Why not? Charts reflect the attitudes of investors towards stocks over time and at particular times. It is based upon the assumption that investors are human beings--with fears and greed that can be traced in their investing activity. I see no reason to believe that human psychology applies to investors in big caps but not in small caps.
Actually, if you look at a chart of CHGI over almost any time frame, it seems to follow the same chart indicators as other stocks: There are identifiable bottoms, tops, continuation patterns, etc. Here's a nine month chart, see if you don't agree that the various indicators are identifiable: