Like many things on Wall Street, technical analysis is widely misunderstood. Many analysts try to identify chart patterns without understanding the psychology and price action that creates them. This is unfortunate because if applied correctly, the analysis can generate profits.The chart of Pfizer Inc. PFE offers some important lessons. That's why we have named it our Stock of the Day.A common principle in technical analysis is that some price levels have more importance than others. These are called suppor ...