This study employs a quantitative approach to investigate the momentum phenomenon in the commodity futures market. The study captures the phenomenon using two momentum indicators, namely, MACD and RSI, and extends the scope of indicator utilization to both joint and single usage. The research aims to explore whether portfolios consisting of these indicators can generate abnormal returns in the commodity futures market, in comparison to the S&P GSCI, which was used as the benchmark index. The study uses accumulated data from 2010 to 2019, with portfolios constructed on a quarterly basis. Statistical significance determination is executed by exporting the data to Stata, where the normality distribution is ascertained using the Shapiro-Wilk test. This was later followed by t-tests in order to dictate statistical significance on each portfolio compared to the S&P GSCI. The study reveals empirical evidence to support two of the three strategies, namely, the joint use of the aforementioned momentum indicators and single use of the RSI momentum indicator. However, the accumulated yield of the portfolio provided insufficient results to conclude the statistical significance of the single use of the MACD momentum indicator. The authors derive these results and observed phenomena from several financial theories, which are divided into three main sections in the theoretical framework, including information-based, risk-based, and behavior-based explanations. Relevant theories are included to support the research at hand. Furthermore, the authors incorporate the Efficient Market Hypothesis (EMH) under the pretense of challenging its view on efficient markets. They do so by constructing portfolios which yield abnormal returns and subsequently question the notion of efficient markets. The authors deduct that their findings produce some evidence to support the absence of strong form and semi-strong form of market efficiency in the commodity futures market. Overall, this study provides valuable insights into the momentum phenomenon in the commodity futures market and different incorporating investment techniques in which they are utilized. The ways in which momentum strategies can be utilized and momentum indicators interpreted, as displayed in this thesis, presents practical implications for investors and financial professionals.

Bakgrund: Intresset för att engagera sig inom investeringar och aktiemarknaden har sett en betydlig ökning genom den senaste årtionden, särskilt bland allt fler yngre individer. Inom dagens samhälle är det allt vanligare att människor inte enbart kommunicerar ansikte mot ansikte, utan också på den digitala arenan via internet och sociala medier. Detta är något som även kommit att förändra hur aktiemarknaden ser ut idag och hur informationsutbytet genomförs bland investerare på marknaden. Syfte: Analysera och beskriva betydelsen av informationsutbyte för unga aktieinvesterare. Teori: Studien tillämpar sig av teorier såsom beteendemässiga finansteorin, heuristik, inramningseffekten, flockbeteende, överdriven självförtroende, effektiva marknadshypotesen, mun-till-mun metoden och elektronisk mun-till-mun metoden. Metod: Studien använde sig av en kvalitativ metod i form av semistrukturerade intervjuer. Urvalet riktade sig mot unga investerare som var från 18 till 29 år gamla och sammanlagt deltog åtta respondenter.  Slutsats: Studiens resultatet kom fram till att informationsutbytet hade en betydelsefull roll för unga aktieinvesterares beslutsfattande och att de hade en större tilltro till information som härstammade från deras närmaste omkrets än från digitala medier. Dessutom framkom det att individer med högre finansiell kunskap och erfarenhet var mindre påverkade av snedvridningar och informationsutbytet. Det gick även att observera att respondenter som påverkades i mindre utsträckning av yttre påverkan, också hade en större nivå av medvetenheten om dessa snedvridningar och heuristik. / Background: Interest in investing and the stock market has seen a significant increase over the past decade, especially among an increasing number of younger individuals. In today's society, it is becoming increasingly more common for people to not only communicate face-to-face but also in the digital arena through the internet and social media. This is something that has also come to change how the stock market looks today and how information is exchanged among investors in the market. Purpose: Analyze and describe the importance of information exchange for young equity investors. Theory: The study applies theories such as the behavioral finance theory, heuristics, the framing effect, herd behavior, overconfidence, the efficient market hypothesis, word-of-mouth communication and electronic word-of-mouth communication. Method: The study used a qualitative method in the form of semi-structured interviews. The sample was aimed at young investors who were from 18 to 29 years old and a total of eight respondents participated. Conclusion: The results of the study concluded that the exchange of information played a significant role in the decision-making of young stock investors and that they had greater trust in information that originated from their immediate circle than from digital media. In addition, it emerged that individuals with higher financial knowledge and experience were less affected by biases and the exchange of information. It was also possible to observe that respondents who were influenced to a lesser extent by external influences also had a greater level of awareness of these biases and heuristics.