Take an ordinary sine wave and draw from one of the peaks to successive lows in the same fashion the 'support bands'. So my argument is - is there support here? Obviously not. It is just the nature of the wave and the charting method. Therefore it is a false assumption to imply the 'support'.
Similar to above example the chart that you posted, it is an implication not of rising support but the nature of the graphical process due to the time line being extended from the peak that you draw the lines to the lows.
If you want to see 'support' look at the averages for the period and you actually see the average decline over that time. Hence support is not there. Sure, it will reach a sufficiently low level where buyers will come in in sufficient number to start a buying cycle but the lines you drew do not show where and when that will happen.

A corallary to your chart is one of lines drawn from a low to successive peaks. With the exception a peak in early march due to great news, they show the opposite.

Hence the comment - A misapplied process and useless exercise.