According to the semi-strong efficiency EMH form the hypothesis, changes in a security's price are a result of information that is readily accessible to the general public. It implies that a stock's price cannot be the predicted using the technical or fundamental analysis.
The weak version of EMH makes the assumption that all information about the securities market is reflected in the current stock prices. It argues that historical price and volume information have little bearing on the trend or level of securities prices. It comes to the conclusion that technical analysis cannot be used to generate the excess returns.
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