.11.2015 90,5331 82,4981 Yes 29.07.2015 2,89030 2.12.2015 2,870750 ,006764
14.12.2015 90,4911 87,8275 Yes 19.08.2015 2,96515 16.12.2015 2,903350 ,020842

Detailed results of Table 4.41

Min/Max
MACD Is Is Trading Price 10 Max Gain
Date MACD Mov. Avg. Top Bottom Divergence1 Price TradingDate Days Rate
3.02.2000 ,005105 ,004511 Yes 1.01.2000 ,56090 9.02.2000 ,55654 ,007768
8.03.2000 ,004543 ,004081 Yes 3.02.2000 ,55755 10.03.2000 ,55725 ,000538
3.04.2000 ,003755 ,003552 Yes 1.01.2000 ,58900 6.04.2000 ,58645 ,004324
11.08.2000 ,005340 ,004876 Yes 5.05.2000 ,64250 16.08.2000 ,64020 ,003577
25.06.2001 ,034367 ,025247 Yes 11.04.2001 1,25500 30.06.2001 1,24800 ,005578
18.07.2001 ,041495 ,033598 Yes 11.04.2001 1,33300 23.07.2001 1,30900 ,018004
23.08.2001 ,032536 ,029155 Yes 18.07.2001 1,42175 28.08.2001 1,36000 ,043432
26.09.2001 ,035898 ,029784 Yes 18.07.2001 1,55000 2.10.2001 1,55000 ,000000
12.04.2002 -,014649 -,011775 Yes 22.01.2002 1,32350 24.04.2002 1,38100 ,043445
1.11.2002 ,008899 ,005679 Yes 11.07.2002 1,64350 6.11.2002 1,57500 ,041679
15.07.2003 -,016301 -,016216 Yes 20.05.2003 1,38850 17.07.2003 1,44600 ,041411
17.07.2003 -,016318 -,016194 Yes 20.05.2003 1,40256 21.07.2003 1,44600 ,030970
26.08.2003 -,005450 -,004492 Yes 20.05.2003 1,40079 29.08.2003 1,40950 ,006219
24.09.2003 -,010612 -,008344 Yes 17.07.2003 1,37550 29.09.2003 1,42050 ,032715
2.04.2004 -,004066 -,003556 Yes 15.01.2004 1,32284 7.04.2004 1,39521 ,054708
9.03.2005 -,018363 -,016464 Yes 3.01.2005 1,26750 14.03.2005 1,38250 ,090730
27.10.2006 -,009363 -,005468 Yes 11.08.2006 ,00000 1.01.0001 ,00000 ,000000
3.01.2007 -,009935 -,008838 Yes 11.08.2006 1,44650 8.01.2007 1,45600 ,006568
5.06.2007 -,008539 -,008173 Yes 26.04.2007 1,32600 7.06.2007 1,36650 ,030543
21.06.2007 -,007313 -,005622 Yes 26.04.2007 1,32300 27.06.2007 1,33550 ,009448
10.12.2007 -,006412 -,004230 Yes 9.10.2007 1,19250 18.12.2007 1,19735 ,004067
15.01.2008 -,008036 -,006354 Yes 6.11.2007 1,17840 17.01.2008 1,24985 ,060633
22.07.2008 -,010953 -,007770 Yes 30.05.2008 1,20550 29.07.2008 1,20760 ,001742
9.03.2009 ,036470 ,027986 Yes 20.11.2008 1,69260 13.03.2009 1,64650 ,027236
21.05.2009 -,019985 -,018240 Yes 13.04.2009 1,55660 27.05.2009 1,57860 ,014133
3.07.2009 -,004879 -,003804 Yes 21.05.2009 1,54970 8.07.2009 1,56865 ,012228

183
5.08.2009 -,019948 -,016848 Yes 21.05.2009 1,48270 11.08.2009 1,51965 ,024921
15.10.2009 -,010151 -,006673 Yes 5.08.2009 1,46490 22.10.2009 1,51675 ,035395
18.01.2010 -,013278 -,009858 Yes 5.08.2009 1,48740 22.01.2010 1,53820 ,034154
31.01.2011 ,015362 ,012630 Yes 22.12.2010 1,58430 7.02.2011 1,56860 ,009910
2.03.2011 ,010108 ,008815 Yes 22.12.2010 1,59795 7.03.2011 1,56645 ,019713
27.05.2011 ,015876 ,013152 Yes 22.12.2010 1,58090 3.06.2011 1,56655 ,009077
4.10.2011 ,031202 ,025588 Yes 12.08.2011 1,85120 10.10.2011 1,79720 ,029170
29.12.2011 ,019410 ,017258 Yes 4.10.2011 1,89550 3.01.2012 1,83685 ,030942
14.12.2012 -,003979 -,002949 Yes 7.11.2012 1,78680 21.12.2012 1,79970 ,007220
18.01.2013 -,006898 -,004821 Yes 10.08.2012 1,76870 25.01.2013 1,77530 ,003732
28.07.2014 -,005710 -,002095 Yes 10.04.2014 2,14150 1.08.2014 2,18775 ,021597
18.12.2014 ,026063 ,015957 Yes 3.10.2014 2,31890 29.12.2014 2,28150 ,016128
24.04.2015 ,035239 ,031576 Yes 10.03.2015 2,65835 29.04.2015 2,62285 ,013354
16.06.2015 ,022766 ,016593 Yes 24.04.2015 2,69495 22.06.2015 2,65220 ,015863

Detailed results of Table 4.42:

ROC Min/Max Max

Mov. Is Is Trading Price 10 Gain
Date ROC Avg. Top Bottom Divergence1 Price TradingDate Days Rate
17.01.2000 2,6308 ,3521 Yes 1.01.2000 ,54558 22.01.2000 ,54357 ,003695
2.02.2000 3,0226 1,8667 Yes 1.01.2000 ,56160 6.02.2000 ,55654 ,009005
21.02.2000 1,1443 ,7405 Yes 2.02.2000 ,56255 23.02.2000 ,55824 ,007654
6.03.2000 2,9917 1,7001 Yes 2.02.2000 ,55755 10.03.2000 ,55725 ,000538
4.04.2000 1,2693 1,1137 Yes 21.03.2000 ,58900 6.04.2000 ,58645 ,004324
8.04.2000 1,6295 1,3727 Yes 21.03.2000 ,59250 10.04.2000 ,58713 ,009065
28.04.2000 2,9134 1,7216 Yes 21.03.2000 ,61675 8.05.2000 ,61084 ,009582
18.05.2000 1,1674 ,5925 Yes 28.04.2000 ,61890 24.05.2000 ,61133 ,012235
25.05.2000 ,9583 ,7851 Yes 28.04.2000 ,61850 27.05.2000 ,60975 ,014147
29.06.2000 1,9063 ,4146 Yes 28.04.2000 ,62200 7.07.2000 ,61874 ,005241
7.07.2000 2,0675 1,5353 Yes 28.04.2000 ,62175 11.07.2000 ,61894 ,004521
18.07.2000 2,0088 1,1811 Yes 28.04.2000 ,62850 21.07.2000 ,62683 ,002657
1.08.2000 2,5907 1,4191 Yes 28.04.2000 ,64240 4.08.2000 ,63855 ,005992
11.08.2000 2,6577 1,9852 Yes 28.04.2000 ,64475 15.08.2000 ,63928 ,008489
31.08.2000 2,1634 1,1565 Yes 11.08.2000 ,65465 6.09.2000 ,65392 ,001111
18.10.2000 3,1414 1,1755 Yes 19.09.2000 ,68400 25.10.2000 ,67117 ,018762
27.11.2000 2,0724 1,2017 Yes 25.10.2000 ,68650 29.11.2000 ,67300 ,019665
6.12.2000 -1,7186 ,3506 Yes 9.11.2000 ,68025 18.12.2000 ,68095 ,001029
29.01.2001 2,5273 1,2663 Yes 19.09.2000 ,67240 1.02.2001 ,67100 ,002082
10.04.2001 30,4172 19,3865 Yes 12.03.2001 1,24800 13.04.2001 1,15100 ,077724
26.05.2001 -3,6391 -3,2564 Yes 8.05.2001 1,11600 29.05.2001 1,20400 ,078853
17.07.2001 15,1028 5,6415 Yes 10.04.2001 1,34400 20.07.2001 1,30000 ,032738
15.08.2001 10,7664 4,9524 Yes 17.07.2001 1,43375 21.08.2001 1,36000 ,051439
17.09.2001 9,8032 2,4515 Yes 15.08.2001 1,55750 26.09.2001 1,51400 ,027929

