tikfed

I think too many people don’t think about the fundamentals that drive charts. You’re reading patterns that are often largely based on quantitative indciators. It’s a mix of market psychology and valuations that help patterns form. Support and Resistance levels reflect where traders feel a stock is overbought or oversold, which I’m sure is commonly based on valuation models.
There are some indicators that are a bit ‘far out’ but I’ve traded very successfully on technicals and I don’t understand why some people are so against them. They other thing with technicals is that the patterns can be self-fulfilling, so if you’re one of the few who decide to ignore technicals, you’ll be the one losing your shirt.