The price at which more investors want to buy than sell is considered support. As investor psychology changes over time, so do the areas of support and resistance. The key to market timing is identifying support and resistance areas. Once identified, we attempt to buy at support and sell at resistance. This is the heart and soul of technical analysis.
Charts are the basis for technical analysis.
They offer a visual aid to interpreting trend and market action. Even the novice can do basic chart interpretation. Hindsight is easy and you can't always be right, but with the right tools and a little work, you can decrease your risk and increase your profits.