Me, I always regarded technical analysis as drawing pictures in clouds.
If any of those analysts were worth spit, they'd be working for a hedge fund, not the network.
Well phrased and it's how the stock market works, not only by technical analysts but everyone else playing: make a story in your head, place your bets, majority rules.
Some even believe that's how reality works in general. Sometimes belief or need could be a factor[0].
[0] https://www.guinnessworldrecords.com/news/2012/9/norwegian-f...
It's based on the Law of Supply & Demand, which is always in play.
The markets are made of a finite and sometimes very small number of participants that may have their own reasons for buying and selling unrelated to company performance. Figuring out what they will do is the basis.
Maybe Bob is looking to sell a lot to free up cash for private jet. Maybe Alice buys every month the same day like clockwork as she gets her paycheck. Maybe Charlie thinks the stock can't go about $50 and will take profits at $49. Maybe Debbie regrets not buying and is likely to fomo buy soon.
Probably can't figure this out one by one, but can in aggregate.
All those lines do actually mean something, so long as the market is in agreement as how to draw them.
FWIW these bots aren't doing the lines stuff, they are purely sentiment traders.