TA can only tell you where resistance points are and what a stock's momentum is. It cannot tell you if there is a true bottom and top, otherwise anyone could make a fortune using it with a few simple rules. That being said, I generally only go long (or write puts) when momentum is up, although I sometimes try to guess the bottom based on a TA resistance point when the momentum is still negative (like my purchase yesterday). This is more risky and often proves a suckers game. The safest time to go long is when momentum is up and an upward resistance point is not in sight. The safest sells are when momentum is down and the stock is near an upper resistance point. You will never buy at the bottom and sell at the top with this strategy though.
Overall, fundamentals are a lot more important. One significant news item can toss momentum and resistance points out the window. TA is a tool, not an answer. It will help to use it in the long run.
$16 ($16.50 really but the down market has skewed the graph) is a minor support level right now. If it can hold and rise back above $18 from here, $16 will become a strong support level going forward. If it breaks down, it is likely headed for lower support points ($14 or even $12). From all of these statements, there is no guaranteed outcome, just more probable ones.
If I wasn't long already I would probably wait a couple of weeks before going long. I don't want to hassle with a quick trade and tax implications, so I'm going to try to be patient and wait it out.
HailMary
News 
Market Data 
Discover 
