The concept is interesting. I, however, am not a fan of technical analysis. It's been drilled into my head that technical analysis is a self-fulfilling prophecy

The concept is interesting. I, however, am not a fan of technical analysis. It's been drilled into my head that technical analysis is a self-fulfilling prophecy. If everyone looking at a chart determines that the exit price should be $20 (let's assume the stock has shown a resistance level at that price) many people would try to exit around $20. The assumption would then be that if everyone does indeed believe that $20 is a ceiling, then everyone would sell at $20 thus creating the ceiling. I believe sound fundamental analysis is the optimal method of analysis, but even that method has been called into question over the course of the last eight months as many investors are learning that much of what is on the books is either someone's best guess or flat out fraudulent at best.