The concept of relying on charts to determine when a penny stock should be bought and sold is one of the most ridiculous theories out there. Chartology is unreliable at the best of times even with legitimate stocks. Penny stocks are at most times manipulated and the Bollinger Bands or Candlestick analysis cannot ever be relied on to indicate buy or sell signals. In fact, applying these theories or others like them, is guaranteed to give you a wrong answer every time. Even those that devised these analytical techniques will tell you that they cannot apply to penny stocks.
Charting is really useless other than just another crystal-ball prediction.
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