Sort of, a better analogy is that of chaos theory where you have 'basins of attraction' that correlate to support and resistance regions. It is important to think of it as a region and not a line as you will note that the actual line of support or resistance is frequently broken slightly just before a sharp rebound (ie the previous low or high is taken out with a stop hunt just before a reversal)
The main problem with the EM analogy is that neither the particle (price) nor the field in which it interacts have a fixed charge or polarity (ie both would be constantly fluctuating and impossible to measure independently)