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This article takes a comprehensive look at the performance of Japanese Candlestick in forecasting equity returns. We find that Japanese Candlestick does provide predictive information in both in-sample (IS) and out-of-sample (OOS) forecasts; and there is significant information spillover from the U.S equity market to the other markets. The results obtained are instructive to traders and portfolio managers but challenging to academic claims.doi:10.1016/j.procs.2012.04.132 fatcat:htesps3jije6zkh6sas74j7qhq