Chang, Chia-LinIlomäki, JukkaLaurila, HannuMcAleer, Michael2023-06-172023-06-172018-092341-2356https://hdl.handle.net/20.500.14352/17441For financial support, the first author wishes to acknowledge the Ministry of Science and Technology (MOST), Taiwan, and the fourth author is grateful to the Australian Research Council and Ministry of Science and Technology (MOST), Taiwan.The paper examines whether the moving average (MA) technique can beat random market timing in traditional and newer branches of an industrial sector. The sector considered is the energy sector, divided into balanced stock portfolios of fossil and renewable energy companies. Eight representative firms are selected for both portfolios. The paper finds that MA timing outperforms random timing with the portfolio of renewable energy companies, whereas the result is less clear with the portfolio of fossil energy companies. Thus, there seems to be more forecastable stochastic trends in sunrise branches than in sunset branches.engtechnical reporthttps://www.ucm.es/icae/working-papershttps://www.ucm.es/icaeopen accessC22C32L71L72Q16Q42Q47Moving averagesMarket timingIndustrial sectorEnergy sectorFossil fuelsRenewable energyRandom timingSunrise branchesSunset branches.Econometría (Economía)5302 Econometría