I don't think chartists and their technical analysis can compare to looking at the fundamentals, but I do believe some useful information can be gleaned by looking at the "price action".
For example, "double tops" and "double bottoms" are pretty strong indications that some very large investors believe that price level to be significant. In other words, if a stock comes down and "bounces off" of $20 in a relatively short span of time, it is likely that some large institutions (or the market as a whole) believe that to be pretty close to bottom dollar for that stock. Usually, to "confirm" this belief, one would wait until the price gets back above a particular level, typically the prior short-term high or a level derived from it.
Similarly, if a stock is heading down day to day for a couple of weeks, but the intraday trading is consistently moving low to high, that is a sort of hidden indication that some large investors are loading up for the long haul.
Looking at Apple, it did touch a double bottom at around $420 in early March and early April, so it was probably on the radar of the chartists. But after that second bounce it never approached the prior short term high of $465 or so, and the intraday trading also indicated that the downtrend wasn't over yet.
That's what I get out of the "price action" voodoo, anyway.