184
10.10.2001 5,9259 4,5482 Yes 17.09.2001 1,58250 12.10.2001 1,57000 ,007899
13.12.2001 -4,4053 -2,4732 Yes 19.11.2001 1,47000 20.12.2001 1,48600 ,010884
5.04.2002 -3,5224 -2,0164 Yes 15.03.2002 1,31950 9.04.2002 1,34400 ,018568
11.04.2002 -3,5009 -2,2688 Yes 15.03.2002 1,30400 16.04.2002 1,38100 ,059049
17.05.2002 6,0917 4,3850 Yes 26.02.2002 1,41250 22.05.2002 1,39200 ,014513
16.07.2002 6,8419 4,8014 Yes 26.06.2002 1,64650 18.07.2002 1,64500 ,000911
17.09.2002 3,6014 1,3307 Yes 26.06.2002 1,65950 23.09.2002 1,63500 ,014763
1.11.2002 2,9778 1,7886 Yes 17.09.2002 1,64900 5.11.2002 1,57500 ,044876
5.05.2003 -5,3820 -4,1853 Yes 9.04.2003 1,52500 8.05.2003 1,52500 ,000000
9.05.2003 -6,8189 -4,7569 Yes 9.04.2003 1,49100 20.05.2003 1,50900 ,012072
30.05.2003 -4,7016 -4,3695 Yes 9.05.2003 1,43150 3.06.2003 1,45700 ,017814
10.06.2003 -4,8878 -3,7746 Yes 9.05.2003 1,42344 12.06.2003 1,44800 ,017255
14.07.2003 -3,5641 -1,9374 Yes 10.06.2003 1,38850 17.07.2003 1,44600 ,041411
14.08.2003 -2,3337 ,0768 Yes 10.06.2003 1,39237 22.08.2003 1,41682 ,017555
4.09.2003 -,8339 -,5498 Yes 14.08.2003 1,38500 11.09.2003 1,38975 ,003430
15.09.2003 -1,9615 -,8347 Yes 14.08.2003 1,37450 18.09.2003 1,41850 ,032012
22.09.2003 -2,3981 -1,5102 Yes 14.07.2003 1,37850 26.09.2003 1,41850 ,029017
13.02.2004 -1,8393 -,2609 Yes 13.01.2004 1,33350 23.02.2004 1,33811 ,003458
25.02.2004 -1,4477 -,9903 Yes 13.01.2004 1,32839 1.03.2004 1,33811 ,007315
9.03.2004 -1,2936 -,2289 Yes 13.01.2004 1,32550 12.03.2004 1,33150 ,004526
15.03.2004 -,9556 -,1299 Yes 13.01.2004 1,32600 18.03.2004 1,33150 ,004148
22.03.2004 -1,0314 -,5775 Yes 13.01.2004 1,31795 24.03.2004 1,33061 ,009609
29.03.2004 -,4908 -,2392 Yes 13.01.2004 1,31828 31.03.2004 1,38475 ,050418
2.04.2004 -1,2063 -,3246 Yes 9.03.2004 1,31432 6.04.2004 1,39521 ,061545
14.07.2004 -4,0433 -3,2833 Yes 8.06.2004 1,43050 20.07.2004 1,50100 ,049283
20.09.2004 1,1137 -,3131 Yes 26.08.2004 1,49491 24.09.2004 1,48452 ,006949
19.10.2004 -1,9530 -,9809 Yes 8.06.2004 1,48264 27.10.2004 1,48300 ,000243
29.10.2004 -3,6315 -1,6734 Yes 8.06.2004 1,47650 2.11.2004 1,47766 ,000786
26.11.2004 -2,5017 -1,4592 Yes 29.10.2004 1,42606 1.12.2004 1,45756 ,022087
6.12.2004 -3,3540 -2,2950 Yes 29.10.2004 1,41130 9.12.2004 1,45756 ,032776
26.01.2005 -5,2707 -,9476 Yes 28.12.2004 1,34030 31.01.2005 1,34800 ,005745
4.03.2005 -4,3264 -2,5376 Yes 1.02.2005 1,27950 11.03.2005 1,37400 ,073857
28.04.2005 3,7806 1,0565 Yes 29.03.2005 1,38100 3.05.2005 1,34100 ,028965
21.07.2005 -1,4477 -,8989 Yes 30.06.2005 1,34050 25.07.2005 1,35250 ,008952
4.08.2005 -1,5748 -,6338 Yes 12.07.2005 1,32350 9.08.2005 1,38250 ,044579
26.12.2005 -,5164 -,4880 Yes 6.12.2005 1,35100 29.12.2005 1,35450 ,002591
6.01.2006 -1,6648 -,4878 Yes 6.09.2005 1,34500 11.01.2006 1,34510 ,000074
26.01.2006 -1,5613 -,7970 Yes 6.01.2006 1,32650 2.02.2006 1,34370 ,012966
15.06.2006 4,4539 4,3852 Yes 24.05.2006 1,59050 19.06.2006 1,54400 ,029236
23.06.2006 9,7428 4,8957 Yes 24.05.2006 1,60650 29.06.2006 1,53350 ,045440
9.08.2006 -6,1628 -5,2284 Yes 11.07.2006 1,45550 11.08.2006 1,49200 ,025077
12.10.2006 -3,8419 1,0209 Yes 11.07.2006 1,47900 24.10.2006 1,48300 ,002705
26.10.2006 -3,1858 -2,4579 Yes 11.07.2006 1,45850 31.10.2006 1,47800 ,013370

185
16.11.2006 -1,0638 -,6937 Yes 26.10.2006 1,45050 20.11.2006 1,49150 ,028266
13.12.2006 -3,7012 -1,5108 Yes 12.10.2006 1,43450 19.12.2006 1,44700 ,008714
23.01.2007 -2,0783 ,2721 Yes 13.12.2006 1,43100 30.01.2007 1,43430 ,002306
1.02.2007 -1,9546 -1,0333 Yes 13.12.2006 1,40050 6.02.2007 1,41600 ,011067
14.02.2007 -3,1447 -1,4439 Yes 13.12.2006 1,38450 21.02.2007 1,46260 ,056410
21.03.2007 -3,7132 ,2157 Yes 12.10.2006 1,39080 28.03.2007 1,40050 ,006974
18.04.2007 -2,8756 -1,8250 Yes 21.03.2007 1,33800 25.04.2007 1,39250 ,040732
25.04.2007 -3,2434 -2,2839 Yes 21.03.2007 1,36950 1.05.2007 1,39035 ,015224
16.05.2007 -3,1067 -,4310 Yes 25.04.2007 1,32350 24.05.2007 1,34200 ,013978
15.06.2007 -1,7656 -,0299 Yes 28.05.2007 1,33250 28.06.2007 1,33250 ,000000
2.07.2007 -2,1885 -1,1525 Yes 16.05.2007 1,29520 4.07.2007 1,30240 ,005559
25.09.2007 -6,1650 -4,7962 Yes 3.09.2007 1,20110 2.10.2007 1,23205 ,025768
31.10.2007 -4,8822 ,2593 Yes 25.09.2007 1,21265 12.11.2007 1,22595 ,010968
12.12.2007 -4,1559 -1,3583 Yes 25.09.2007 1,18360 17.12.2007 1,19735 ,011617
10.01.2008 -3,3627 -1,5870 Yes 12.12.2007 1,14980 15.01.2008 1,24985 ,087015
6.02.2008 -2,5884 ,7935 Yes 3.09.2007 1,21290 11.02.2008 1,23395 ,017355
11.02.2008 3,5916 ,7583 Yes 21.01.2008 1,20815 22.02.2008 1,17660 ,026114
27.02.2008 -3,4261 ,7657 Yes 25.09.2007 1,21945 3.03.2008 1,27705 ,047234
27.06.2008 -3,3992 -,7712 Yes 15.05.2008 1,24175 2.07.2008 1,25645 ,011838
18.07.2008 -4,2438 -1,0629 Yes 15.05.2008 1,20965 25.07.2008 1,21060 ,000785
31.07.2008 -4,7326 -2,9368 Yes 5.05.2008 1,15410 6.08.2008 1,19830 ,038298
20.11.2008 17,1981 3,8077 Yes 22.10.2008 1,58625 25.11.2008 1,54530 ,025816
25.02.2009 4,9218 3,2801 Yes 22.01.2009 1,68775 27.02.2009 1,67150 ,009628
3.03.2009 5,3352 4,0858 Yes 22.01.2009 1,71950 5.03.2009 1,67105 ,028177
9.03.2009 6,4250 4,5502 Yes 22.01.2009 1,75690 11.03.2009 1,64650 ,062838
8.05.2009 -5,8809 -1,4041 Yes 6.04.2009 1,56295 13.05.2009 1,58315 ,012924
2.06.2009 -3,0629 -1,3465 Yes 13.05.2009 1,54545 4.06.2009 1,57040 ,016144
12.06.2009 -2,1475 -,5642 Yes 8.05.2009 1,55070 17.06.2009 1,59075 ,025827
3.07.2009 -1,4998 ,0451 Yes 8.05.2009 1,54970 8.07.2009 1,56865 ,012228
16.07.2009 -1,1319 -,6613 Yes 8.05.2009 1,52870 20.07.2009 1,52870 ,000000
24.07.2009 -5,3183 -1,8073 Yes 8.05.2009 1,49970 30.07.2009 1,51965 ,013303
17.09.2009 -3,2790 -,8280 Yes 24.07.2009 1,49320 22.09.2009 1,50730 ,009443
1.10.2009 1,5427 -,4886 Yes 25.08.2009 1,46930 7.10.2009 1,43820 ,021167
15.10.2009 -3,1243 -1,2781 Yes 17.09.2009 1,46025 19.10.2009 1,51225 ,035610
19.10.2009 -3,2452 -1,9823 Yes 17.09.2009 1,46605 21.10.2009 1,51675 ,034583
26.11.2009 3,5662 -,0025 Yes 30.10.2009 1,48440 4.12.2009 1,47290 ,007747
11.01.2010 -4,3643 -2,1863 Yes 3.08.2009 1,45500 18.01.2010 1,50350 ,033333
25.02.2010 2,5148 1,4267 Yes 4.02.2010 1,53290 3.03.2010 1,50960 ,015200
4.03.2010 3,0883 1,6379 Yes 4.02.2010 1,53500 8.03.2010 1,50820 ,017459
24.03.2010 1,3482 -,6569 Yes 4.03.2010 1,53040 30.03.2010 1,47730 ,034697
1.07.2010 1,0330 -,9495 Yes 31.05.2010 1,55120 8.07.2010 1,51490 ,023401
3.08.2010 -3,0649 -2,3749 Yes 15.07.2010 1,50290 6.08.2010 1,52740 ,016302
15.09.2010 -2,2648 -,8511 Yes 3.08.2010 1,48960 21.09.2010 1,49710 ,005035

