TA should never be used on it's own in my opinion. TA should only be used in conjunction with FA to assess a reasonable stockprice.
Using TA alone is like pulling a number out of a hat. If TA tells you the SP is heading to an unreasonable stock price when assessed via FA, then it will more than likely never get to that SP and the TA should generally be disregarded.
Case and point here with FMG.
FMG Technical Analysis, page-6527
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Last
$17.43 |
Change
-0.060(0.34%) |
Mkt cap ! $53.66B | |||
| Open | High | Low | Value | Volume |
| $17.56 | $17.84 | $17.21 | $174.0M | 9.955M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3000 | $17.41 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.46 | 25752 | 1 |
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| Last trade - 16.10pm 18/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |