The "significant support" I mentioned in the analysis of the weekly chart shows itself here not as a line but as a zone. There have been several spikes through it. The first one was on October 1st, which reversed back to the highs of the range. The second one was on December 8th, and the bullish
reaction was only able to carry the price up to the middle of the range. The third bear attack was on January 25th, and the subsequent bullish
reaction could not manage to break the previous local high decisively. So there's an ongoing weakining of the bullish
force, which is why one has to be cautious and put the stops tighter in longs.