The study uses Moving Average, On Balance Volume, and KD (Stochastic Oscillator) to analyze that the technical analysis in which the bull or bear stock markets is efficiency. Also, verifies the changes of market efficiency before and after the financial crisis and whether it can earn excess returns or not by using technical analysis. That is, the returns earned by using technical analysis significantly greater than buy and hold which means the efficiency of technical analysis. Nevertheless, the study also aims to realize that whether the returns of the portfolio of technical indicators better than unit indicator. The companies in our samples are selected by the size of market value top 30 companies in the industries of electronic and finance in order to avoid the effect of market micro structure. Our results are as follows: (1) The returns in bear market are significantly higher than bull market by using MA6-144. (2) The MA6-72 and MA6-144 of financial stock before financial crisis, the returns of technical analysis are significantly better than buy and hold. In the other hand, in the electronic stock, we can use MA6-22-250, KD, and OBV to beat the buy and hold strategy and verify that the market efficiency does not exist. (3) The returns which combine of KD and OBV indicators are significantly higher than KD.