RFX Charts, page-8

"highs at 10c and retreating to under 7c based on no new information" –In my opinion, with this comment you hit the TA nail squarely on the head. I share @Scott th Ratbag 's scepticism about TA's ability to anticipate changes in fundamentals. How could it? But in the absence of fundamental changes I believe it can be useful in tracking trader sentiment, and to the extent that future sentiment can be predicted based on past sentiment it might be useful in predicting future trading.

Having a view on the market's current sentiment can also provide some insight into how the market will react to fundamental developments. If a fundamental change occurs the market's sentiment toward the stock will likely affect the impact of the new development. Good news coming when sentiment is negative will produce a smaller rise than when sentiment is already positive.