It was definitely a show of strong support, however; no reason it can't go below 28. The 29 resistance and the 50 sma provide confluence for a resistance pivot level, and the next major support level down is 25. Many think this is going into the low 20's or even the teens again. I see strong support at 21 and i don't think it goes lower than that. Based on the strong support at 28, it is hard to say if it will even go below 25, but many think it will. Many of the same also have a target of 80-100 for year end. Good luck.