186
4.11.2010 -3,0217 ,3105 Yes 8.10.2010 1,41610 11.11.2010 1,48840 ,051056
21.12.2010 5,4746 2,7465 Yes 23.11.2010 1,54560 28.12.2010 1,53450 ,007182
10.01.2011 2,0150 1,4866 Yes 21.12.2010 1,56040 13.01.2011 1,53100 ,018841
20.01.2011 2,8535 ,7002 Yes 28.12.2010 1,56900 26.01.2011 1,56430 ,002996
31.01.2011 3,5660 1,1597 Yes 28.12.2010 1,57710 8.02.2011 1,56860 ,005390
23.02.2011 2,0675 ,3164 Yes 31.01.2011 1,59725 4.03.2011 1,56645 ,019283
29.04.2011 ,0691 ,0779 Yes 1.04.2011 1,52160 3.05.2011 1,60015 ,051623
13.05.2011 5,3517 2,2404 Yes 21.12.2010 1,57420 20.05.2011 1,56985 ,002763
27.06.2011 4,1269 1,6262 Yes 13.05.2011 1,62290 1.07.2011 1,60495 ,011060
22.09.2011 4,7629 2,7073 Yes 19.08.2011 1,84865 28.09.2011 1,81640 ,017445
4.10.2011 6,2569 4,6362 Yes 8.08.2011 1,86900 6.10.2011 1,81640 ,028143
21.11.2011 5,9553 1,6077 Yes 8.08.2011 1,85935 29.11.2011 1,81355 ,024632
19.12.2011 4,2137 ,7197 Yes 29.11.2011 1,89265 27.12.2011 1,85360 ,020632
29.02.2012 -,8952 -,0791 Yes 7.02.2012 1,76790 5.03.2012 1,81415 ,026161
9.08.2012 -2,4856 -1,0541 Yes 20.06.2012 1,79410 14.08.2012 1,81225 ,010116
6.11.2012 -1,2093 -,7827 Yes 17.09.2012 1,78520 8.11.2012 1,80935 ,013528
29.11.2012 -1,1922 ,3207 Yes 25.10.2012 1,78955 7.12.2012 1,79815 ,004806
12.12.2012 -1,0718 -,7755 Yes 9.08.2012 1,78115 14.12.2012 1,79970 ,010415
17.01.2013 -1,7763 -1,0555 Yes 9.08.2012 1,76225 21.01.2013 1,77480 ,007122
20.06.2013 3,2342 1,3250 Yes 30.05.2013 1,92160 28.06.2013 1,91415 ,003877
1.08.2013 1,3748 -1,1336 Yes 2.07.2013 1,91895 12.08.2013 1,91655 ,001251
15.08.2013 ,5305 ,5200 Yes 2.07.2013 1,95460 20.08.2013 1,94160 ,006651
9.05.2014 -3,4016 -1,4584 Yes 8.04.2014 2,09830 16.05.2014 2,11940 ,010056
23.07.2014 -1,9092 -,5219 Yes 8.04.2014 2,11630 30.07.2014 2,18775 ,033762
13.11.2014 1,6136 ,1507 Yes 23.09.2014 2,22115 19.11.2014 2,20495 ,007293
30.01.2015 7,0408 2,5303 Yes 15.12.2014 2,43810 6.02.2015 2,42950 ,003527
10.03.2015 7,4416 3,7852 Yes 15.12.2014 2,62710 17.03.2015 2,54045 ,032983
22.04.2015 5,4873 3,4256 Yes 10.03.2015 2,67650 28.04.2015 2,64495 ,011788
8.06.2015 6,2766 2,0772 Yes 10.03.2015 2,70220 12.06.2015 2,65220 ,018503
15.07.2015 -2,1291 -,7491 Yes 25.06.2015 2,69830 21.07.2015 2,79765 ,036820
30.07.2015 5,7475 2,0899 Yes 8.06.2015 2,78505 6.08.2015 2,76030 ,008887
24.08.2015 5,8760 3,4537 Yes 8.06.2015 2,91510 1.09.2015 2,90785 ,002487
14.09.2015 5,1324 3,3694 Yes 24.08.2015 2,99850 17.09.2015 2,97565 ,007620
3.11.2015 -2,1407 -1,2007 Yes 15.10.2015 2,92050 9.11.2015 2,92820 ,002637
13.11.2015 -2,1183 -,8007 Yes 15.10.2015 2,86140 19.11.2015 2,93630 ,026176
11.12.2015 3,2213 1,6890 Yes 24.08.2015 2,96515 16.12.2015 2,90335 ,020842

Detailed results of Table 4.43:

Min/Max Max
CCI Mov. Is Is Trading Price 10 Gain
Date CCI Avg. Top Bottom Divergence1 Price TradingDate Days Rate
19.02.2000 177,2758 107,4589 Yes 29.01.2000 ,56570 22.02.2000 ,55824 ,013180
22.03.2000 133,1967 87,6068 Yes 28.02.2000 ,58350 25.03.2000 ,57956 ,006758

187
21.04.2000 215,5634 143,5962 Yes 30.03.2000 ,60000 24.04.2000 ,59756 ,004072
23.06.2000 206,0463 -72,2393 Yes 19.05.2000 ,62150 6.07.2000 ,61874 ,004441
18.07.2000 203,8065 112,4121 Yes 19.05.2000 ,62850 21.07.2000 ,62683 ,002657
29.08.2000 194,8677 110,1632 Yes 18.07.2000 ,65350 4.09.2000 ,65300 ,000765
18.10.2000 227,2517 113,9017 Yes 19.05.2000 ,68400 25.10.2000 ,67117 ,018762
24.11.2000 140,1165 80,2739 Yes 18.10.2000 ,68650 29.11.2000 ,67300 ,019665
20.02.2001 214,7236 144,2341 Yes 18.10.2000 ,74000 22.02.2001 ,74000 ,000000
3.04.2001 299,3239 120,0784 Yes 22.02.2001 1,19075 7.04.2001 1,15100 ,033382
15.05.2001 -48,7966 -66,1312 Yes 22.02.2001 1,12500 17.05.2001 1,10300 ,019556
31.05.2001 180,5892 -46,4375 Yes 22.02.2001 1,16850 9.06.2001 1,16400 ,003851
13.06.2001 165,9344 108,4147 Yes 3.04.2001 1,19850 16.06.2001 1,18500 ,011264
21.06.2001 216,0818 139,7420 Yes 3.04.2001 1,30100 26.06.2001 1,24200 ,045350
17.07.2001 301,6754 153,0814 Yes 22.02.2001 1,34400 20.07.2001 1,30000 ,032738
15.08.2001 225,6846 124,7837 Yes 17.07.2001 1,42600 18.08.2001 1,36000 ,046283
17.09.2001 190,9811 52,5014 Yes 15.08.2001 1,55650 25.09.2001 1,51400 ,027305
5.10.2001 186,4993 105,6016 Yes 15.08.2001 1,58250 12.10.2001 1,57000 ,007899
7.01.2002 -193,5013 -60,5439 Yes 19.11.2001 1,36700 17.01.2002 1,36700 ,000000
5.02.2002 -118,7797 -99,9462 Yes 7.01.2002 1,33000 7.02.2002 1,42000 ,067669
15.03.2002 -105,5744 -21,4552 Yes 7.01.2002 1,35600 20.03.2002 1,35600 ,000000
22.03.2002 -127,1608 -81,4874 Yes 7.01.2002 1,33875 1.04.2002 1,35100 ,009150
31.07.2002 101,8078 76,6553 Yes 12.06.2002 1,64600 2.08.2002 1,61500 ,018834
24.10.2002 209,1438 54,2675 Yes 10.09.2002 1,69400 1.11.2002 1,59100 ,060803
8.11.2002 -199,7279 32,5954 Yes 30.08.2002 1,58950 20.11.2002 1,59300 ,002202
22.01.2003 45,1070 44,0035 Yes 19.12.2002 1,66300 24.01.2003 1,63000 ,019844
10.02.2003 -58,4322 -131,4366 Yes 19.12.2002 1,62250 24.02.2003 1,59400 ,017565
28.02.2003 -207,4998 -132,1189 Yes 30.08.2002 1,64700 4.03.2003 1,72200 ,045537
3.03.2003 94,6750 -114,1594 Yes 19.12.2002 1,60500 6.03.2003 1,60500 ,000000
2.05.2003 -168,1939 -121,3023 Yes 28.02.2003 1,49950 13.05.2003 1,50900 ,006335
30.05.2003 -161,3719 -108,0199 Yes 28.02.2003 1,43944 5.06.2003 1,45700 ,012201
1.07.2003 -178,4161 -32,7689 Yes 28.02.2003 1,40725 9.07.2003 1,42850 ,015100
26.08.2003 -107,1452 -77,0831 Yes 1.07.2003 1,40032 28.08.2003 1,41682 ,011779
1.09.2003 -124,9600 -66,6123 Yes 1.07.2003 1,39456 4.09.2003 1,39681 ,001613
5.09.2003 -170,2152 -74,5162 Yes 1.07.2003 1,37450 18.09.2003 1,41850 ,032012
22.09.2003 -176,3919 -141,1154 Yes 1.07.2003 1,37850 26.09.2003 1,41850 ,029017
5.02.2004 -90,6189 -62,5571 Yes 5.01.2004 1,34532 9.02.2004 1,36250 ,012772
13.02.2004 -167,3921 -35,7898 Yes 5.01.2004 1,32750 20.02.2004 1,33850 ,008286
1.04.2004 -228,3697 -73,1856 Yes 5.01.2004 1,31432 6.04.2004 1,39521 ,061545
29.06.2004 -24,6331 -57,3431 Yes 13.04.2004 1,47650 1.07.2004 1,42839 ,032587
27.07.2004 163,9875 -2,2364 Yes 13.04.2004 1,47050 3.08.2004 1,44109 ,020001
24.08.2004 260,8692 40,9373 Yes 13.04.2004 1,50250 1.09.2004 1,47771 ,016501
20.09.2004 230,6078 31,9159 Yes 13.04.2004 1,50853 23.09.2004 1,48452 ,015914
29.10.2004 -241,5039 -130,7464 Yes 2.07.2004 1,47650 2.11.2004 1,47766 ,000786
6.12.2004 -183,1153 -144,6893 Yes 29.10.2004 1,41130 9.12.2004 1,45756 ,032776

