The short arguments exposed

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You will see them using (or, more likely, referring to as they don't have to provide an actual chart) technical analysis with dire predictions that if such and such level not hold, the stock will collapse to some specified much lower level.

Keep in mind:

• Academic research almost invariably shows technical analysis isn't useful (see below)
  
• Technical analysis predicts nothing. Even if some support or resistance level is breached, it doesn't mean it the stock will necessarily fall or climb, it can just as well reverse course again.
  
• There are so many levels and instruments that any observer might look at the chart differently, which provides bad faith people with the perfect opportunity to simply suit a level or instrument that supports their case, that is, it is wide open to abuse. 
  

Academics largely see technical analysis as pseudoscientific nonsense. Stock prices are random, says efficient market theorist Burton Malkiel, author of the classic A Random Walk on Wall Street. Investors who rely on technical analysis “will accomplish nothing but increasing substantially the brokerage charges they pay”, he writes. Legendary investors such as Warren Buffett and Peter Lynch agree. Buffett has said he “realised that technical analysis didn’t work when I turned the chart upside down and didn’t get a different answer”. To Lynch, charts “are great for predicting the past”.

Charting the stock markets: does technical analysis work?