Charts work on heavily traded stocks because so many people use them. If you have 10,000 people using the same system to make their buy and sell decisions, then they will all arrive at the same conclusion at the same time. Charts are no more than self prophesy devices. They don't work because they predict what is going to happen with a particular company. They work because they predict what is going to happen with a particular group of people who happen to be following that company. People who try to use charts on lightly traded companies are wasting their time and money. Lightly traded companies move up and down based on rumors, PRs, Bull Board comments, a change in the weather or any one of a hundred other factors. Sometime they actually move up or down based on what is actually happening within a company but that is seldom the case. By the time the facts become known, most of the buying or selling has already taken place.
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