I don’t want to sound arrogant, but I think there is a misconception about support and resistance.
They are levels worth monitoring, especially for traders relying on price action. Levels worth monitoring doesn’t necessarily mean that the price will hit them and go back or something similar, there is no law about it.
Let’s say that you go to the supermarket and you notice that the Red Bull is at $1.60. The next day, you go to the super market and the Red Bull is at $1.00. You think: “hey, that’s convenient and I also like the red bull, let me buy it”.
Next day, you go to the supermarket and the red bull is at $1.55. Next day, $1.70. Next day, $1.60. Next day, $1.00, you decide to buy it again. Next day, $1.60 and so on.
If you put the price of the Red Bull on a chart, how would you call the level at $1.00? You call it support, right? Can you tell that the price will not go lower than that? Of course not, but you, and many other consumers, find that price convenient. You think it won’t go below that price and preferred to buy it at $1.00.
No one is telling you that, if you go tomorrow to the supermarket, you find the Red Bull at $0.50 and you basically lost $0.50 buying it at $1.00.
Support and resistance are levels worth monitoring. If the price bounced there a few times, there is a reason and that reason is that the market perceived that price as very convenient or very expensive (in the past).
To quote Warren Buffett:
If past history was all that is needed to play the game of money, the richest people would be librarians.
So is it going to be the same in the future? No one knows, but you want to keep an eye on that level to see how buyers and sellers interact.