| Summary: | 碩士 === 國立高雄應用科技大學 === 金融系金融資訊碩士在職專班 === 105 === The purpose of this study is to discuss the application of the principle of the CAN SLIM Analysis proposed by William J.Oneil applied to the Taiwan Stock Market. This study chose the period from 2008 1st to 2016 2nd, 34 quarters in total, using the “C” and “A” of fundamentals and the “I” of chip analysis for 3 investment indicators, to complete the stock selection. It verifies the performance by means of the short term and long term trading strategies made from Moving Average and Candlestick patterns in accordance with Technical Analysis to ensure not only long-term stable profit under bull and bear trend but being able to beat the market as well.
Empirical findings: under the circular process of bull and bear trend, the CAN SLIM Analysis was qualified to select the stock with the strategies of Candlestick, EMA 20, and EMA 60 for short, middle, and long term that the return of each of them was much more than either Taiwan Top 50 ETF or TAIEX at the same period of time. Besides, it achieved both: cessation of trading to control the loss in a bear market, and trend-following to keep profits of the large cycle in a bull market. Among them, the number of transaction was the least in the long-term strategy but reaped the highest profits, and short-term strategy was the opposite.
Each rate of return was still higher than that purchasing Taiwan Top 50 ETF and TAIEX at the same time, even if the period changes from 2009 1st to 2016 2nd to exclude the extreme returns in 2008. However, the return rate of short-term strategy was almost the same as Taiwan Top 50 ETF and it might be less favorable if transaction cost was added.
The investment in Taiwan Stock Market via the CAN SLIM Analysis for short-term and long-term Trading Strategy was capable of beating the market. Importantly, the long-term strategy was the most remarkable because of the fewest transactions and the best performance. Indeed, it brought investors long-term stable profits.
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