It depends on how you trade/invest. If you look at 20yr charts, you will notice that certain S&R levels tend to be very useful in predicting future price action. So if you were a long-term/value investor, then yes, TA can certainly be useful (in a similar way to which P/E ratios tend to revert to historical avs)
But on a short timeframe, I think TA is really where it comes into its own - and is infinitely more useful than FA.
We're measuring market psychology and looking for important points and making hypotheses about those points and also how oversold/overbought a stock may be. Our hypotheses are either supported or rejected and we should have a trading strategy to cater for both scenarios. It's commonly said that even successful traders still only get it right less than 50% of the time, however their trading system allows a fewer big gains to offset a few more small losses. TA is definitely not a crystal ball science!
Now I called the same 56-60c range for neppy months ago on here and gave printed charts to at least two people on this forum showing the falling wedge formation, so i'm happy to keep using it as a major source of my trading, along with funnymentals, which i use more for investing.
Cheers
ps: if you really want to see TA at work, check out the XJO thread. Some very good traders over there who openly call their positions in real time!
NMS Price at posting:
21.0¢ Sentiment: LT Buy Disclosure: Held