Agree. Too many indicators only confound the issue.
Support & Resistance, a basic Moving Average of appropriate length, maybe some sort of stochastic, depending on timeframe (no use for day trading), maybe a volatility indicator overlay (Bollinger) though certainly not essential and Fibonacci lines if you believe in the principle.
Combine that with knowing where sophs and mgmt are in at and you're halfway home in playing the specs.
And if you're a LTer... forget everything I just wrote, unless you're looking for the optimal time to add to existing LT positions. In this case, all I use is a Slow Stochastic and longer time moving averge and combined they work fantastically well.
MRF Price at posting:
6.3¢ Sentiment: None Disclosure: Not Held