While many investors (particularly those who subscribe to market efficiency) suggest that technical analysis is worthless, market participants still generally track charts, including resistance and support levels, as well as moving averages. With the market recently testing its support and bouncing to higher levels, technical analysts will continue to monitor charts to see if the positive momentum can continue. See article here, Reuters.
Dolvin, Steven D., "Technical Analysis" (2014). All Chapters. 94.