188
27.12.2004 -221,1474 -109,5081 Yes 29.10.2004 1,34225 3.01.2005 1,46350 ,090333
26.01.2005 -116,0020 -55,3367 Yes 27.12.2004 1,34030 31.01.2005 1,34800 ,005745
1.02.2005 -111,8394 -80,1062 Yes 27.12.2004 1,32650 3.02.2005 1,34800 ,016208
4.02.2005 -117,1250 -88,7175 Yes 27.12.2004 1,33400 9.02.2005 1,34800 ,010495
28.02.2005 -183,7359 -133,1154 Yes 27.12.2004 1,28250 3.03.2005 1,34010 ,044912
3.08.2005 -183,6193 -67,0112 Yes 30.06.2005 1,32350 9.08.2005 1,38250 ,044579
20.02.2006 -215,1330 -8,5086 Yes 4.01.2006 1,32450 23.02.2006 1,35850 ,025670
2.03.2006 -196,8258 -135,3291 Yes 4.01.2006 1,31000 7.03.2006 1,35850 ,037023
24.04.2006 -162,5710 -59,9673 Yes 4.01.2006 1,32100 4.05.2006 1,53750 ,163891
23.06.2006 223,8566 151,6026 Yes 15.05.2006 1,66580 27.06.2006 1,53350 ,079421
28.08.2006 74,8389 -28,3259 Yes 15.05.2006 1,46350 1.09.2006 1,44150 ,015033
31.08.2006 -17,6353 10,5699 Yes 27.07.2006 1,45950 4.09.2006 1,49430 ,023844
4.09.2006 -69,2709 20,0830 Yes 27.07.2006 1,47250 8.09.2006 1,54950 ,052292
8.09.2006 92,9119 23,3244 Yes 15.05.2006 1,46500 18.09.2006 1,45800 ,004778
18.09.2006 -59,4628 22,5297 Yes 27.07.2006 1,51150 22.09.2006 1,54950 ,025141
22.09.2006 324,7521 54,0470 Yes 15.05.2006 1,49350 28.09.2006 1,46350 ,020087
19.10.2006 -156,2846 -56,9127 Yes 27.07.2006 1,47150 25.10.2006 1,47800 ,004417
13.12.2006 -146,9877 -90,1044 Yes 19.10.2006 1,43450 19.12.2006 1,44700 ,008714
2.01.2007 -177,0502 -90,7169 Yes 27.07.2006 1,42250 5.01.2007 1,45600 ,023550
1.02.2007 -153,8568 -50,3059 Yes 2.01.2007 1,40250 12.02.2007 1,41600 ,009626
14.02.2007 -150,2789 -107,7853 Yes 2.01.2007 1,38250 26.02.2007 1,46260 ,057938
22.03.2007 -127,9485 -18,6810 Yes 14.02.2007 1,39430 29.03.2007 1,39650 ,001578
5.04.2007 -157,6539 -105,4661 Yes 2.01.2007 1,37550 13.04.2007 1,37650 ,000727
20.04.2007 -167,6622 -125,6019 Yes 2.01.2007 1,33450 27.04.2007 1,39250 ,043462
1.06.2007 -169,0022 -77,4447 Yes 2.01.2007 1,32600 7.06.2007 1,36650 ,030543
24.07.2007 -164,0530 -126,6842 Yes 18.06.2007 1,30030 27.07.2007 1,32935 ,022341
19.09.2007 -175,7782 -123,4747 Yes 18.06.2007 1,22650 25.09.2007 1,23850 ,009784
31.10.2007 -149,5166 -11,1574 Yes 19.09.2007 1,19120 8.11.2007 1,22015 ,024303
10.12.2007 -130,6876 -50,5072 Yes 19.09.2007 1,17780 14.12.2007 1,19735 ,016599
11.01.2008 -146,4078 -105,0281 Yes 31.10.2007 1,17840 17.01.2008 1,24985 ,060633
10.03.2008 216,7869 83,1306 Yes 21.01.2008 1,22450 13.03.2008 1,21445 ,008207
18.07.2008 -223,6223 -114,4423 Yes 29.05.2008 1,20400 24.07.2008 1,21115 ,005939
6.10.2008 268,1143 90,8342 Yes 4.09.2008 1,38330 14.10.2008 1,36575 ,012687
22.10.2008 196,0869 146,0172 Yes 4.09.2008 1,63310 28.10.2008 1,46800 ,101096
20.11.2008 137,6134 64,5676 Yes 22.10.2008 1,58625 25.11.2008 1,54530 ,025816
2.01.2009 5,4109 -75,1851 Yes 4.09.2008 1,51530 7.01.2009 1,50535 ,006566
12.01.2009 262,3830 41,0397 Yes 6.10.2008 1,67260 21.01.2009 1,60720 ,039101
17.02.2009 250,0749 37,7431 Yes 12.01.2009 1,69720 24.02.2009 1,67150 ,015143
8.05.2009 -138,9601 -61,7328 Yes 3.04.2009 1,56295 13.05.2009 1,58315 ,012924
20.05.2009 -127,3948 -96,3085 Yes 3.04.2009 1,55000 25.05.2009 1,57860 ,018452
1.06.2009 -155,5109 -65,6351 Yes 3.04.2009 1,54545 4.06.2009 1,57040 ,016144
21.08.2009 26,6758 46,4076 Yes 22.07.2009 1,50900 27.08.2009 1,52270 ,009079
16.09.2009 -202,4879 -51,9793 Yes 22.07.2009 1,49320 22.09.2009 1,50730 ,009443

189
 5.02.2010 171,1604 95,0904 Yes 27.11.2009 1,50400 10.02.2010 1,50220 ,001197
24.02.2010 192,1623 93,1780 Yes 27.11.2009 1,53390 2.03.2010 1,51740 ,010757
7.06.2010 142,0257 75,3791 Yes 6.05.2010 1,57730 11.06.2010 1,54460 ,020732
15.09.2010 -149,1182 -70,4687 Yes 2.08.2010 1,48700 24.09.2010 1,48950 ,001681
4.11.2010 -161,3512 -12,7505 Yes 6.10.2010 1,41610 11.11.2010 1,48840 ,051056
28.01.2011 198,0500 44,8806 Yes 20.12.2010 1,57825 2.02.2011 1,56860 ,006114
2.03.2011 185,5519 77,0153 Yes 28.01.2011 1,59725 4.03.2011 1,56645 ,019283
23.06.2011 172,0522 49,8313 Yes 11.05.2011 1,62225 30.06.2011 1,60495 ,010664
22.09.2011 187,3624 99,8314 Yes 8.08.2011 1,85315 30.09.2011 1,81640 ,019831
21.11.2011 227,9504 46,8925 Yes 25.07.2011 1,85935 29.11.2011 1,81355 ,024632
29.12.2011 119,5707 100,2579 Yes 21.11.2011 1,86915 2.01.2012 1,84005 ,015569
29.02.2012 -105,3933 -35,8103 Yes 27.01.2012 1,76790 5.03.2012 1,81415 ,026161
2.04.2012 -89,0397 19,5061 Yes 12.01.2012 1,79200 6.04.2012 1,81775 ,014369
10.04.2012 85,6245 -25,5439 Yes 6.03.2012 1,79675 16.04.2012 1,75295 ,024377
16.05.2012 177,0872 33,4896 Yes 6.03.2012 1,84770 25.05.2012 1,81765 ,016263
24.07.2012 151,8749 -4,6018 Yes 16.05.2012 1,80205 31.07.2012 1,77395 ,015593
10.01.2013 -185,4847 -65,0845 Yes 6.11.2012 1,76415 22.01.2013 1,77480 ,006037
1.02.2013 -219,0187 -67,5413 Yes 6.11.2012 1,76125 6.02.2013 1,78595 ,014024
15.05.2013 253,3718 69,3578 Yes 22.02.2013 1,84870 23.05.2013 1,83920 ,005139
21.06.2013 228,6533 83,2062 Yes 15.05.2013 1,92160 28.06.2013 1,91415 ,003877
1.08.2013 55,5072 -53,1736 Yes 21.06.2013 1,92230 9.08.2013 1,91435 ,004136
27.09.2013 39,6531 -76,5700 Yes 22.08.2013 2,00185 7.10.2013 1,96060 ,020606
4.11.2013 254,2562 51,2940 Yes 22.08.2013 2,03810 11.11.2013 1,99405 ,021613
4.12.2013 105,0812 -4,1615 Yes 4.11.2013 2,03230 10.12.2013 2,02385 ,004158
12.12.2013 100,4688 46,9794 Yes 4.11.2013 2,02685 17.12.2013 2,02615 ,000345
20.12.2013 255,5547 95,6226 Yes 22.08.2013 2,09665 26.12.2013 2,08695 ,004626
24.01.2014 211,1602 144,6126 Yes 20.12.2013 2,19685 29.01.2014 2,16355 ,015158
11.03.2014 156,0036 33,2865 Yes 20.12.2013 2,21975 18.03.2014 2,13510 ,038135
8.05.2014 -192,7053 -86,1916 Yes 31.03.2014 2,06830 14.05.2014 2,11940 ,024706
4.06.2014 159,5203 39,9029 Yes 20.12.2013 2,07945 9.06.2014 2,07525 ,002020
6.08.2014 196,9034 8,0478 Yes 17.06.2014 2,15030 12.08.2014 2,14780 ,001163
11.11.2014 87,8000 -29,1617 Yes 10.09.2014 2,23285 17.11.2014 2,20495 ,012495
30.01.2015 227,8302 129,3015 Yes 15.12.2014 2,40175 4.02.2015 2,39440 ,003060
5.03.2015 255,0078 132,0100 Yes 15.12.2014 2,63780 11.03.2015 2,54045 ,036906
14.04.2015 262,8759 46,4897 Yes 15.12.2014 2,69925 21.04.2015 2,64495 ,020117
8.06.2015 180,4897 55,5465 Yes 14.04.2015 2,70220 12.06.2015 2,65220 ,018503
27.07.2015 242,3086 28,1655 Yes 14.04.2015 2,76715 3.08.2015 2,76030 ,002475
24.09.2015 90,7327 72,5758 Yes 18.08.2015 3,02595 1.10.2015 2,87625 ,049472
29.10.2015 26,1012 -65,8890 Yes 18.08.2015 2,82335 3.11.2015 2,81155 ,004179
9.11.2015 74,8804 -65,2063 Yes 18.08.2015 2,86900 18.11.2015 2,81580 ,018543
27.11.2015 139,0986 -12,8203 Yes 18.08.2015 2,88880 3.12.2015 2,87075 ,006248
11.12.2015 194,2144 76,3430 Yes 18.08.2015 2,93530 17.12.2015 2,90335 ,010885

190
APPENDIX-2: Source Code of the Divergence Algorithm

Data Model of the Price:

public class SinglePrice

{
// Fields
private float close;
private DateTime date;
private float high;
private float low;
private float open;
private float openInterest;
private int time;
private float volume;

