I realize what I am about to say will not be agreed with by the vast majority of investors.
Technical analysis only works because investors believe it works. A stock is going up because it is going up is a circular argument. It is like saying #22 on the roulette wheel has hit 3 times in the last 20 spins so it is hot right now and a good bet. In reality what has happened in the past only predicts the future in as much as the investing community beleives it does. And YES the do believe so it works.