Yes and no IMO. I'd say that it applies no more or no less than any other technical indicator. My view on charts is that they are only useful when combined with other information. If charts alone could really predict the future to any significant degree, then HFT and algo-trading would remove that arbitrage negating any advantage. Most studies show that there is very little (if anything) to be gained from pure technical analysis. It is much better for predicting the past than the future as technicians can cherry pick an indicator that describes the action and "proves" their point.
As for technical indicators being more or less important in low float penny stocks, I believe it depends on the ratio of investors to traders. If there are mostly investors, then there are fewer traders trading on those indicators making them less dependable. If there are lots of traders that all trade on the same info, it can move a low floater in a big way.
I rely on charts, fundamentals, story and market sentiment for my decision making. SGLB is mainly story driven. Their fundamentals make them solvent for the next year or so and they have a backup revenue model (as a parts manufacturer). This helps minimize overall risk considerably (It's always good to have a backup plan). The current negative is sentiment which is against us at the moment as many 3D darlings have not delivered on expectations and their sexiness has waned; but this is temporary. Anybody with an attention span capable of looking beyond a few quarters knows that this industry IS the future.
If you apply the rule of 72 using 8% (average market return), you will see that it will take the overall market an average of 9 years to double an investment. All SGLB has to do is make it back to .15 to double from current levels. Even if it took SGLB 3-5 years to get back to that price, it would still be waaaaay ahead of the market and I believe it won't take nearly that long. On top of that, it has a potential for HUGE returns as well. So, for me I see SGLB as a safe bet in the worst case; and a multi-bagger in the best case. Then again, I didn't think we'd be where we are now either ;-)
Long and cautiously optimistic,
GLTA!