I like to use this type of analysis first. Once I have that, then I lay the 3 moving avergaes and bollinger bands on. My reason is that the markets are always in flux and ever changing. Since trhe BBs and MAs are reflective of that, I feel they give more accurate points of support and resistance.
That said however, on thier own they are just as flighty as anything else. It's only when I lay the two methods on top of each other that things seem to work reliably for me.