How reliable are “support levels” and “resistance levels” when it comes to stock trading?

Question

I have seen these terms used and am wondering how much is actually a real thing vs finding patterns where there are none or that aren’t going to be predictive.

For instance from a recent article on Tesla:
“If the stock does not hold support around the $153 level, the upper bound of a consolidation range from October 2020, there is a risk of it dipping to the lower bound around $130.” https://www.google.com/amp/s/www.benzinga.com/amp/content/30088223

In: 0

Answer 1

Thanks all for the replies. Who is down voting this, stock traders?