PNV - Chart, page-19053

I don't agree that charting is a complete waste of time however I don't see it as the ducks nuts either, but rather as one tool in an investors toolbox. In broad terms I think it has some value in understanding the human psychology behind investing, after all the reasons that shares overshoot on the way up is due to euphoria, and are oversold is due to exhaustion/pessimism. These are human traits and share movements are a result of the emotions of investors. For example, the concept of "filling a gap" I think is real as we as humans like to see patterns and thus will look to realize that pattern. So, if a "resistance level" fails our natural instinct is to look for a price where it has bounced from in the past....and potentially reinforce that price with support.

Where I agree with your "waste of time" view is saying things like below as quoted above by "acouch";

Support today sitting at 2.385
if it should fail then 234
upside we will be looking for 247, if hot to trot
look for 257/9

To me that's like saying if it gets to 15, then next point of interest is 16, and then 17, but of course if it falls to 14 look out for 13. To me that is meaningless and of zero predictive value. I apologize to "acouch" in advance, I know I'm being rather dismissive. But if it had any real predictive value why not state "based on the trend over the last few days/weeks I think we are in for a 5% fall today or tomorrow"....but I never see this. Acouch....by all means take a massive shot at me and tell me why I have no clue....I'm all ears, truly I'm here to learn.