// Properties
public float Close { get; set; }
public DateTime Date { get; set; }
public float High { get; set; }
public float Low { get; set; }
public float Open { get; set; }
public float OpenInterest { get; set; }
public int Time { get; set; }
public float Volume { get; set; }

public string IsTop = "";

public string IsBottom = "";
public List<string> DivergenceDays = new List<string>();
public float Slope = 0;
public float TradingPrice;
public DateTime TradingDate;
public int IntervalToTrading;
public float MinimumPriceAfterDivergence = float.MaxValue;
public float MaximumPriceAfterDivergence = 0;
public float MaximumProfitRateAfterDivergence = 0;

public float RSI;

public float MovOfRSI;

internal float Stochastic;

public float MovOfStochastic;

public float Macd26DaysExpMA;

public float Macd12DaysExpMA;
public float MACD;
public float MovOfMACD;

public float ROC;

public float MovOfROC;

public float CCITypicalPrice;

public float MovOfCCITypicalPrice;
public float CCIMeanDeviation;
public float CCI;
public float MovOfCCI;

public float MFI;

public float MovOfMFI;
}

191
Source Code of the Divergence Calculations:

namespace DivergenceProgram
{
public partial class frmMain : Form
{
#region Constructor
public frmMain()
{
InitializeComponent();
}
#endregion

#region Properties
public int numberOfDays = 0;
public int movingAveragePeriodOfIndicator = 0;
#endregion

private void calculateRsiButton_Click(object sender, EventArgs e)

{
IList<SinglePrice> priceList = ReadPriceList();

numberOfDays = 14; // Default period for RSI

movingAveragePeriodOfIndicator = 10; // Period for moving average of the indicator
CalculateRsi(priceList, numberOfDays);
CalculateRsiMovingAverage(priceList, movingAveragePeriodOfIndicator);
CalculateTopPointsOfRsi(priceList);
CalculateBottomPointsOfRsi(priceList);
FindRsiDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "RSI");

f.Show();
}

private void calculateStochasticButton_Click(object sender, EventArgs e)

{
IList<SinglePrice> priceList = ReadPriceList();

numberOfDays = 14; //Default period for stochastic oscillator

192
 movingAveragePeriodOfIndicator = 3; // Period for moving average of the indicator
CalculateStochastic(priceList, numberOfDays); // with smoothing parameter of 3
CalculateStochasticMovingAverage(priceList, movingAveragePeriodOfIndicator);
CalculateTopPointsOfStochastic(priceList);
CalculateBottomPointsOfStochastic(priceList);
FindStochasticDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "Stochastic");

f.Show();
}

private void calculateMacdButton_Click(object sender, EventArgs e)

{
IList<SinglePrice> priceList = ReadPriceList();

movingAveragePeriodOfIndicator = 9; // Period for moving average of the indicator

CalculateMacd26Period(priceList);
CalculateMacd12Period(priceList);
CalculateMacd(priceList);
CalculateMacdMovingAverage(priceList, movingAveragePeriodOfIndicator);
CalculateTopPointsOfMacd(priceList);
CalculateBottomPointsOfMacd(priceList);
FindMacdDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "MACD");

f.Show();
}

private void calculateRocButton_Click(object sender, EventArgs e)

{
IList<SinglePrice> priceList = ReadPriceList();

numberOfDays = 12; //Default period for ROC

movingAveragePeriodOfIndicator = 10; // Period for moving average of the indicator
CalculateRoc(priceList, numberOfDays);
CalculateRocMovingAverage(priceList, 10);
CalculateTopPointsOfRoc(priceList);
CalculateBottomPointsOfRoc(priceList);
FindRocDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "ROC");

f.Show();
}

193
private void calculateCciButton_Click(object sender, EventArgs e)
{
IList<SinglePrice> priceList = ReadPriceList();

numberOfDays = 20; // Default period for CCI

movingAveragePeriodOfIndicator = 10; // Period for moving average of the indicator
CalculateCciTypicalPrice(priceList);
CalculateCciTypicalPriceMovingAverage(priceList, numberOfDays);
CalculateCciMeanDeviation(priceList, numberOfDays);
CalculateCci(priceList, numberOfDays);
CalculateCciMovingAverage(priceList, movingAveragePeriodOfIndicator);
CalculateTopPointsOfCci(priceList);
CalculateBottomPointsOfCci(priceList);
FindCciDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "CCI");

f.Show();
}

private void calculateMfiButton_Click(object sender, EventArgs e)

{
IList<SinglePrice> priceList = ReadPriceList();

numberOfDays = 14; // Default period for MFI

movingAveragePeriodOfIndicator = 10; // Period for moving average of the indicator
CalculateMfi(priceList, numberOfDays);
CalculateMfiMovingAverage(priceList, movingAveragePeriodOfIndicator);
CalculateTopPointsOfMfi(priceList);
CalculateBottomPointsOfMfi(priceList);
FindMfiDivergences(priceList);

frmAnalysis f = new frmAnalysis(priceList, "MFI");

f.Show();
}

private void FindMfiDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindMfiPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)

194
 {
if (priceList[i].MFI < priceList[topIndex].MFI && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].MFI < priceList[j].MovOfMFI) // when trend breaks
downwards
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}
priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}
if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindMfiPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].MFI > priceList[bottomIndex].MFI && priceList[i].Close < priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].MFI > priceList[j].MovOfMFI) // when trend breaks
upwards

195
 {
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;
}
}
}
}
}
}
}

private List<int> FindMfiPreviousBottomIndexes(int i, IList<SinglePrice> priceList)

{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].MFI - priceList[j].MFI) / (i - j))
{
if (priceList[i].MFI < 40) // MFI value over 40 is excluded
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].MFI - priceList[j].MFI) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
}
return bottomIndexes;
}

196
 private List<int> FindMfiPreviousTopIndexes(int i, IList<SinglePrice> priceList)
{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].MFI - priceList[i].MFI) / (i - j))
{
if (priceList[i].MFI > 60) // MFI value under 60 is excluded
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].MFI - priceList[i].MFI) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
}
return topIndexes;
}

private void CalculateBottomPointsOfMfi(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].MFI < priceList[i].MovOfMFI)
{
if (priceList[i].MFI <= priceList[bottomPointIndex].MFI || bottomPointIndex == 0) {
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}
}
}

197
private void CalculateTopPointsOfMfi(IList<SinglePrice> priceList)
{
int topPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].MFI > priceList[i].MovOfMFI)
{
if (priceList[i].MFI >= priceList[topPointIndex].MFI || topPointIndex == 0)
{
priceList[topPointIndex].IsTop = ""; topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

}
}
else
{
topPointIndex = 0;
}
}
}
}

private void CalculateMfiMovingAverage(IList<SinglePrice> priceList, int movPeriod)

{
float sumOfLastPeriodDates = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (i < movPeriod)
{
sumOfLastPeriodDates += priceList[i].MFI;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].MFI + priceList[i].MFI;
}
priceList[i].MovOfMFI = sumOfLastPeriodDates / movPeriod;
}
}

198
private void CalculateMfi(IList<SinglePrice> priceList, int numberOfDays)
{
float[] positiveMoneyFlows = new float[priceList.Count];
float[] negativeMoneyFlows = new float[priceList.Count];
float sumOfPositiveMoneyFlows = 0;
float sumOfNegativeMoneyFlows = 0;
float averagePositiveMoneyFlow = 0;
float averageNegativeMoneyFlow = 0;
float moneyFlowRatio = 0;
float moneyFlowIndex = 0;
float[] typicalPrice = new float[priceList.Count];

typicalPrice[0] = (priceList[0].High + priceList[0].Low + priceList[0].Close) / 3;

for (int i = 1; i < priceList.Count; i++)
{
typicalPrice[i] = (priceList[i].High + priceList[i].Low + priceList[i].Close) / 3;
if (typicalPrice[i] > typicalPrice[i - 1])
{
positiveMoneyFlows[i] = typicalPrice[i] * priceList[i].Volume;
}
else if (typicalPrice[i] < typicalPrice[i - 1])
{
negativeMoneyFlows[i] = typicalPrice[i] * priceList[i].Volume;
}
else
{

if (i <= numberOfDays)
{
sumOfPositiveMoneyFlows += positiveMoneyFlows[i];
sumOfNegativeMoneyFlows += negativeMoneyFlows[i];
}
else
{
sumOfPositiveMoneyFlows = sumOfPositiveMoneyFlows + positiveMoneyFlows[i] - positiveMoneyFlows[i - numberOfDays];
sumOfNegativeMoneyFlows = sumOfNegativeMoneyFlows + negativeMoneyFlows[i] - negativeMoneyFlows[i - numberOfDays];
}

if (i >= numberOfDays)
{
averagePositiveMoneyFlow = sumOfPositiveMoneyFlows / numberOfDays;

199
 averageNegativeMoneyFlow = sumOfNegativeMoneyFlows / numberOfDays;

moneyFlowRatio = averagePositiveMoneyFlow / ((averageNegativeMoneyFlow == 0.0) ? (float)0.001 :

(float)averageNegativeMoneyFlow);

moneyFlowIndex = 100 - (100 / (1 + moneyFlowRatio));

priceList[i].MFI = moneyFlowIndex;
}
}
}

private void FindCciDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindCciPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)
{
if (priceList[i].CCI < priceList[topIndex].CCI && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].CCI < priceList[j].MovOfCCI) // when the trend breaks
downwards
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}

200
 priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}

if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindCciPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].CCI > priceList[bottomIndex].CCI && priceList[i].Close < priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].CCI > priceList[j].MovOfCCI) // when trend breaks
upwards
{
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;
}
}
}
}
}
}
}

201
 private List<int> FindCciPreviousBottomIndexes(int i, IList<SinglePrice> priceList)
{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].CCI - priceList[j].CCI) / (i - j))
{

if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].CCI - priceList[j].CCI) / (i - j); // the trend line must not cross the indicator on
other tops or bottoms
}
}
return bottomIndexes;
}

private List<int> FindCciPreviousTopIndexes(int i, IList<SinglePrice> priceList)

{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].CCI - priceList[i].CCI) / (i - j))
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].CCI - priceList[i].CCI) / (i - j); // the trend line must not cross the indicator on
other tops or bottoms
}
}
return topIndexes;
}

private void CalculateBottomPointsOfCci(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{

