Your strategy is based on technical analysis i.e. moving averages. The assignment states “The strategy must
be based on fundamental analysis not technical analysis” and
”
You are free to choose the investment strategy, but some possible topical approaches to frame the portfolio
formation might involve environmental, social and governance (ESG) factors, financial technology, artificial
intelligence and big data or international politics and trade.” Using moving averages does not reflect this type
of approach.
Your document is lacking “a detailed explanation of the rationale for the strategy”. You have written a lot
about backtesting as an approach, but little about the actual strategy that you have chosen.
The references are of mixed quality. Try to use more from journals e.g. you have one from Journal of
Banking and Finance.