Certain TA inductors work, while others don't. First, news trumps all TA for that type of stock. Increasing volume with either increasing or decreasing sp makes some indicators more reliable. Resistance and support lines are usually reliable in much the way of those with higher volume, but once a support or resistance level is inside a wide spread you can pretty much toss those lines out.
Bottom line though is, if enough chart watchers have an eye on something, then even a 0000 subpenny will perform with predictability just based on sufficient action on technicals. In a lot of ways, Technical Analysis is nothing more than self-fulfilling professy. If enough people read that something will happen and act on it, then that thing happens.
In the case of CTIX, the candlesticks and patterns are pretty consistent, so TA can be used to measure future impact of known coming events and can also be used to anticipate consolidations, Fibonacci corrections, and breakouts. But, one must be very careful about relying on TA.
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