There are market participants who act on this kind of thinking, so it can take on aspects of a self fulfilling prophecy, IMO, at times, if nothing else.
The technical analysis is based on the price action. But the price action itself is dictated by fundamental analysis. There are people who find stock is valuable at certain price level, and when it gets there they come in and buy. That’s how you get the support.
The number of people who buy based on TA support is far less than the folks who come in to buy based on fundamentals. That’s also the reason why when an material event takes place like earnings, M&A, or a product failure, competitor product, or pandemic, those support points vanish or melt like ice in a hot summer.
That’s why I prefer TA for long-term than short-term. In short-term they are very noisy.