"I wonder if anybody seriously use technical analysis on stocks like NOT. I can't see how it at all applies. Maybe I am wrong but it does not make much sense to me."

Like most any information in the market, it is used to manipulate people. The whole economic world is rigged to skim, or gouge if you like, the little guys. Information, TA etc, works because people believe it does. It has no bearing on news releases or concrete stats, it is reactive and interpretive. Having said that, if you know how to capitalize on human nature and reaction then all tools are fair game, but to believe that they are necessarily based on logic or anything truly concrete would be a little misinformed.