Yes, that is one major support. The shorts had a good crack at upper support by triggering stop losses.
Keep in mind that 29c is a historical point of resistance that can become support when the uptrend is reversed.
The Reversal
One of the most interesting phenomena regarding support and resistance occurs when the price of the underlying asset is finally able to break out and go beyond an identified support or resistance level. When this happens, it is not uncommon to see a previous level of support change its role and become a new area of short-term resistance. As you can see from the chart below, the dotted line represents the price that was able to prop up the price movement at points 1 and 2, but this support turns into resistance once the price falls below it, as illustrated by points 3 and 4.
Column 1 0 1 Figure 1: Support becomes resistance
The opposite of this process occurs when the price breaks above resistance. As you can see in Figure 2, points 1 and 2 begin as price barriers, but once the bulls are able push the price above the dotted line, it becomes an area of support (illustrated by points 3 and 4). (For related reading, see Retracement Or Reversal: Know The Difference.)
Column 1 0 1 Figure 2: Resistance becomes support
Read more: Support And Resistance Reversals | Investopedia http://www.investopedia.com/articles/trading/06/supportresistancereversal.asp#ixzz4L4S4z2f1
click on chart to expand
