I live in Europe, in a rather small country, and we also have a stock exchange. It's really ridiculously small, compared to NYSE, NASDAQ, the Frankfurt Stock Exchange and similar.
Lately I've been following the markets on the local stock exchange, and I've noticed that the volatility is low. For example, the technical analysis tools and patterns we all learn can't be applied here. It seems like the graphs are random. Especially when you look at shorter periods, like months, weeks or days. There is literally no room for technical analysis. Only when you see the graphs as of 2000 - 2015, you notice that the global crisis had an impact in 2008, and you can draw conclusions.
So, it seems that investing in the local stock exchanges is only useful in the long-term, if even that. Am I right? Is there a way to predict prices in this kind of environment?