In this work, fundamental and technical analysis models are used to evaluate an International Index Portfolio. The index portfolios are diversified by Black-Litterman model. The key point in Black-Litterman model is estimating individual investor’s views. In this work, Capital Asset Pricing Model and Technical Analysis Techniques estimate the investor’s views. This work aims to determine, if using CAPM derived investor’s views in the Black-Litterman model is preferred technique or using technical analysis derived investor’s view. For this purpose, 10 international indices monthly portfolio performances are examined. The research is done separately every month from January until December in 2018 year; accordingly, 12 separated portfolios are evaluated. This work consists of introduction, the main text, conclusion and appendix. The main text is divided into four parts. First part is an introduction to the portfolio theory, which reviews the many concepts and theories for portfolio management and investment analysis. Second part gives detailed explanation about Black-Litterman Model and defines how to combine the mathematical model with personal investor’s views inportfolio optimization process. Third part is an introduction of technical analysis and its techniques such as Elliot Wave Principle, Fibonacci Sequences, Volume, Trend, Volatility Indicators and Patterns. Finally, those techniques and methodologies evaluated in the fourth part.