The are multiple technicals showing support at the current level.
1. 50sma hasn't been broken since early april. (orange trend-line) 2. has seen reversals at the lower end of the trend (blue line) 3. we are above, and holding the previous resistance from early July (red-dotted-horizontal-line) 4. Drawing a Fibonacci retracement from: All-time-high to 100sma, we are about to touch the 38.2% fibonacci retracement level.