Our results showed that the returns obtained by the automated system, on average, exceeded the value invested. Our assessment updated the findings of previous research by including more recent data and adding South Africa, the latest member included in BRICS. We developed an automated trading system that simulated transactions in this portfolio using technical analysis techniques. To implement this research, we created a comprehensive portfolio containing the assets traded in the markets of each BRICS member. In addition, we searched for evidence that technical analysis and fundamental analysis can complement each other in these markets. In this paper, we investigated the profitability of technical analysis as applied to the stock markets of the BRICS member nations.
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