Pretty much, it's like how other forms of TA are used,...

Pretty much, it's like how other forms of TA are used, especially those lagging indicators that is mainly based off historical previous price action. When you've been in it long enough, you tend to identify at what levels act as support and why. As some above, have pointed out the 200 day EMA has acted as rather strong support (just look back, and in the past it's also bounced off this level). You can choose to ignore these indicators, as they do not always hold up, but if you intend to trade shorter time frames, or even watch the price action daily like a lot here, you may as well take into account all the possible indicators that dictate support/resistance.

Keep your wits and only ever be attached to one thing, the balance of your account.