Limitations of TA
Did the charts in some way forewarn of today's drop in STO's share price or do we all agree that unforseen news such as an explosion that damages a gas pipeline cannot be revealed by historical price charts?
It is a mute argument because technical analysis the same as fundamental analysis cannot 'predict' what the share price is going to do.
We humans are the only ones that make the 'predictions'and TA is purely and simply a way of studying crowd behaviour to ascertain what they may be thinking about the price of a stock and what the majority are 'predicting'.
So many state that they have the learnt the one great lesson "The market is always right" yet appear to fight against it with their last breath, or at least last dollar.
A chart is the documentation of previous navigation and I would suggest that to go forward into unknown territory, a map may be extremely useful...even if it is old map.