202
 if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].CCI < priceList[i].MovOfCCI)
{
if (priceList[i].CCI <= priceList[bottomPointIndex].CCI || bottomPointIndex == 0) {
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}
}
}

private void CalculateTopPointsOfCci(IList<SinglePrice> priceList)

{
int topPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].CCI > priceList[i].MovOfCCI)
{
if (priceList[i].CCI >= priceList[topPointIndex].CCI || topPointIndex == 0) //
{
priceList[topPointIndex].IsTop = ""; //todo: diğer indikatörlere de topPointIndex == 0 eklendi, test edilecek.
topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

}
}
else
{
topPointIndex = 0;
}
}
}
}

203
 private void CalculateCciMovingAverage(IList<SinglePrice> priceList, int movPeriod)
{
float sumOfLastPeriodDates = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (i < movPeriod)
{
sumOfLastPeriodDates += priceList[i].CCI;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].CCI + priceList[i].CCI;
}
priceList[i].MovOfCCI = sumOfLastPeriodDates / movPeriod;
}
}

private void CalculateCci(IList<SinglePrice> priceList, int numberOfDays)

{
for (int i = numberOfDays - 1; i < priceList.Count; i++)
{
priceList[i].CCI = (priceList[i].CCITypicalPrice - priceList[i].MovOfCCITypicalPrice) / ((float)0.015 *
priceList[i].CCIMeanDeviation);
}
}

private void CalculateCciMeanDeviation(IList<SinglePrice> priceList, int numberOfDays)

{
float totalDeviation = (float)0;
for(int i = numberOfDays-1; i < priceList.Count; i++)
{
for(int j = i; j >= 0 && j > i - numberOfDays; j--)
{
totalDeviation += Math.Abs(priceList[i].MovOfCCITypicalPrice - priceList[j].CCITypicalPrice);
}
priceList[i].CCIMeanDeviation = totalDeviation / numberOfDays;
totalDeviation = 0;
}
}

private void CalculateCciTypicalPriceMovingAverage(IList<SinglePrice> priceList, int numberOfDays)

{
float sumOfLastPeriodDates = 0;

204
 for (int i = 0; i < priceList.Count; i++)
{
if (i < numberOfDays)
{
sumOfLastPeriodDates += priceList[i].CCITypicalPrice;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - numberOfDays].CCITypicalPrice +
priceList[i].CCITypicalPrice;
}
priceList[i].MovOfCCITypicalPrice = sumOfLastPeriodDates / numberOfDays;
}
}

private void CalculateCciTypicalPrice(IList<SinglePrice> priceList)

{
for(int i = 0; i < priceList.Count; i++)
{
priceList[i].CCITypicalPrice = (priceList[i].High + priceList[i].Low + priceList[i].Close) / 3;
}
}

private void FindRocDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindRocPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)
{
if (priceList[i].ROC < priceList[topIndex].ROC && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].ROC < priceList[j].MovOfROC)
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day

205
 priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}
priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}
if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindRocPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].ROC > priceList[bottomIndex].ROC && priceList[i].Close < priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].ROC > priceList[j].MovOfROC) // when trend breaks
upwards
{
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;

206
 }
}
}
}
}
}
}

private List<int> FindRocPreviousBottomIndexes(int i, IList<SinglePrice> priceList)

{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].ROC - priceList[j].ROC) / (i - j))
{
//if (priceList[i].ROC < 40) // ROC value over 40 is excluded
//{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].ROC - priceList[j].ROC) / (i - j); // the trend line must not cross the indicator on
other tops or bottoms
//}
}
}
return bottomIndexes;
}

private List<int> FindRocPreviousTopIndexes(int i, IList<SinglePrice> priceList)

{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].ROC - priceList[i].ROC) / (i - j))
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].ROC - priceList[i].ROC) / (i - j); // the trend line must not cross the indicator on
other tops or bottoms
}
}

207
 return topIndexes;
}

private void CalculateBottomPointsOfRoc(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].ROC < priceList[i].MovOfROC)
{
if (priceList[i].ROC <= priceList[bottomPointIndex].ROC || bottomPointIndex == 0) {
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}
}
}

private void CalculateTopPointsOfRoc(IList<SinglePrice> priceList)

{
int topPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].ROC > priceList[i].MovOfROC)
{
if (priceList[i].ROC >= priceList[topPointIndex].ROC || topPointIndex == 0)
{
priceList[topPointIndex].IsTop = "";
topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

208
 }
else
{
topPointIndex = 0;
}
}
}
}

private void CalculateRocMovingAverage(IList<SinglePrice> priceList, int movPeriod)

{
float sumOfLastPeriodDates = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (i < movPeriod)
{
sumOfLastPeriodDates += priceList[i].ROC;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].ROC + priceList[i].ROC;
}
priceList[i].MovOfROC = sumOfLastPeriodDates / movPeriod;
}
}

private void CalculateRoc(IList<SinglePrice> priceList, int numberOfDays)

{
int startIndex = 12;
for (int i = startIndex; i < priceList.Count; i++)
{
priceList[i].ROC = 100 * (priceList[i].Close - priceList[i - startIndex].Close) / priceList[i - startIndex].Close;
}
}

private void FindMacdDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindMacdPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)

209
 {
if (priceList[i].MACD < priceList[topIndex].MACD && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].MACD < priceList[j].MovOfMACD)
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}
priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}
if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindMacdPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].MACD > priceList[bottomIndex].MACD && priceList[i].Close < priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].MACD > priceList[j].MovOfMACD) // when trend breaks
upwards

210
 {
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;
}
}
}
}
}
}
}

private List<int> FindMacdPreviousBottomIndexes(int i, IList<SinglePrice> priceList)

{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].MACD - priceList[j].MACD) / (i - j))
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].MACD - priceList[j].MACD) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
return bottomIndexes;
}

private List<int> FindMacdPreviousTopIndexes(int i, IList<SinglePrice> priceList)

{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)

211
 {
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].MACD - priceList[i].MACD) / (i - j))
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].MACD - priceList[i].MACD) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
return topIndexes;
}

private void CalculateBottomPointsOfMacd(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].MACD < priceList[i].MovOfMACD)
{
if (priceList[i].MACD <= priceList[bottomPointIndex].MACD || bottomPointIndex == 0) {
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}
}
}

private void CalculateTopPointsOfMacd(IList<SinglePrice> priceList)

{
int topPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{

212
 if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].MACD > priceList[i].MovOfMACD)
{
if (priceList[i].MACD >= priceList[topPointIndex].MACD || topPointIndex == 0)
{
priceList[topPointIndex].IsTop = "";
topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

}
}
else
{
topPointIndex = 0;
}
}
}
}

private void CalculateMacdMovingAverage(IList<SinglePrice> priceList, int movPeriod)

{
//float sumOfLastPeriodDates = 0;
float EMAConstant = ((float)2 / (1 + movPeriod)); // finding exponential moving average
priceList[0].MovOfMACD = priceList[0].MACD;
for (int i = 1; i < priceList.Count; i++)
{
priceList[i].MovOfMACD = EMAConstant * (priceList[i].MACD - priceList[i - 1].MovOfMACD) + priceList[i - 1].MovOfMACD;
}
//for (int i = 0; i < priceList.Count; i++)
//{
// if (i < movPeriod)
// {
// sumOfLastPeriodDates += priceList[i].MACD;
// }
// else
// {
// sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].MACD + priceList[i].MACD;
// }
// priceList[i].MovOfMACD = sumOfLastPeriodDates / movPeriod;
//}
}

213
 private void CalculateMacd(IList<SinglePrice> priceList)
{
int startIndex = 25; // 26. gün
numberOfDays = 26;
for (int i = startIndex; i < priceList.Count; i++)
{
priceList[i].MACD = priceList[i].Macd12DaysExpMA - priceList[i].Macd26DaysExpMA;
}
}

private void CalculateMacd12Period(IList<SinglePrice> priceList)

{
numberOfDays = 12;
float EMAConstant = (float)0.15; priceList[0].Macd12DaysExpMA = priceList[0].Close;
for (int i = 1; i < priceList.Count; i++)
{
priceList[i].Macd12DaysExpMA = EMAConstant * (priceList[i].Close - priceList[i - 1].Macd12DaysExpMA) + priceList[i -
1].Macd12DaysExpMA;
}
}

private void CalculateMacd26Period(IList<SinglePrice> priceList)

{
numberOfDays = 26;
float EMAConstant = (float)0.075;
priceList[0].Macd26DaysExpMA = priceList[0].Close;
for (int i = 1; i < priceList.Count; i++)
{
priceList[i].Macd26DaysExpMA = EMAConstant * (priceList[i].Close - priceList[i - 1].Macd26DaysExpMA) + priceList[i -
1].Macd26DaysExpMA;
}

private void FindStochasticDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindStochasticPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)
{

214
 if (priceList[i].Stochastic < priceList[topIndex].Stochastic && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].Stochastic < priceList[j].MovOfStochastic)
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}
priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}
if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindStochasticPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].Stochastic > priceList[bottomIndex].Stochastic && priceList[i].Close <
priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].Stochastic > priceList[j].MovOfStochastic) // when
trend breaks upwards

215
 {
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;
}
}
}
}
}
}
}

private List<int> FindStochasticPreviousBottomIndexes(int i, IList<SinglePrice> priceList)

{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].Stochastic - priceList[j].Stochastic) / (i - j))
{
if (priceList[i].Stochastic < 40) // Stochastic value over 40 is excluded
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].Stochastic - priceList[j].Stochastic) / (i - j); // the trend line must not cross
the indicator on other tops or bottoms
}
}
}
return bottomIndexes;
}

216
 private List<int> FindStochasticPreviousTopIndexes(int i, IList<SinglePrice> priceList)
{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].Stochastic - priceList[i].Stochastic) / (i - j))
{
if (priceList[i].Stochastic > 60) // Stochastic value under 60 is excluded
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].Stochastic - priceList[i].Stochastic) / (i - j); // the trend line must not cross
the indicator on other tops or bottoms
}
}
}
return topIndexes;
}

private void CalculateBottomPointsOfStochastic(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].Stochastic < priceList[i].MovOfStochastic)
{
if (priceList[i].Stochastic <= priceList[bottomPointIndex].Stochastic || bottomPointIndex == 0)
{
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}

