Why is charting only relevant when the price is going up?
It's always been said the fundamentals and the lack of confidence in managements ability has been the cause, for the most part. Traders take advantage to see major vulnerabilities in a stock and that's where technical analysis comes into play.
The smart ones would have sold in the 50's when the major break down occurred on the weekly and retest, and could have rebought their investment 50% cheaper... You wouldn't have known this without the chart. TA is just as useful to take into consideration when a share price is getting decimated, than when it's not.
I will admit it does make it difficult as an investor with fluff pieces being announced along the way, so gives the market the impression the fundamentals are looking up. But traders don't care about hindsight, if it's there on the chart and probability is on their side they'll take the opportunity.
AGY Price at posting:
24.5¢ Sentiment: Hold Disclosure: Held
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