You are right with support level at circa 16.0; however only...

You are right with support level at circa 16.0; however only just IMO. I am suspicious on S & R levels unless there have been at least 2 or 3 touches. In this instance we have to look back to 5th Dec 22 where a similar level was resistance. As that was two years ago you could more or less discount it IMO. If we look to more recent action there was a great bounce at 1st June 23 and I would even give the candle on the 15th May 23 some credance at that time. Many traders will consider half the size of such an impulsive candle as a level.
We then move to the action from 28th Nov to 5th Dec 23 for more touches of the level. As there is such a lot of trading that has occurred from June 23 to Dec 23 I personally, if I were trading (which I am not), would now be suspicious of the earlier level. My reasoning is this is a spec stock and not forex (which is where I cut my teeth) and is so fundamentally driven so in those 6 months the value of the stock may have changed overall in the markets eyes after positive or negative ANNs over that period. This is all in my opinion of course.
Each trader will have his/her own opinion which is based on their learning curve and hopefully what they have used to make money. For me trading is over as it is massively time consuming and such a vast subject to learn in ever changing market conditions. I have to say though I did well in trading forex, but I would never try and trade a speccy. IMO its a different learning curve altogether; any moment news could drop and your level may never be touched again. In forex, dependent on your timeframe of course, you can pretty much guarantee that your level will get touched again eventually. I only really use charting on spec stocks for possible top up/exit levels and general commentary as we go a long.
If you want to learn then open up a demo account on any platform and have a go at forex, its great fun when you take away the mental pressures of trading real money. Hourly charts are pretty good to start with to learn, but for fun factor try the 5 minute timeframe and watch what happens when the USA releases occur on things like 'nonfarm payroll' and price of oil etc. I knew chartists that just traded these two events and any Yen market for the first hour of the day, and then relaxed for the rest of the week lol.
Anyway, I am rambling, and you only asked about the 16.0 level so I will bugger off lol.
GLA