If you draw the chart back to June of this year you see that we found support at this $1.30 area as well.  Then in July we got a short lived spike before pulling back again in Aug, once again to this same $1.30 area.  Sept again saw another climb, but as October ended and on into the current month of November....back down again, but finding support at this same level.

That's not to say support can't break down, it absoutely can.  But in broad strokes this is our 3rd time finding support in this area in the past 6 months.  Stochastics show us in an oversold position, so hopefully this 3rd time is a charm and we move higher and don't revisit this support level but rather find a new level that's much higher.