217
 }
}

private void CalculateTopPointsOfStochastic(IList<SinglePrice> priceList)

{
int topPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].Stochastic > priceList[i].MovOfStochastic)
{
if (priceList[i].Stochastic >= priceList[topPointIndex].Stochastic || topPointIndex == 0)
{
priceList[topPointIndex].IsTop = "";
topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

}
}
else
{
topPointIndex = 0;
}
}
}
}

private void CalculateStochasticMovingAverage(IList<SinglePrice> priceList, int movPeriod)

{
float sumOfLastPeriodDates = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (i <= movPeriod) //todo: fatih: i < movPeriod şeklinde olmamalı mı? araştır.
{
sumOfLastPeriodDates += priceList[i].Stochastic;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].Stochastic + priceList[i].Stochastic;
}
priceList[i].MovOfStochastic = sumOfLastPeriodDates / movPeriod;
}
}

218
 private void CalculateStochastic(IList<SinglePrice> priceList, int numberOfDays)
{
float[] highestHigh = new float[priceList.Count];
float[] lowestLow = new float[priceList.Count];
for (int i = 0; i < priceList.Count; i++)
{
if (i >= numberOfDays-1)
{
highestHigh[i] = 0;
lowestLow[i] = float.MaxValue;
for (int j = i; j > i - numberOfDays; j--)
{
if (priceList[j].High > highestHigh[i])
{
highestHigh[i] = priceList[j].High;
}
if (priceList[j].Low < lowestLow[i])
{
lowestLow[i] = priceList[j].Low;
}
}
// 3-day smoothing is done (metastock way)
priceList[i].Stochastic = (priceList[i].Close - lowestLow[i] + priceList[i-1].Close - lowestLow[i-1] + priceList[i-
2].Close - lowestLow[i-2]) / (highestHigh[i] - lowestLow[i] + highestHigh[i-1] - lowestLow[i-1] + highestHigh[i-2] - lowestLow[i-2]) * 100;
}
}
}

private void FindRsiDivergences(IList<SinglePrice> priceList)

{
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].IsTop == "Yes")
{
List<int> prevTopIndexes = FindRsiPreviousTopIndexes(i, priceList);
foreach (int topIndex in prevTopIndexes)
{
if (priceList[i].RSI < priceList[topIndex].RSI && priceList[i].Close > priceList[topIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[topIndex].Date.ToShortDateString());
if (priceList[i].MinimumPriceAfterDivergence == float.MaxValue)
{
int intervalAfterTopPoint = 10; // 10 days

219
 for(int j = i; j <= i + intervalAfterTopPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].RSI < priceList[j].MovOfRSI)
{
priceList[i].TradingPrice = priceList[j + 1].Open; // selling is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterTopPoint += j - i; //find the lowest price in 10 days after the selling
}
if (priceList[i].TradingPrice != 0 && priceList[j + 1].Low < priceList[i].MinimumPriceAfterDivergence)
{
priceList[i].MinimumPriceAfterDivergence = priceList[j+1].Low;
}
priceList[i].MaximumProfitRateAfterDivergence = 1 - (priceList[i].MinimumPriceAfterDivergence /
priceList[i].TradingPrice);
}
}
}
}
}
if (priceList[i].IsBottom == "Yes")
{
List<int> prevBottomIndexes = FindRsiPreviousBottomIndexes(i, priceList);
foreach (int bottomIndex in prevBottomIndexes)
{
if (priceList[i].RSI > priceList[bottomIndex].RSI && priceList[i].Close < priceList[bottomIndex].Close)
{
priceList[i].DivergenceDays.Add(priceList[bottomIndex].Date.ToShortDateString());
if (priceList[i].MaximumPriceAfterDivergence == 0)
{
int intervalAfterBottomPoint = 10; // 10 days
for (int j = i; j <= i + intervalAfterBottomPoint && j + 1 < priceList.Count; j++)
{
if (priceList[i].TradingPrice == 0 && priceList[j].RSI > priceList[j].MovOfRSI) // when trend breaks
upwards
{
priceList[i].TradingPrice = priceList[j + 1].Open; // buying is done at the opening price of the
next day
priceList[i].TradingDate = priceList[j + 1].Date;
priceList[i].IntervalToTrading = j + 1 - i;
intervalAfterBottomPoint += j - i; // find the highest price in 10 days after the buying
}

220
 if (priceList[i].TradingPrice != 0 && priceList[j+1].High > priceList[i].MaximumPriceAfterDivergence)
{
priceList[i].MaximumPriceAfterDivergence = priceList[j+1].High;
}
priceList[i].MaximumProfitRateAfterDivergence = (priceList[i].MaximumPriceAfterDivergence /
priceList[i].TradingPrice) - (float)1;
}
}
}
}
}
}
}

private List<int> FindRsiPreviousBottomIndexes(int i, IList<SinglePrice> priceList)

{
List<int> bottomIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsBottom == "Yes" && priceList[i].Slope < (priceList[i].RSI - priceList[j].RSI) / (i - j))
{
if (priceList[i].RSI < 40) // RSI value over 40 is excluded
{
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
bottomIndexes.Add(j);
}
priceList[i].Slope = (priceList[i].RSI - priceList[j].RSI) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
}
return bottomIndexes;
}

private List<int> FindRsiPreviousTopIndexes(int i, IList<SinglePrice> priceList)

{
List<int> topIndexes = new List<int>();
for (int j = i - 1; j > 0; j--)
{
if (priceList[j].IsTop == "Yes" && priceList[i].Slope < (priceList[j].RSI - priceList[i].RSI) / (i - j))
{
if (priceList[i].RSI > 60) // RSI value under 60 is excluded

221
 {
if (i - j > numberOfDays && i - j < 125) // the divergence interval must be less than six months
{
topIndexes.Add(j);
}
priceList[i].Slope = (priceList[j].RSI - priceList[i].RSI) / (i - j); // the trend line must not cross the indicator
on other tops or bottoms
}
}
}
return topIndexes;
}

private void CalculateBottomPointsOfRsi(IList<SinglePrice> priceList)

{
int bottomPointIndex = 0;
for (int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval
{
if (priceList[i].RSI < priceList[i].MovOfRSI)
{
if (priceList[i].RSI <= priceList[bottomPointIndex].RSI || bottomPointIndex == 0) {
priceList[bottomPointIndex].IsBottom = "";
bottomPointIndex = i;
priceList[bottomPointIndex].IsBottom = "Yes";

}
}
else
{
bottomPointIndex = 0;
}
}
}
}

private void CalculateTopPointsOfRsi(IList<SinglePrice> priceList)

{
int topPointIndex = 0;
for(int i = 0; i < priceList.Count; i++)
{
if (priceList[i].Date >= new DateTime(2000, 1, 1) && priceList[i].Date <= new DateTime(2015, 12, 31)) // 15-year interval

222
 {
if (priceList[i].RSI > priceList[i].MovOfRSI)
{
if (priceList[i].RSI >= priceList[topPointIndex].RSI || topPointIndex == 0)
{
priceList[topPointIndex].IsTop = "";
topPointIndex = i;
priceList[topPointIndex].IsTop = "Yes";

}
}
else
{
topPointIndex = 0;
}
}
}
}

/// <summary>
/// Calculates the RSI moving average
/// </summary>
/// <param name="priceList">Price List</param>
/// <param name="movPeriod">Moving average period of the indicator</param>
private void CalculateRsiMovingAverage(IList<SinglePrice> priceList, int movPeriod)
{
float sumOfLastPeriodDates = 0;
for(int i = 0; i < priceList.Count; i++)
{
if (i <= movPeriod)
{
sumOfLastPeriodDates += priceList[i].RSI;
}
else
{
sumOfLastPeriodDates = sumOfLastPeriodDates - priceList[i - movPeriod].RSI + priceList[i].RSI;
}
priceList[i].MovOfRSI = sumOfLastPeriodDates / movPeriod;
}
}

223
 private IList<SinglePrice> CalculateRsi(IList<SinglePrice> priceList, int numberOfDays)
{
SinglePrice[] prArray = priceList.ToArray();
float[] gains = new float[prArray.Length];
float[] losses = new float[prArray.Length];
float sumOfGains = 0;
float sumOfLosses = 0;
float averageGain = 0;
float averageLoss = 0;
float relativeStrength = 0;
float relativeStrengthIndex = 0;

for (int i = 1; i < prArray.Length; i++)

{
if (prArray[i].Close > prArray[i - 1].Close)
{
gains[i] = prArray[i].Close - prArray[i - 1].Close;
}
else
{
losses[i] = prArray[i - 1].Close - prArray[i].Close;
}

if (i <= numberOfDays)
{
sumOfGains += gains[i];
sumOfLosses += losses[i];
}

if (i == numberOfDays || i == numberOfDays - 1)
{
averageGain = sumOfGains / numberOfDays;
averageLoss = sumOfLosses / numberOfDays;

relativeStrength = averageGain / ((averageLoss == 0.0) ? (float)0.001 : (float)averageLoss); // take averageLoss 0.001

when it is 0, avoid DivideByZero exception
relativeStrengthIndex = 100 - (100 / (1 + relativeStrength));
priceList[i].RSI = relativeStrengthIndex;
}
else if (i > numberOfDays)
{
averageGain = ((averageGain * (numberOfDays - 1)) + gains[i]) / numberOfDays; // smoothed moving avg deniyormuş.
averageLoss = ((averageLoss * (numberOfDays - 1)) + losses[i]) / numberOfDays;

224
 relativeStrength = averageGain / ((averageLoss == 0.0) ? (float)0.001 : (float)averageLoss); // take averageLoss 0.001
when it is 0, avoid DivideByZero exception
relativeStrengthIndex = 100 - (100 / (1 + relativeStrength));
priceList[i].RSI = relativeStrengthIndex;

}
}
return priceList;

}
}
}

Source Code for the Listing Results and Exporting:

using System;
using System.Collections;
using System.Collections.Generic;
using System.IO;
using System.Windows.Forms;
using Microsoft.Office.Interop;
using System.Globalization;

namespace DivergenceProgram
{
public partial class frmAnalysis : Form
{
public frmAnalysis()
{
InitializeComponent();
}

string analysisTypeLocal = "";

