SIG Chart, page-3

The push lower in the first hour definitely would have cleared out a lot of stop losses around 72 to 74c market. The close was also weak at 71c on high volume, suggesting a low may not be in yet.

Previously the last several times SIG went below 74c Support, it would find Support around 72c (large purple arrows on chart) and then hover around mid-70s for a week or two (or few weeks). Generally you don't want to see price stay below 74c for too long, as it becomes a major Resistance line, rather than a major Support line.

A similar chart example from the last year is SWM (>charts here<).
SWM had a major Support line at 68 cents. It went below it in June 2017, then went back above it within 2 weeks (thus 68c became a low-risk range trade opportunity). It then went back below 68 cents in late Sept 2017 and then a strong bear market ensued. 68c on SWM now remains a major Resistance level.