I agree. A lot of short sellers look at the technicals of the stock. Whether it is overbought, how its moving averages look, and other chart patterns. There might be some that anticipate some company news like losses and lower sales, but relying on those usually means that they are already late.
For many, it is nothing more than a market trading move. And that is when it works best.
Those that are good at it, can really profit in a large way.
Many say short selling should be illegal. Wrong. It is an important part of price discovery.