IList<SinglePrice> priceListLocal;

public frmAnalysis(IList<SinglePrice> priceList, string analysisType)

{
InitializeComponent();

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analysisTypeLocal = analysisType;
priceListLocal = priceList;

this.priceList = priceList;
technicalIndicatorColumnHeader.Text = analysisType;
movOfTechnicalIndicatorColumnHeader.Text = analysisType + " Mov. Avg.";
foreach (SinglePrice pr in priceList)
{
if (pr.Date >= new DateTime(2000, 1, 1) && pr.Date <= new DateTime(2015, 12, 31))
{
ListViewItem listItem = rsiListView.Items.Add(pr.Date.ToShortDateString());
listItem.SubItems.Add(pr.Open.ToString());
listItem.SubItems.Add(pr.High.ToString());
listItem.SubItems.Add(pr.Low.ToString());
listItem.SubItems.Add(pr.Close.ToString());
listItem.SubItems.Add(pr.Volume.ToString());
listItem.SubItems.Add(pr.OpenInterest.ToString());
if (analysisType.Equals("RSI"))
{
listItem.SubItems.Add(pr.RSI.ToString());
listItem.SubItems.Add(pr.MovOfRSI.ToString());
}
else if (analysisType.Equals("Stochastic"))
{
listItem.SubItems.Add(pr.Stochastic.ToString());
listItem.SubItems.Add(pr.MovOfStochastic.ToString());
}
else if (analysisType.Equals("MACD"))
{
listItem.SubItems.Add(pr.MACD.ToString());
listItem.SubItems.Add(pr.MovOfMACD.ToString());
}
else if (analysisType.Equals("ROC"))
{
listItem.SubItems.Add(pr.ROC.ToString());
listItem.SubItems.Add(pr.MovOfROC.ToString());
}
else if (analysisType.Equals("CCI"))
{
listItem.SubItems.Add(pr.CCI.ToString());
listItem.SubItems.Add(pr.MovOfCCI.ToString());
}
else if (analysisType.Equals("MFI"))

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 {
listItem.SubItems.Add(pr.MFI.ToString());
listItem.SubItems.Add(pr.MovOfMFI.ToString());
}
listItem.SubItems.Add(pr.IsTop.ToString());
listItem.SubItems.Add(pr.IsBottom.ToString());
listItem.SubItems.Add(pr.DivergenceDays.Count >= 1 ? pr.DivergenceDays[0].ToString() : "");
listItem.SubItems.Add(pr.DivergenceDays.Count >= 2 ? pr.DivergenceDays[1].ToString() : "");
listItem.SubItems.Add(pr.DivergenceDays.Count >= 3 ? pr.DivergenceDays[2].ToString() : "");
listItem.SubItems.Add(pr.TradingPrice > 0 ? pr.TradingPrice.ToString() : "");
listItem.SubItems.Add(pr.DivergenceDays.Count >= 1 ? pr.TradingDate.Date.ToShortDateString() : "");
listItem.SubItems.Add(pr.DivergenceDays.Count >= 1 ? pr.IntervalToTrading.ToString() : "");

if (pr.MinimumPriceAfterDivergence < float.MaxValue)

{
listItem.SubItems.Add(pr.MinimumPriceAfterDivergence.ToString());
}
if (pr.MaximumPriceAfterDivergence > 0)
{
listItem.SubItems.Add(pr.MaximumPriceAfterDivergence.ToString());
}
listItem.SubItems.Add(pr.MaximumProfitRateAfterDivergence > 0 ? pr.MaximumProfitRateAfterDivergence.ToString() : "");
}
}

private void rsiListView_ColumnClick(object sender, ColumnClickEventArgs e)

{
this.rsiListView.ListViewItemSorter = new ListViewItemComparer(e.Column);
rsiListView.Sort();
}

class ListViewItemComparer : IComparer

{
private int col;
public ListViewItemComparer()
{
col = 0;
}

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 public ListViewItemComparer(int column)
{
col = column;
}
public int Compare(object x, object y)
{
int returnVal = -1;
returnVal = String.Compare(((ListViewItem)x).SubItems[col].Text,
((ListViewItem)y).SubItems[col].Text);
return returnVal;
}
}

private void exportToExcelButton_Click(object sender, EventArgs e)

{
DateTime startTime = DateTime.Now;
Microsoft.Office.Interop.Excel.Application app = new Microsoft.Office.Interop.Excel.Application();
app.Visible = true;
Microsoft.Office.Interop.Excel.Workbook wb = app.Workbooks.Add(1);
Microsoft.Office.Interop.Excel.Worksheet ws = (Microsoft.Office.Interop.Excel.Worksheet)wb.Worksheets[1];
int i = 1;
int i2 = 2;
//başlıklar
ws.Cells[1, 1] = rsiListView.Columns[0].Text;
ws.Cells[1, 2] = rsiListView.Columns[1].Text;
ws.Cells[1, 3] = rsiListView.Columns[2].Text;
ws.Cells[1, 4] = rsiListView.Columns[3].Text;
ws.Cells[1, 5] = rsiListView.Columns[4].Text;
ws.Cells[1, 6] = rsiListView.Columns[5].Text;
ws.Cells[1, 7] = rsiListView.Columns[6].Text;
ws.Cells[1, 8] = rsiListView.Columns[7].Text;
ws.Cells[1, 9] = rsiListView.Columns[8].Text;

ws.Cells[1, 10] = rsiListView.Columns[9].Text;

ws.Cells[1, 11] = rsiListView.Columns[10].Text;
ws.Cells[1, 12] = rsiListView.Columns[11].Text;
ws.Cells[1, 13] = rsiListView.Columns[12].Text;
ws.Cells[1, 14] = rsiListView.Columns[13].Text;
ws.Cells[1, 15] = rsiListView.Columns[14].Text;
ws.Cells[1, 16] = rsiListView.Columns[15].Text;
ws.Cells[1, 17] = rsiListView.Columns[16].Text;
ws.Cells[1, 18] = rsiListView.Columns[17].Text;
ws.Cells[1, 19] = rsiListView.Columns[18].Text;

228
ws.Range["B2", "B5000"].NumberFormat = "#,#";
ws.Range["C2", "C5000"].NumberFormat = "#,#";
ws.Range["D2", "D5000"].NumberFormat = "#,#";
ws.Range["E2", "E5000"].NumberFormat = "#,#";
ws.Range["F2", "F5000"].NumberFormat = "#,#";
ws.Range["G2", "G5000"].NumberFormat = "#,#";
ws.Range["H2", "H5000"].NumberFormat = "#,#";
ws.Range["I2", "I5000"].NumberFormat = "#,#";
ws.Range["O2", "O5000"].NumberFormat = "#,#";
ws.Range["P2", "P5000"].NumberFormat = "#,#";
ws.Range["Q2", "Q5000"].NumberFormat = "#,#";
ws.Range["R2", "R5000"].NumberFormat = "#,#";
ws.Range["S2", "S5000"].NumberFormat = "#,#";

foreach (SinglePrice pr in priceList)

{
if (pr.Date >= new DateTime(2000, 1, 1) && pr.Date <= new DateTime(2015, 12, 31))
{
ws.Cells[i2, 1] = pr.Date.ToShortDateString();
ws.Cells[i2, 2] = pr.Open;
ws.Cells[i2, 3] = pr.High;
ws.Cells[i2, 4] = pr.Low;
ws.Cells[i2, 5] = pr.Close;
ws.Cells[i2, 6] = Convert.ToDecimal(pr.Volume).ToString();
ws.Cells[i2, 7] = pr.OpenInterest.ToString();
if (analysisTypeLocal.Equals("RSI"))
{
ws.Cells[i2, 8] = pr.RSI;
ws.Cells[i2, 9] = pr.MovOfRSI;
}
else if (analysisTypeLocal.Equals("Stochastic"))
{
ws.Cells[i2, 8] = pr.Stochastic;
ws.Cells[i2, 9] = pr.MovOfStochastic;
}
else if (analysisTypeLocal.Equals("MACD"))
{
ws.Cells[i2, 8] = pr.MACD;
ws.Cells[i2, 9] = pr.MovOfMACD;
}
else if (analysisTypeLocal.Equals("ROC"))
{
ws.Cells[i2, 8] = pr.ROC;

229
 ws.Cells[i2, 9] = pr.MovOfROC;
}
else if (analysisTypeLocal.Equals("CCI"))
{
ws.Cells[i2, 8] = pr.CCI;
ws.Cells[i2, 9] = pr.MovOfCCI;
}
else if (analysisTypeLocal.Equals("MFI"))
{
ws.Cells[i2, 8] = pr.MFI;
ws.Cells[i2, 9] = pr.MovOfMFI;
}
ws.Cells[i2, 10] = pr.IsTop.ToString();
ws.Cells[i2, 11] = pr.IsBottom.ToString();
ws.Cells[i2, 12] = (pr.DivergenceDays.Count >= 1 ? pr.DivergenceDays[0].ToString() : "");
ws.Cells[i2, 13] = (pr.DivergenceDays.Count >= 2 ? pr.DivergenceDays[1].ToString() : "");
ws.Cells[i2, 14] = (pr.DivergenceDays.Count >= 3 ? pr.DivergenceDays[2].ToString() : "");
ws.Cells[i2, 15] = (pr.TradingPrice > 0 ? pr.TradingPrice : 0.0);
ws.Cells[i2, 16] = (pr.DivergenceDays.Count >= 1 ? pr.TradingDate.Date.ToShortDateString() : "");
ws.Cells[i2, 17] = (pr.DivergenceDays.Count >= 1 ? pr.IntervalToTrading.ToString() : "");
ws.Cells[i2, 18] = (pr.MinimumPriceAfterDivergence < float.MaxValue ? pr.MinimumPriceAfterDivergence :
(pr.MaximumPriceAfterDivergence > 0 ? pr.MaximumPriceAfterDivergence : 0.0));
ws.Cells[i2, 19] = (pr.MaximumProfitRateAfterDivergence > 0 ? pr.MaximumProfitRateAfterDivergence : 0.0);
i2++;
}
DateTime endTime = DateTime.Now;
timeLabel.Text = "Start Time : " + startTime.ToLongTimeString() + " End Time : " + endTime.ToLongTimeString();
}

}
}

230