You just clearly laid out the problem of using charts on pennies. They are traded so thinly, like SMKY is, that it only takes one or 2 people having a bad (or good!) day to move them massively. Add to that the psychological effect that has on others. Doesn't matter what the charts say, when almost every significant trade can have a Black Swan effect. In this case, our chart reader was saying it could go either way. Well his odds of being right were 100%. And there have been plenty of other chart readings proclaiming the bottom was much higher and there was nothing but upside.
IMO, charts on pennies are good for 2 things:
1) dazzling the unsophisticated (for good or for bad intent)
2) reviewing the history of a stock (and its manipulaiton)
In the absence of regular, audited GAAP financials, you really have to look to the people involved, not chart voodoo. The best research on a penny, again in my opinion, comes from getting to know as much as you can about the CEO, insiders and other significant players. From there you can drill down into the business model, marketing etc. That's how real business is evaluated.
This is SMKYs current appeal: a solid CEO with what appears to be a real product and business plan for growth.
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