In my view, the stock's chart is simply a convenient representation of small investor sentiment. "Support" in this case means that $1.45 was a price at which some people would consider the stock a good value, and below which few people would be likely to sell *at this time* -- so I agree with you that it was a worthy observation. And for this morning, anyway, you nailed it.
Technical analysis doesn't really work well anymore for large-cap stocks whose trading is largely driven by institutions, at volumes that generally overwhelm what the small fry can generate, but it can be a useful tool here. Those who prefer to discount the reality of the stock price and trend at any given moment, perhaps in favor of misinterpreted data and conspiracy theories, are welcome to do so.
