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Technical Analysis, properly conducted, will, on average, produce market beating returns according to which market efficiency...

Technical Analysis, properly conducted, will, on average, produce market beating returns according to which market efficiency hypothesis? 

Technical analysis should not be able to produce consistently market beating returns, regardless of the market efficiency hypothesis. 

Weak Form. 

Strong Form. 

Semi-Strong Form.

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Answer: The first option is correct
Technical analysis should not be able to produce consistently market beating returns, regardless of the market efficiency

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